Multi-brand mobile retail chain SS Retail has achieved exceptional investor response on the final day of its ₹500 crore IPO bidding window, with the issue now subscribed 103.30 times by 17:30 IST on September 18. The strong demand has been driven by robust participation across all investor categories, with Retail Individual Investors (RIIs) subscribing 14.78 times against 42.38 lakh shares reserved for the category, while Non-Institutional Investors (NIIs) have subscribed 35.88 times against 18.16 lakh shares on offer. However, the Qualified Institutional Buyers (QIB) portion has shown modest participation at 23% against 24.21 lakh shares reserved. The IPO, priced between ₹403-424 per share, opened for bidding on September 16 and will close today, with investors able to bid for a minimum of 35 equity shares. Retail investors need to invest a minimum of ₹14,840 for one lot, calculated at the upper end of the price band.
In the unlisted market, shares of SS Retail are commanding a premium of 33% over the upper price band, as of September 18, indicating a potential listing gain of around 33% over the upper end of the price band. This represents a significant increase from earlier reported premiums, with the estimated listing price working out to around ₹561 per share. The GMP has shown remarkable volatility, declining from a high of ₹140 on September 14 to ₹90 at the end of the first day of subscription, before recovering sharply to the current level of ₹137. However, grey market premiums are unofficial indicators and can fluctuate rapidly, so GMP indications should not be treated as a guarantee of the actual listing price. The IPO share allotment is expected to be finalised by September 21, while the company's equity shares are expected to list on both NSE and BSE on September 23.
According to Business Standard, SS Retail successfully raised ₹146.39 crore from anchor investors on September 15, 2026, with the board allotting 34.52 crore shares at ₹424 each to 22 institutional investors. The anchor book included participation from major domestic mutual funds such as SBI Mutual Fund, Kotak Mahindra AMC, ICICI Prudential AMC, Axis MF, WhiteOak Capital, Motilal Oswal AMC, Invesco, and Aditya Birla Sun Life AMC. Geojit Financial Services has now come out with a positive recommendation, recommending to 'Subscribe' the IPO in its research report dated September 16, 2026, highlighting the company's expanding value-added product portfolio and scope for improved capacity utilization as key growth drivers.
The IPO comprises both fresh issue and offer for sale components, with the fresh issue including 84.91 lakh shares aggregating up to ₹360 crore at the upper price band of ₹424. The offer for sale includes 33.09 lakh shares worth ₹140 crore at the upper price band, as reported by Business Standard. According to latest reports, the company plans to utilize ₹241.35 crore towards part funding incremental working capital requirements and general corporate purposes, with the total estimated utilization of net proceeds at ₹253.80 crore. For the planned store expansion, the company intends to spend ₹14.53 crore towards capital expenditure for setting up new stores in FY27 and FY28, with the total estimated utilization of ₹253.80 crore. The company plans to add 120 stores each in FY27 and FY28, with ₹12.4 crore allocated for setting up new stores during the current financial year and FY28. Between April and July 2026, SS Retail had already added 33 stores to its network.
According to The Economic Times, SS Retail reported a consolidated net profit of ₹59.28 crore and sales of ₹2,351.03 crore for the twelve months ended March 31, 2026. The company demonstrated robust growth with revenue, adjusted EBITDA and PAT growing at CAGRs of 39.6%, 49.1% and 49.2% respectively during FY24-FY26. The company's store network expanded dramatically from 236 stores across 109 cities in March 2024 to 503 stores in March 2026, representing a CAGR of 45.99%. As of July 31, 2026, the company had expanded its retail network to 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, with 70% of stores located in Tier II and Tier III+ cities that contributed 71% of FY26 revenue. During FY2026, the company acquired a 51.04% stake in Olineo Nexus India Pvt. Ltd., adding 34 stores to its network.
