SS Retail's IPO subscription stood at 103.03x on Day 3, with Qualified Institutional Buyers surging to 203.61x in a dramatic post-market move. Non-Institutional Buyers (bHNI) maintained strong demand at 156.89x, while Retail investors subscribed at 35.84x.

Subscription Status

The issue witnessed explosive growth in the final hours of Day 3. The total subscription initially peaked higher but settled at 103.03x after significant institutional inflows. The standout movement was in the QIB segment, which accelerated sharply from 54.52x at the official close to 203.61x later in the day. Non-Institutional Buyers continued to drive overall interest, with the bHNI category closing at 156.89x and sHNI at 115.91x.

Subscription Progression

Category-wise Breakdown

Non-Institutional Buyers led the subscription across all categories. The bHNI bucket closed at 156.89x, followed by sHNI at 115.91x. Retail investors showed consistent participation, ending at 35.84x. The Employee quota closed at 2.66x. QIB participation was minimal earlier in the day but accelerated sharply in the final hours, reaching 203.61x.

Intra-day Timeline

The intra-day snapshot for Day 2 indicates that subscription levels picked up pace after midday, with notable jumps in the final hours. NII (bHNI) and Retail categories drove the late-day surge.

Offer Details

About the Company

SS Retail is a multi-brand retail chain for mobile phones, accessories, and other electronic items, operating 503 stores across 5 states in India as of 31 March 2026. The company is positioned as the largest mobile phone retail chain in West India and Maharashtra, and the 3rd largest in India among peers. It operates through three brands — SS Mobile, Mobile Exchange Wala (pre-owned smartphones), and The Mobile Space — using COCO, COFO, and FOFO business models with a focus on tier II and tier III cities. The company was founded in 2016 and is headquartered in Kolhapur, Maharashtra. MD Siddharth Gunvant Shah leads the management team alongside COO Harshal Kishor Parekh.

Financial Highlights

The company reported revenue from operations of ₹2,351.03 crore in FY2026, up from ₹1,206.74 crore in FY2024, reflecting a CAGR of 39.58%. Net profit grew from ₹26.64 crore in FY2024 to ₹59.28 crore in FY2026.

Objects of the Issue

• Funding capital expenditure for fit-outs for new stores (FY2027 and FY2028): ₹12.45 crore towards furniture and fixtures, office equipment, and computers and IT systems for opening new stores across Maharashtra, Karnataka, Madhya Pradesh, and Chhattisgarh.
• Part funding of incremental working capital requirements: ₹241.35 crore towards purchasing inventory including mobile phones, accessories, and other electronic items to support business expansion and existing store operations.
• General corporate purposes: Ongoing business exigencies, strategic initiatives, business development, employee welfare, administration, insurance, repairs and maintenance, and other approved corporate purposes.

Risk Factors

• Revenue concentration in mobile phones: 86.18%, 87.58%, and 88.31% of revenue from operations came from mobile phone retailing in FY2026, FY2025, and FY2024 respectively. Any slowdown in the mobile phone industry could materially impact results.
• Supplier concentration: Top 10 suppliers accounted for 79.09%, 89.42%, and 88.38% of purchases of traded goods in FY2026, FY2025, and FY2024 respectively. The company typically does not enter into long-term supplier agreements.
• Geographic concentration in Maharashtra: 89.09%, 92.32%, and 94.07% of revenue from operations came from Maharashtra in FY2026, FY2025, and FY2024 respectively, with 458 of 503 stores (91.05%) located in the state.
• Working capital intensity: Net working capital requirements increased from ₹1,556.85 million as on 31 March 2024 to ₹2,966.58 million as on 31 March 2026, primarily driven by inventory needs.
• Significant indebtedness: Outstanding indebtedness aggregated to ₹2,752.21 million as of 31 July 2026, with financing covenants that may limit operational flexibility.