SS Retail IPO Subscription Status on Day 1
SS Retail’s initial public offering got off to a steady start on Wednesday, September 16, with the issue subscribed 30% by 11:00 am on the first day of bidding, according to NSE data. The multi-brand mobile and electronics retailer is looking to raise approximately Rs. 500 crore through the public offer, which remains open until September 18.
Bids were received for 26,84,080 shares against 87,93,884 shares on offer. Meanwhile, the grey market premium (GMP) hovered near 30% above the upper end of the IPO price band, signaling strong investor interest ahead of listing.
Retail Investors Lead Early Bidding
Retail investors showed stronger interest during the opening session. The retail portion was subscribed 52% by 11:00 am, while the non-institutional investor category saw 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 closes on Friday, September 18.
Price Band and Lot Size
The company 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 would require an investment of Rs. 14,840.
GMP Stays Near 30%
According to InvestorGain, SS Retail shares were trading at a grey market premium of around Rs. 128, representing a premium of roughly 30% over the upper IPO price of Rs. 424.
Grey market prices are unofficial and can change before listing; they do not guarantee the opening price on the exchanges. The company’s 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, allotting 34.52 lakh shares to 14 institutional investors at Rs. 424 per share.
Use of IPO Proceeds
The SS Retail IPO comprises a fresh issue of about Rs. 360.75 crore and an offer for sale of Rs. 140 crore. The company plans to allocate Rs. 241.3 crore from the fresh issue proceeds for incremental working capital requirements and around Rs. 12.4 crore to establish new stores during FY27 and FY28. The remaining funds will be used for 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, up from 503 stores as of March 31.
Brokerage Views Mixed
Brokerages are divided 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 store network expanded from 236 stores in FY24 to 503 stores in FY26. Anand Rathi Advisors and Emkay Global Financial Services are managing the IPO.
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