SS Retail IPO received a 30% subscription by 11:00 am on Wednesday, September 16, the first day of bidding, according to NSE data. The multi-brand mobile and electronics retailer aims to raise about Rs. 500 crore through the public offer, which will remain open until September 18.
The company received bids for 26,84,080 shares against 87,93,884 shares available for subscription. Meanwhile, its grey market premium, or GMP, remained near 30% over the upper end of the IPO price band.
Retail investors showed stronger early demand for the SS Retail IPO. The retail portion was subscribed 52% by 11:00 am, while the non-institutional investor category received 26% subscription.
The IPO has reserved 35% of the offer for retail investors, 50% for qualified institutional buyers, and the remaining portion for non-institutional investors. Bidding will close on Friday, September 18.
SS Retail has fixed the IPO price band at Rs. 403 to Rs. 424 per share. Investors can bid for a minimum lot of 35 shares. At the upper end of the price band, one lot requires an investment of Rs. 14,840.
SS Retail shares were trading at a grey market premium of around Rs. 128, according to InvestorGain. This represents a premium of about 30% over the upper IPO price of Rs. 424.
Grey market prices remain unofficial and can change before the listing. They do not guarantee the price at which a stock will open on the exchanges. SS Retail shares are scheduled to list on the NSE and BSE on September 23, subject to completion of the allotment process.
The company raised Rs. 146.4 crore from anchor investors on September 15. It allotted 34.52 lakh shares to 14 institutional investors at Rs. 424 each.
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The SS Retail IPO includes a fresh issue worth about Rs. 360.75 crore and an offer for sale of Rs. 140 crore. From the fresh issue proceeds, the company plans to allocate Rs. 241.3 crore for incremental working capital requirements.
It also plans to use about Rs. 12.4 crore to establish new stores during FY27 and FY28, while the remaining amount will go toward general corporate purposes. SS Retail plans to add 120 stores in each of FY27 and FY28.
As of July 31, 2026, the retailer operated 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. Its network had increased from 503 stores as of March 31.
Brokerages have taken different positions on the issue. Swastika Investmart assigned a ‘neutral’ view, citing the IPO valuation of around 46.5 times FY26 earnings and the company’s higher exposure to lower-margin mobile hardware.
SBI Securities, however, recommended investors ‘subscribe’ at the cut-off price, citing revenue growth, store expansion, improving store economics and return ratios.
SS Retail reported consolidated revenue of Rs. 2,351 crore and profit of Rs. 59.2 crore for FY26. Its revenue, adjusted EBITDA and profit after tax recorded compound annual growth rates of 39.6%, 49.1% and 49.2%, respectively, between FY24 and FY26.
The company’s store network also expanded from 236 stores in FY24 to 503 stores in FY26. Anand Rathi Advisors and Emkay Global Financial Services are managing the IPO.