SS Retail IPO Day 2: Subscribed 2.58x; Retail jumps to 3.87x
- SS Retail IPO subscribed 2.58x by end of Day 2
- Retail demand surged 22.1% to 3.87x
- QIB segment remained flat at 0.20x
- NII (bHNI) jumped 26.8% to 4.78x
*this image is generated using AI for illustrative purposes only.
SS Retail IPO has been subscribed 2.58 times by the end of Day 2, with retail investors driving the momentum. While Qualified Institutional Buyers (QIB) demand remained weak at 0.20x, retail subscriptions jumped to 3.87x, marking a significant increase from the previous day's levels.
Subscription Status
The issue saw a notable rise in overall subscription from 1.42x on Day 1 to 2.58x on Day 2. The momentum was primarily fueled by Non-Institutional Investors (NII) and Retail participants, whereas institutional appetite remained tepid throughout the second day.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 16-09-2026 | 0.20x | 2.41x | 1.03x | 2.17x | 1.42x |
| Day 2 | 17-09-2026 | 0.20x | 4.78x | 2.28x | 3.87x | 2.58x |
Category-wise Breakdown
Retail investors emerged as the strongest category on Day 2, with subscriptions rising from 2.17x to 3.87x. Small HNI (sHNI) participation also improved significantly, moving from 1.03x to 2.28x. However, the QIB segment lagged behind, remaining flat at 0.20x. Big HNI (bHNI) demand saw a moderate increase to 4.78x.
Intra-day Timeline
The intra-day snapshot for Day 2 indicates that subscription levels picked up pace after midday.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.20x | 3.77x | 3.17x | 2.09x |
| 12:15 | 0.20x | 4.78x | 3.87x | 2.58x |
Offer Details
- Price Band: ₹403.00000 - ₹424.00000
- Issue Size: ₹13,965 crore - ₹500,000 crore
- Min Bid Qty: 35
- Open Date: 2026-09-16
- Close Date: 2026-09-18
About the Company
SS Retail is a multi-brand retail chain for mobile phones, accessories, and other electronic items. As of March 31, 2026, it operated 503 stores across 5 states in India. 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.
Financial Highlights
| Metric | FY 2026 (Consolidated) | FY 2025 (Standalone) | FY 2024 (Standalone) |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 2351.03 | 1597.93 | 1206.74 |
| Total Profit (₹ crores) | 59.28 | 39.86 | 26.64 |
| Total Assets (₹ crores) | 575.42 | 389.44 | 278.25 |
Objects of the Issue
- Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028 (₹12.45 crores).
- Part funding of the incremental working capital requirements of the company (₹241.35 crores).
- General corporate purposes.
Risk Factors
- Significant Revenue Concentration in Mobile Phone Retailing: The company derives over 86% of revenue from mobile phone retailing, exposing it to industry-specific economic slowdowns.
- Heavy Dependence on Top 10 Suppliers: Approximately 79-89% of purchases come from top 10 suppliers without long-term agreements, creating supply chain vulnerability.
- Geographic Revenue Concentration in Maharashtra: Over 89% of revenue is derived from Maharashtra, where 91% of stores are located, exposing the business to regional political and economic risks.
Will the persistent lack of QIB interest (0.20x) signal potential downward pressure on the listing price despite strong retail oversubscription?
How might SS Retail's heavy geographic concentration in Maharashtra impact its expansion plans funded by this IPO if regional economic conditions deteriorate?
Given the 86% revenue reliance on mobile phone retailing, how vulnerable is SS Retail's post-IPO growth to a potential saturation or slowdown in the smartphone market?
18
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
