Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹360 Cr |
| Offer for Sale | ₹140 Cr |
| Market Cap | ≈ ₹3,153 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | ~49% (incl. anchor) |
| NII / HNI | 15% |
| Retail | 34% |
| Lead Managers | Anand Rathi Advisors, Emkay Global Financial Services |
| Registrar | KFin Technologies |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 1,208.04 | 1,599.96 | 2,352.85 | +47% |
| PAT | 26.65 | 39.86 | 59.28 | +49% |
| PAT Margin | 2.2% | 2.5% | 2.5% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| SS Retail | ≈53x | 32.60% | 2.5% |
| Aditya Vision | 66.2x | 18.3% | — |
| Electronics Mart | 62.6x | 6.8% | — |
| Jay Jalaram Tech | 14.4x | 13.7% | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Siddharth Gunvant Shah, Deepa Siddharth Shah, Harshal Kishor Parekh, Bhavini Harshal Parekh |
| Pre-issue | — |
| Post-issue | — |
| Objects of Issue | |
|---|---|
| Capex — fit-outs for new stores in FY27 and FY28 | ₹12.45 |
| Part-funding incremental working-capital requirements | ₹241.35 |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive growth — revenue ₹1,208 → ₹2,353 Cr (+47% in FY26); PAT ₹26.7 → ₹59.3 Cr (+49%).
- High returns — RoNW ~32.6%, ROCE ~29.3%, well above most listed electronics-retail peers.
- Large, fast-expanding footprint — 503 stores at Mar 2026 (536 by Jul 2026) across five states; largest mobile chain in West India.
- Scalable, capital-light franchise mix (COCO/COFO/FOFO) with local partnerships driving Tier-II/III reach.
- Strong anchor book — ₹146 Cr from 22 investors, ~83% domestic mutual funds, at the ₹424 top price.
- Very expensive — ~53x post-issue earnings and ~14x book; a demanding price that needs the fast growth to keep delivering.
- Wafer-thin margins — PAT margin ~2.5%, typical of mobile retail; earnings are sensitive to competition and discounting.
- Working-capital-heavy, inventory-intensive model; rapid store rollout carries execution and lease-cost risk.
- Wide, volatile grey market (~₹70–105) and QIB-light demand (~1.52× overall but QIB only ~0.21×) — an unsettled early signal.
- New listing with limited trading history; ~₹140 Cr (28%) of the issue is an OFS; confirm final financials in the RHP.
Did the signal hold up? Updates after Sep 23
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
SS Retail IPO FAQs
Common questions about the SS Retail IPO — GMP, price, dates, allotment and more.
What is SS Retail IPO GMP today?
As of the latest update (Subscription: Final · Sep 18, 04:05 PM IST · GMP: Sep 22, 11:15 AM IST), the grey market premium (GMP) for SS Retail IPO is around ₹140 (unofficial), implying an estimated listing price of about ≈ ₹564. GMP is unofficial & indicative
What is SS Retail IPO price band?
The price band is ₹403 – ₹424 per share (face value ₹10).
What is SS Retail IPO lot size?
The lot size is 35 · min ₹14,840 per application.
When is SS Retail IPO allotment?
The tentative basis-of-allotment date is Sep 21.
When will SS Retail IPO be listed?
The tentative listing date is Sep 23, 2026 on BSE · NSE.
What is the expected listing price of SS Retail IPO?
Based on the current grey market premium of ₹140 (unofficial), the estimated listing price is around ≈ ₹564 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for SS Retail IPO?
Our view: Neutral · May Apply
In simple terms, SS Retail runs a chain of mobile-phone and electronics stores across western India and is expanding fast — over 500 stores, revenue more than doubling in two years to about ₹2,353 crore and profit up ~49% last year to ₹59 crore, with a high return on its money (~26–33%). The catch is the price: at about ₹3,153 crore of market value on ₹59 crore of profit the shares trade near 53 times earnings and ~14 times book — a rich valuation, and the business keeps only ~2.5 paise of every rupee of sales, as retail typically does. Demand was strong — the book closed about 107 times covered (QIB ~214×) — and the grey market is firm at about ₹140 (~33%), pointing to a healthy listing. On balance a genuine growth story at a demanding price that drew heavy demand — a 'may apply' for growth-and-listing-gain investors comfortable with thin margins and rich multiples, less so on value. (Confirm final financials against the RHP.) This is IPOSignal's research view, not investment advice.
What is SS Retail IPO subscription status?
As of Final · Sep 18, 04:05 PM IST, the issue was subscribed 107.4× overall — QIB 214.2×, NII / HNI 150.3×, Retail 35.8×.
Who is the registrar of SS Retail IPO?
The registrar is KFin Technologies; the lead manager(s): Anand Rathi Advisors, Emkay Global Financial Services.