SS Retail Ltd IPO
Status: Upcoming
Overview
IPO date
16 Sept 2026 to 18 Sept 2026
Face value
₹ 10 per share
Price
₹ 403 to ₹424 per share
Issue Size
11,792,452 shares
(aggregating up to ₹ 500 Cr)
(aggregating up to ₹ 500 Cr)
Allotment Date
21 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Retail
Unlock Stock of the Month
T&C*
Strengths vs Risks of SS Retail Ltd
Know the pros & cons
Strengths
- Largest mobile phone retail chain in West India and in Maharashtra, and the 3rd largest in India, among our peers, retailing a wide variety of mobile phones, accessories and other electronic items.
- Differentiated COFO and FOFO Models with our Local Partners Approach which have helped us scale our operations.
- Established track record of operations and understanding of diverse markets, particularly tier II and tier III and beyond cities.
- A broad product mix with focus on mobile phones including pre-owned smartphones and a strong procurement model
- Consistent track record of financial performance and growth
- Experienced promoter and management team with strong domain expertise.
Risks
- The company derives a significant portion of its revenue from operations from retailing mobile phones. During Fiscals 2026, 2025 and 2024 the company derived 86.18%, 87.58% and 88.31% of its revenue from operations, respectively, from retailing mobile phones. Any economic slowdown or other factors that affect the mobile phone industry, and accessories and electronic items industries including those that impact or reduce consumers ability to purchase the company's products, could adversely impact its business, financial condition, and operating results.
- The company is significantly reliant on its arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from the company's top 10 Suppliers was 79.09%, 89.42% and 88.38% of its purchase of traded goods during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Failures on the part of the Suppliers to supply, or a delay in supply of traded goods from the company's top 10 Suppliers, could have an adverse impact on its reputation, business, financial condition, cash flows and results of operations.
- The company derives a significant portion of its revenue from operations from the company's stores in the state of Maharashtra. As of March 31, 2026, the company had 458 stores in Maharashtra constituting 91.05% of its total stores. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company derived 89.09%, 92.32% and 94.07% of its revenue from operations from Maharashtra. Accordingly, the company is subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on its business, financial condition, result of operation and cash flow.
- The company primarily focus on its COFO Model and FOFO Model which have helped the company scale its operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 74.19%, 78.03% and 77.79% of its revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. If the company franchisee-led COFO and FOFO models are not successful in the future, or does not grow at the same rate or at all, or the stores which the company operates under COFO and FOFO models closes, then it may adversely impact its business growth and prospects, financial condition and results of operations.
- The company's business is working capital intensive, primarily on account of inventory required to be stocked at its stores and warehouses. The Company proposes to utilize Rs. 2,413.47 million out of the Net Proceeds towards its incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. The company may need to obtain additional financing in the normal course of business from time to time as its expand the company operations and any failures on its part to effectively manage the company's working capital requirements may requires it to raise additional financing and any inability to do that may result in an adverse effect on the company's business, revenue from operations and financial condition.
- One of the company's Independent Directors, Asit Chimanlal Mehta is associated with the entities which are associated with securities market. By virtue of his association with the entities which are associated with securities market, he may be subject to certain stringent obligations under securities laws. Any failures to comply with the requirements of securities law may result in proceedings or adverse orders being passed against him which may have an impact on his reputation which could in turn impact the company's reputation, business and prospects.
- Some of the company's listed peers have historically performed better in relation to certain key performance indicators such as Gross Profit margin, Operating EBITDA Margin, PAT Margin, ROE, ROCE and ROCE (post tax). Its cannot assure you that the company will in the future perform better than its peers in relation to these key performance indicators or the other key performance indicators disclosed in this Red Herring Prospectus. Accordingly, the investors must relies on their own examinations of the company's financial and operational parameters as well as the key performance indicators of the Company as well as of its peers for the purposes of investment in this Offer.
- Some of the company's lease / leave and license agreements are not duly stamped and registered in accordance with the requirements of applicable law. As of the date of this Red Herring Prospectus, out of 424 leased properties that the company operates, the lease / leave and license agreements for 381 properties requires registration. Out of these 381 properties, the lease / leave and license agreements for 299 properties are duly registered, and the lease / leave and license agreements for 82 properties are not registered. Such agreements may not be accepted as evidence in a court of law which may potentially affect its ability to enforce the company's rights and remedies under these agreements, and its may be required to pay penalties for non-registration and non-payment of or inadequate stamp duty.
- The Company has in the past entered into related party transactions and may continue to do so in the future and its cannot assure you that the company could not have achieved more favourable terms if such transactions had not been entered into with related parties and that such transactions will not have an adverse effect on its financial conditions and result of operations.
- The Company's Price to Earnings ratio at the upper and lower end of the Price Band is at a premium as compared to the average Price to Earnings ratio of its listed peers. The company cannot assure you that its will in the future perform better than the company's peers in relation to the Price to Earnings ratio. Accordingly, the investors must relies on their own examinations of accounting ratios of the Company for the purposes of investment in this Offer.
- The company has incurred negative net cash flows from operating activities in Fiscal 2024 aggregating Rs. 49.25 million. Negative net cash flows from operating activities in the future could requires it to increase the company's external borrowings, curtail its business operations, defer investments towards the company operations all of which individually or collectively could have an adverse impact on its growth prospects.
- One of the company's Independent Directors, Asit Chimanlal Mehta is involved in a proceeding which is currently pending before the Supreme Court of India. The proceeding pertains to an appeal filed by SEBI against an order passed by the Securities Appellate Tribunal quashing the Adjudication Order dated September 29, 2015 passed by SEBI. Any adverse outcome in these proceedings could have an adverse effect on his reputation which may in turn impact the company's reputation, business and prospects.
- The company has made applications for registration of certain trademarks, and applications for change in registered proprietor of certain trademarks as the Company, which are currently pending. Its cannot assure you that the trademarks which are currently not registered, or trademarks for which the Company has filed applications for change in the registered proprietor as the Company, will be registered in its name, and that the company will continue to enjoy uninterrupted use of the said intellectual property. Inability to obtain or protect the company's intellectual property rights may adversely affect its reputation and the company's business.
- The company operates in a highly competitive environment comprising both organised and unorganised players. Competition from existing players, new entrants, exclusive brand outlets, organized players and unorganized players (including local retailers), e-commerce players and consequent pricing pressures and its inability to compete effectively could have a material adverse effect on the company operating margins, business growth and prospects, financial condition and results of operations and may lead to a lower market share and brand recall.
- The company is dependent on the recognition and reputation of the third party brands whose products its retail. The company also operates 5 EBOs for retailing mobile phones of a reputed brand. Any product recalls by its brands could also have an adverse impact on the company operations. For instance, in 2023, a complaint has been filed against the Company, its Directors including Siddharth Gunvant Shah, Harshal Kishor Parekh, Sagar Patil and Deepa Siddharth Shah and one of the company's Promoters, Bhavini Harshal Parekh & Others under Section 18(1) of the Legal Metrology Act, 2009 in relation to packages of mobile accessories not displaying the retail sale price inclusive of all taxes as required under the Legal Metrology (Packaged Commodities) Rules, 2011 at one of the company's store pursuant to which the packages were seized and penalty were imposed on the importer and supplier of the products. Any damage to the reputation of the brands due to product defects or service quality, negative publicity / false propaganda / allegation/ reputation damage may impact its sale of products of these brands which may consequently impact the company operations and financial condition. Further, any inability of these brands to maintain or enhance their brand image could have a material adverse effect on its business, financial condition and results of operations.
- The Company had in the past not complied / delayed in complying with certain provisions of Companies Act, 2013 for which the Company has filed certain compounding / adjudication applications with the RoC. These applications are currently pending with the RoC. Further, the date of allotment in a return of allotment in Form PAS-3 has been inadvertently mentioned incorrectly. Also, challans in relation to some of its statutory forms in terms of Companies Act, 2013 are untraceable. Any adverse action in this regard, if determined against the company, could have a material adverse effect on its reputation, business, finances, cash flow and results of operations.
- The company operations may be subject to incidents of theft. Its may also encounter some inventory loss on account of fraud, theft, or embezzlement by employee / franchisee partner / third person. If the company is subject to any frauds, theft, or embezzlement by its employees, franchisee partner, third person, it could adversely affect the company's reputation, results of operations, financial condition and cash flows.
- The company continued / future success will depends on its ability to effectively implement the company's business and growth strategies. Its cannot assure you that the company will be able to execute its strategies in a timely manner or within budget estimates or that the company will meet the expectations of its customers and other stakeholders. The company failures in effectively implementing its business and growth strategies may adversely affect the company's results of operations.
- The company's Subsidiaries, certain entities forming part of the Promoter Group and its Group Companies operates in a similar line of business as the Company. Conflicts of interest may arise out of common pursuit between the Company, its Subsidiaries, and the company's Group Companies and Promoter Group entities, which may lead to competition with these entities and could potentially result in a loss of business opportunity for the Company.
- The company derives a significant portion of its revenue from operations from tier II and tier III and beyond cities. Tier II cities and tier III and beyond cities cumulatively contributed 71.20%,73.90% and 74.99% of the company's revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Its inability to operates and grow the company's business in its existing geographies (in particular tier II and tier III and beyond cities) or to expand the company operations in newer geographies may have an adverse effect on its business, financial condition, result of operation, cash flow and future business prospects.
- The company is dependent on the recognition and reputation of its proprietary brand name SS RETIAL and 3 primary brands i.e. SS MOBILE, THE MOBILE SPACE and MOBILE EXCHANGE WALA, Any harm to the company's proprietary name and its brands may adversely affect the company's business, reputation, financial condition and results of operations.
- The company's Promoters, who are also the Promoter Selling Shareholders, have extended personal guarantees for certain of its outstanding borrowings aggregating Rs. 2,096.86 million as on July 31, 2026. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of such guarantees.
- The company's Promoters, who are also the Selling Shareholders, have subscribed to, and purchased, Equity Shares, at a price which could be below the Offer Price. In addition, the Equity Shares acquired by Other Selling Shareholder could be below the Offer Price. The average cost of acquisition of Equity Shares by its Selling Shareholders could also be lower than the Offer Price.
- The company has commitments of Rs. 89.42 million constituting 3.96% of its net worth and contingent liability of Rs. 28.48 million constituting 1.27% of the company's net worth, as at March 31, 2026. In the event its contingent liabilities and capital commitments materialize, the company's financial condition and profitability may be adversely affected.
- The company has had instances of delays in payments of statutory dues by the company. Any delays in payment of statutory dues in future may attract financial penalties from the respective government authorities and in turn may have an adverse impact on its financial condition and cash flows.
- The company depends on its ability to identify suitable locations for new stores on commercially acceptable terms and open new stores. The company's ability to open and operates new stores depends on several factors, including its internal research and standard operating procedures in relation to identifying suitable locations and opening the relevant format of stores (i.e., based on the size of the store), the availability of suitable locations, acceptable rental costs, regulatory approvals, competitive dynamics, customer preferences, and overall economic conditions. A total of 44 stores have been closed during Fiscal 2026, Fiscal 2025 and Fiscal 2024. If the company is unable to identify, finalise or acquire suitable locations for new stores, then it may adversely affect the company expansion and growth plans. Further, there can be no assurance that the opening of new stores will result in increased sales or profitability.
- The company intend to utilise Rs. 124.53 million from the Net Proceeds to meet its capital expenditure requirements for opening 57 stores in Fiscal 2027 and 58 stores in Fiscal 2028 and additional stores in Fiscal 2027 and Fiscal 2028 through its internal accruals and borrowings. While the company has identified the states and the tentative cities where its propose to open the new stores, the company has not yet identified the precise locations at which its will open these new stores. If the company is unable to identify, finalise or acquire suitable locations for new stores, then it may adversely affect the company's expansion and growth plans. Further, there can be no assurance that the opening of new stores will result in increased sales or profitability. There can be no assurance that its will be able to open these stores within the estimated cost and the time frame. Any cost and time overrun in opening these new stores could adversely affect the company's growth prospect, its business, results of operations, financial condition and cash flows.
- The company stores have progressively matured, and its same-store sales growth was 11.17% during Fiscal 2024 to Fiscal 2026. However, past sales in the company's stores may not be comparable to and indicative of future sales from its stores. If the company's existing stores underperform or does not perform as anticipated by the company, then it could have a material adverse effect on the company's business including profitability of stores, results of operations, financial condition, and cash flows.
- The company operates a high volume and low margin business. Its results of operations are accordingly dependent on the sale of a high volume of products and the company's ability to effectively and efficiently maintain and manage its inventory.
- The company is dependent on technology in carrying out its business activities. The company's centralised system with 2 modules which comprises inventory management and enterprise resource planning systems is also integral for its business operations. If there is a failures or inadequacies in the company's systems then its may not be able to compete effectively which may result in lower revenue, higher costs and would adversely affect the company's business and results of operations.
- The company has incurred indebtedness aggregating to Rs. 2,752.21 million as of July 31, 2026. Its financing agreements contain covenants that might limit the company's flexibility in operating its business which exposes the company to various risks which may have an adverse effect on its business, results of operations and financial conditions. Any breach of terms under the company's financing arrangements or its inability to comply with repayment and other covenants in the financing agreements could adversely affect the company's business, financial condition, cash flows and credit rating.
- The company is required to obtain and maintain a number of statutory and regulatory permits and approvals under central, state and local government rules in the jurisdictions where its operates. Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- There are certain outstanding legal proceedings involving the Company, Promoters, Directors, and Subsidiaries which, if determined against it, could have a material adverse effect on the company's business, cash flows, financial condition and results of operations.
- 424 stores out of the company's 503 stores as of March 31, 2026 from which its operates the company's business is situated on leased and licensed premises. Its cannot assure you that the lease / leave and license agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on favourable commercial terms or at all. Its also cannot assure you that the lease / leave and license agreement will not be subject to escalation in rental costs. Any such escalation could have a material adverse effect on the company's business including profitability of stores, results of operations, financial condition, and cash flows.
- The company operates in a highly competitive and dynamic industry where customer preferences, economic conditions, disposable income, lifestyle trends, technological innovations, aesthetics, functionality, and regulatory changes can affect the demand for its products and impact the company's competitive position. Its success and future growth depends on the company's ability to understand / forecast customer demands and maintain relevant inventory. Any failures to attract customers or if the company is unable to understand / forecast customer demand accurately and maintain an optimal level of inventory, then its business, financial condition and results of operations may be adversely affected.
- India's mobile retail industry faces certain challenges and threats. If all or any of these challenges and threats continue, aggravate or materialise, as the case may be, then it may impact the company's business, results of operations and financial condition.
- The company is dependent on its Promoters, the company's Directors, Key Managerial Personnel, and members of Senior Management team. The continued involvement of its Promoters, the company's Directors, Key Managerial Personnel and Senior Management in the leadership position of the Company is critical to its success and their non-availability in a leadership role could have a deleterious impact on the company's business and financial condition. Failures to retain or replace them will adversely affect its business.
- The company's business is subject to volatility in sales, in particular during festive seasons, due to which there may be fluctuation in the sales of its products and the company's working capital requirements. Its quarterly results published upon listing may not be indicative of the company's annual financial performance and results of operations.
- The company operations are dependent on human resources. During the Fiscal 2026, Fiscal 2025 and Fiscal 2024, its employee benefits expenses as a percentage of the company's total expenses was 1.80%, 1.60% and 1.64%, respectively. An increase in employee benefit expense could reduce its profitability. Any disruption in steady and regular supply of workforce for the company operations could have an adverse impact on its business operations and financial conditions. Further, any customer complaints or disputes in relation to the conduct of the company's employees, particularly those who deal with its customers, may result in lower sales, customer dissatisfaction and damage to the company's brand and reputation.
- The company does not have a direct tie-up arrangement with all the brands whose products its retail, and the company instead procure products of such brands through their distributors / authorised dealers. Failures to maintain direct tie-up arrangements with brands, or failures to establish tie-up arrangements directly with new brands (whose products the company procure through their distributors / authorised dealers) could have an adverse impact on its business, financial condition, cash flows and results of operations.
- The company has dues which are outstanding to its creditors. As of March 31, 2026, the Company had 999 creditors and the aggregate amount due by it to these creditors was Rs. 443.17 million. Any failures in payment of these dues may have a material adverse effect on the company's reputation, business and financial condition.
- The company primarily focus on its COFO Model and FOFO Model which have helped the company scale its operations, both in terms of number of stores and revenue from operations. Changes in the company's relationships with franchisees due to disputes, termination of franchise agreements, failures of the franchisees to meet their pre-set targets, or adverse conditions that affect such franchisees could have an adverse effect on its business, results of operations, financial condition, cash flows, and reputation.
- The company has increased its focus on retailing pre-owned smartphones through the company `Mobile Exchange Wala' brand. As of March 31, 2026, the company has 71 stores operating as `Mobile Exchange Wala' shop in shop stores. This business format for the company is prone to risks such as procurement and maintaining adequate inventory, maintaining quality control and providing quality assurance to its customers. The company is also completely dependent on customers selling pre-owned smartphones to it for the company to re-sell these pre-owned smartphones. Any decline in its sale of pre-owned smartphones or any failures on the company part to capitalise on the anticipated growth in the pre-owned smartphone industry, could adversely affect its business and results of operations.
- As part of its operations, the company is required to comply with the Information Technology Act, 2000 and the rules thereof, which provide for civil and criminal liability including compensation, fines, and imprisonment for various offences. Regulatory, legislative or self-regulatory developments regarding privacy and data security matters could adversely affect its ability to conduct the company's business and impact its financial condition. The company failures to appropriately handle personal information of its customers could have an adverse effect on the company's business, reputation, financial condition, results of operations and cash flows.
- As on March 31, 2026, the total insurance coverage maintained by the Company was Rs. 14,693.81 million which was 308.30% the amount of insurable assets of the Company. An inability to maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.
- The company accept payment using a variety of methods, including credit cards and debit cards, digital wallets, UPI, money transfer, equated monthly payment and cash payments. The company is subject to payment-related risks, including risks associated with cash payments and payment processing risks and any material regulatory changes in the payment processing services.
- The Company has availed unsecured loan from one of its Promoters and the company's Chairman and Managing Director i.e., Siddharth Gunvant Shah aggregating Rs.5.00 million as of July 31, 2026 which may be repayable on demand. Since the loan is repayable on demand, the Company may need to borrow monies at higher rates of interest than presently available or utilise its internal accruals, as the case may be to repay the loan, which may have an adverse impact on the profitability and future growth of the Company.
- The company track certain operational metrics with internal systems and tools. Its internal systems and tools have a number of limitations, and the company's methodologies for tracking these metrics may change over time, which could result in unexpected changes to its metrics. Also, certain of the company operational metrics are subject to inherent challenges in measurement which may adversely affect its business and reputation.
- Majority of the company directors does not have any experience of being a director in a listed company. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Inability to maintain adequate internal controls including standard operating procedures may affect the company's ability to effectively manage its operations which may adversely affect the company's business operations.
- The company could be subject to claims for alleged mis-selling. This risk is more pronounced in retail of pre-owned smartphones that its sell under the brand `Mobile Exchange Wala' where the company's purchase and retail pre-owned smartphones. Any instances of mis-selling could have a material adverse effect on its business, financial condition, cash flows, results of operations and reputation. The company may also be subject to product warranty claims or reputational harm due to product defects or authenticity issues arising out of sale of products of third party brands over which the company does not have full quality control.
- The company may not be able to secure additional funding in the future. Its ability to arrange financing and the costs of capital of such financing are dependent on numerous factors, including general economic and capital market conditions, credit availability from banks, investor confidence, the continued success of the company operations and other laws that are conducive to its raising capital in this manner. If the company is unable to obtain sufficient funding, it may delay the company's growth plans and have a material adverse effect its business, cash flows and financial condition.
- A downgrade in its credit ratings, may affect the Company's ability to avail of debt and could also impact the trading price of the Equity Shares.
- The company's Subsidiaries have incurred losses in the past and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution and are based on management estimates. Any revision in the estimates may requires the company to revise its projected expenditure which may have a bearing on the company profitability.
- Any variation in the utilisation of proceeds from the Fresh Issue shall be subject to applicable law. In accordance with Sections 13(8) and 27 of the Companies Act 2013, the company cannot undertake any variation in the utilisation of the Net Proceeds without obtaining the shareholders approval through a special resolution. In the event of any such circumstances that requires it to undertake variation in the disclosed utilisation of the Net Proceeds, the company may not be able to obtain the shareholders approval in a timely manner, or at all. Any delay or inability in obtaining such shareholders approval may adversely affect its business or operations.
- The Offer consists of a Fresh Issue and an Offer for Sale. The Offer for Sale comprises 28% of the total Offer size. The company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the net proceeds from the Offer for Sale.
- The Company has not declared dividends in the last 3 Fiscals and the current Fiscal. There cannot be any assurance that the Company will be in a position to pay dividends in the future. The Company's ability to pay dividends in the future will depends on its future results of operations, financial condition, cash flows and working capital and capital expenditure requirements.
- Certain sections of this Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Promoters, Directors and Key Management Personnel are interested in the Company other than reimbursement of expenses or normal remuneration or benefits.
- The company's Promoters and Promoter Group will, even after the completion of the Offer, continue to be its largest Shareholders and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders.
- The company may fails to detect money laundering and other illegal or improper activities in its business operations on a timely basis, which may have an adverse effect on the company's reputation, business operations, financial condition and results of operation.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance like Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Debt Service Coverage Ratio, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
SS Retail Ltd Peer Comparison
Understand the company’s industry standing
SS Retail Ltd
Aditya Vision Ltd
Electronics Mart India Ltd
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Standalone
Consolidated
Total Income Rs. Cr.
2351.03
2671.62
7183.26
EPS-Basis
9.11
9.07
2.78
EPS-Diluted
9.11
9.05
2.78
NAV Per Share
34.33
53.26
---
P/E-Basic EPS
---
66.29
62.66
P/E-Diluted EPS
---
---
---
RONW(%)
32.6
18.38
6.81
Latest NAV Period
---
---
---
Latest NAV
---
---
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The IPO opens on 16 Sept 2026 & closes on 18 Sept 2026.
SS Retail Limited was originally incorporated as SS Communication & Services Private Limited', at Kolhapur, Maharashtra as a private limited company on June 14, 2016. Subsequently, the name of Company was changed to SS Retail Private Limited' and a fresh certificate of incorporation was issued by Central Processing Centre on July 15, 2025. Thereafter, it was converted into a public limited company and the name of Company was changed to its present name SS Retail Limited', obtained from the Central Processing Centre on September 26, 2025.
The Company is primarily engaged in the business of sale of consumer electronics products through a chain of retail stores located in states of Maharashtra, Karnataka, Goa and Madhya Pradesh. In 2018, Company acquired the stock of mobile phones, accessories and other electronic items like TVs, laptops and tablets from the stores operated by S.S. Communication & Services, a sole proprietorship firm of Siddharth G. Shah. It expanded the business operations from Maharashtra to Goa in 2019. It started the Mobile Exchange Wala' brand and 'The Mobile Space' in 2023. The Company has opened nearly 55 stores in 2025 and has opened over 110 stores bringing the total store count to 347 in March 2025.
Company has filed a Draft Red Herring Prospectus with SEBI and is planning to raise funds via its IPO aggregating to Rs 500 crore equity shares of Rs 10 each, comprising a fresh issue of Rs 300 crore and the offer for sale of Rs 200 crore.
SS Retail Ltd IPO will close on 18 Sept 2026.
- Largest mobile phone retail chain in West India and in Maharashtra, and the 3rd largest in India, among our peers, retailing a wide variety of mobile phones, accessories and other electronic items.
- Differentiated COFO and FOFO Models with our Local Partners Approach which have helped us scale our operations.
- Established track record of operations and understanding of diverse markets, particularly tier II and tier III and beyond cities.
- A broad product mix with focus on mobile phones including pre-owned smartphones and a strong procurement model
- Consistent track record of financial performance and growth
- Experienced promoter and management team with strong domain expertise.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Siddharth Gunvant Shah | 33608600 | 51.03 | 32547280 | 43.77 |
| 2 | Deepa Siddharth Shah | 8740150 | 13.27 | 8409962 | 11.31 |
| 3 | Harshal Kishor Parekh | 5559850 | 8.44 | 5371171 | 7.22 |
| 4 | Bhavini Harshal Parekh | 1950000 | 2.96 | 1879246 | 2.53 |
| 5 | Kishor Ratilal Parekh | 25000 | 0.04 | 25000 | 0.03 |
- The company derives a significant portion of its revenue from operations from retailing mobile phones. During Fiscals 2026, 2025 and 2024 the company derived 86.18%, 87.58% and 88.31% of its revenue from operations, respectively, from retailing mobile phones. Any economic slowdown or other factors that affect the mobile phone industry, and accessories and electronic items industries including those that impact or reduce consumers ability to purchase the company's products, could adversely impact its business, financial condition, and operating results.
- The company is significantly reliant on its arrangements with top 10 Suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from the company's top 10 Suppliers was 79.09%, 89.42% and 88.38% of its purchase of traded goods during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Failures on the part of the Suppliers to supply, or a delay in supply of traded goods from the company's top 10 Suppliers, could have an adverse impact on its reputation, business, financial condition, cash flows and results of operations.
- The company derives a significant portion of its revenue from operations from the company's stores in the state of Maharashtra. As of March 31, 2026, the company had 458 stores in Maharashtra constituting 91.05% of its total stores. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company derived 89.09%, 92.32% and 94.07% of its revenue from operations from Maharashtra. Accordingly, the company is subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on its business, financial condition, result of operation and cash flow.
- The company primarily focus on its COFO Model and FOFO Model which have helped the company scale its operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 74.19%, 78.03% and 77.79% of its revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. If the company franchisee-led COFO and FOFO models are not successful in the future, or does not grow at the same rate or at all, or the stores which the company operates under COFO and FOFO models closes, then it may adversely impact its business growth and prospects, financial condition and results of operations.
- The company's business is working capital intensive, primarily on account of inventory required to be stocked at its stores and warehouses. The Company proposes to utilize Rs. 2,413.47 million out of the Net Proceeds towards its incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. The company may need to obtain additional financing in the normal course of business from time to time as its expand the company operations and any failures on its part to effectively manage the company's working capital requirements may requires it to raise additional financing and any inability to do that may result in an adverse effect on the company's business, revenue from operations and financial condition.
- One of the company's Independent Directors, Asit Chimanlal Mehta is associated with the entities which are associated with securities market. By virtue of his association with the entities which are associated with securities market, he may be subject to certain stringent obligations under securities laws. Any failures to comply with the requirements of securities law may result in proceedings or adverse orders being passed against him which may have an impact on his reputation which could in turn impact the company's reputation, business and prospects.
- Some of the company's listed peers have historically performed better in relation to certain key performance indicators such as Gross Profit margin, Operating EBITDA Margin, PAT Margin, ROE, ROCE and ROCE (post tax). Its cannot assure you that the company will in the future perform better than its peers in relation to these key performance indicators or the other key performance indicators disclosed in this Red Herring Prospectus. Accordingly, the investors must relies on their own examinations of the company's financial and operational parameters as well as the key performance indicators of the Company as well as of its peers for the purposes of investment in this Offer.
- Some of the company's lease / leave and license agreements are not duly stamped and registered in accordance with the requirements of applicable law. As of the date of this Red Herring Prospectus, out of 424 leased properties that the company operates, the lease / leave and license agreements for 381 properties requires registration. Out of these 381 properties, the lease / leave and license agreements for 299 properties are duly registered, and the lease / leave and license agreements for 82 properties are not registered. Such agreements may not be accepted as evidence in a court of law which may potentially affect its ability to enforce the company's rights and remedies under these agreements, and its may be required to pay penalties for non-registration and non-payment of or inadequate stamp duty.
- The Company has in the past entered into related party transactions and may continue to do so in the future and its cannot assure you that the company could not have achieved more favourable terms if such transactions had not been entered into with related parties and that such transactions will not have an adverse effect on its financial conditions and result of operations.
- The Company's Price to Earnings ratio at the upper and lower end of the Price Band is at a premium as compared to the average Price to Earnings ratio of its listed peers. The company cannot assure you that its will in the future perform better than the company's peers in relation to the Price to Earnings ratio. Accordingly, the investors must relies on their own examinations of accounting ratios of the Company for the purposes of investment in this Offer.
- The company has incurred negative net cash flows from operating activities in Fiscal 2024 aggregating Rs. 49.25 million. Negative net cash flows from operating activities in the future could requires it to increase the company's external borrowings, curtail its business operations, defer investments towards the company operations all of which individually or collectively could have an adverse impact on its growth prospects.
- One of the company's Independent Directors, Asit Chimanlal Mehta is involved in a proceeding which is currently pending before the Supreme Court of India. The proceeding pertains to an appeal filed by SEBI against an order passed by the Securities Appellate Tribunal quashing the Adjudication Order dated September 29, 2015 passed by SEBI. Any adverse outcome in these proceedings could have an adverse effect on his reputation which may in turn impact the company's reputation, business and prospects.
- The company has made applications for registration of certain trademarks, and applications for change in registered proprietor of certain trademarks as the Company, which are currently pending. Its cannot assure you that the trademarks which are currently not registered, or trademarks for which the Company has filed applications for change in the registered proprietor as the Company, will be registered in its name, and that the company will continue to enjoy uninterrupted use of the said intellectual property. Inability to obtain or protect the company's intellectual property rights may adversely affect its reputation and the company's business.
- The company operates in a highly competitive environment comprising both organised and unorganised players. Competition from existing players, new entrants, exclusive brand outlets, organized players and unorganized players (including local retailers), e-commerce players and consequent pricing pressures and its inability to compete effectively could have a material adverse effect on the company operating margins, business growth and prospects, financial condition and results of operations and may lead to a lower market share and brand recall.
- The company is dependent on the recognition and reputation of the third party brands whose products its retail. The company also operates 5 EBOs for retailing mobile phones of a reputed brand. Any product recalls by its brands could also have an adverse impact on the company operations. For instance, in 2023, a complaint has been filed against the Company, its Directors including Siddharth Gunvant Shah, Harshal Kishor Parekh, Sagar Patil and Deepa Siddharth Shah and one of the company's Promoters, Bhavini Harshal Parekh & Others under Section 18(1) of the Legal Metrology Act, 2009 in relation to packages of mobile accessories not displaying the retail sale price inclusive of all taxes as required under the Legal Metrology (Packaged Commodities) Rules, 2011 at one of the company's store pursuant to which the packages were seized and penalty were imposed on the importer and supplier of the products. Any damage to the reputation of the brands due to product defects or service quality, negative publicity / false propaganda / allegation/ reputation damage may impact its sale of products of these brands which may consequently impact the company operations and financial condition. Further, any inability of these brands to maintain or enhance their brand image could have a material adverse effect on its business, financial condition and results of operations.
- The Company had in the past not complied / delayed in complying with certain provisions of Companies Act, 2013 for which the Company has filed certain compounding / adjudication applications with the RoC. These applications are currently pending with the RoC. Further, the date of allotment in a return of allotment in Form PAS-3 has been inadvertently mentioned incorrectly. Also, challans in relation to some of its statutory forms in terms of Companies Act, 2013 are untraceable. Any adverse action in this regard, if determined against the company, could have a material adverse effect on its reputation, business, finances, cash flow and results of operations.
- The company operations may be subject to incidents of theft. Its may also encounter some inventory loss on account of fraud, theft, or embezzlement by employee / franchisee partner / third person. If the company is subject to any frauds, theft, or embezzlement by its employees, franchisee partner, third person, it could adversely affect the company's reputation, results of operations, financial condition and cash flows.
- The company continued / future success will depends on its ability to effectively implement the company's business and growth strategies. Its cannot assure you that the company will be able to execute its strategies in a timely manner or within budget estimates or that the company will meet the expectations of its customers and other stakeholders. The company failures in effectively implementing its business and growth strategies may adversely affect the company's results of operations.
- The company's Subsidiaries, certain entities forming part of the Promoter Group and its Group Companies operates in a similar line of business as the Company. Conflicts of interest may arise out of common pursuit between the Company, its Subsidiaries, and the company's Group Companies and Promoter Group entities, which may lead to competition with these entities and could potentially result in a loss of business opportunity for the Company.
- The company derives a significant portion of its revenue from operations from tier II and tier III and beyond cities. Tier II cities and tier III and beyond cities cumulatively contributed 71.20%,73.90% and 74.99% of the company's revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Its inability to operates and grow the company's business in its existing geographies (in particular tier II and tier III and beyond cities) or to expand the company operations in newer geographies may have an adverse effect on its business, financial condition, result of operation, cash flow and future business prospects.
- The company is dependent on the recognition and reputation of its proprietary brand name SS RETIAL and 3 primary brands i.e. SS MOBILE, THE MOBILE SPACE and MOBILE EXCHANGE WALA, Any harm to the company's proprietary name and its brands may adversely affect the company's business, reputation, financial condition and results of operations.
- The company's Promoters, who are also the Promoter Selling Shareholders, have extended personal guarantees for certain of its outstanding borrowings aggregating Rs. 2,096.86 million as on July 31, 2026. The company's business, financial condition, results of operations and prospects may be adversely affected by the revocation of such guarantees.
- The company's Promoters, who are also the Selling Shareholders, have subscribed to, and purchased, Equity Shares, at a price which could be below the Offer Price. In addition, the Equity Shares acquired by Other Selling Shareholder could be below the Offer Price. The average cost of acquisition of Equity Shares by its Selling Shareholders could also be lower than the Offer Price.
- The company has commitments of Rs. 89.42 million constituting 3.96% of its net worth and contingent liability of Rs. 28.48 million constituting 1.27% of the company's net worth, as at March 31, 2026. In the event its contingent liabilities and capital commitments materialize, the company's financial condition and profitability may be adversely affected.
- The company has had instances of delays in payments of statutory dues by the company. Any delays in payment of statutory dues in future may attract financial penalties from the respective government authorities and in turn may have an adverse impact on its financial condition and cash flows.
- The company depends on its ability to identify suitable locations for new stores on commercially acceptable terms and open new stores. The company's ability to open and operates new stores depends on several factors, including its internal research and standard operating procedures in relation to identifying suitable locations and opening the relevant format of stores (i.e., based on the size of the store), the availability of suitable locations, acceptable rental costs, regulatory approvals, competitive dynamics, customer preferences, and overall economic conditions. A total of 44 stores have been closed during Fiscal 2026, Fiscal 2025 and Fiscal 2024. If the company is unable to identify, finalise or acquire suitable locations for new stores, then it may adversely affect the company expansion and growth plans. Further, there can be no assurance that the opening of new stores will result in increased sales or profitability.
- The company intend to utilise Rs. 124.53 million from the Net Proceeds to meet its capital expenditure requirements for opening 57 stores in Fiscal 2027 and 58 stores in Fiscal 2028 and additional stores in Fiscal 2027 and Fiscal 2028 through its internal accruals and borrowings. While the company has identified the states and the tentative cities where its propose to open the new stores, the company has not yet identified the precise locations at which its will open these new stores. If the company is unable to identify, finalise or acquire suitable locations for new stores, then it may adversely affect the company's expansion and growth plans. Further, there can be no assurance that the opening of new stores will result in increased sales or profitability. There can be no assurance that its will be able to open these stores within the estimated cost and the time frame. Any cost and time overrun in opening these new stores could adversely affect the company's growth prospect, its business, results of operations, financial condition and cash flows.
- The company stores have progressively matured, and its same-store sales growth was 11.17% during Fiscal 2024 to Fiscal 2026. However, past sales in the company's stores may not be comparable to and indicative of future sales from its stores. If the company's existing stores underperform or does not perform as anticipated by the company, then it could have a material adverse effect on the company's business including profitability of stores, results of operations, financial condition, and cash flows.
- The company operates a high volume and low margin business. Its results of operations are accordingly dependent on the sale of a high volume of products and the company's ability to effectively and efficiently maintain and manage its inventory.
- The company is dependent on technology in carrying out its business activities. The company's centralised system with 2 modules which comprises inventory management and enterprise resource planning systems is also integral for its business operations. If there is a failures or inadequacies in the company's systems then its may not be able to compete effectively which may result in lower revenue, higher costs and would adversely affect the company's business and results of operations.
- The company has incurred indebtedness aggregating to Rs. 2,752.21 million as of July 31, 2026. Its financing agreements contain covenants that might limit the company's flexibility in operating its business which exposes the company to various risks which may have an adverse effect on its business, results of operations and financial conditions. Any breach of terms under the company's financing arrangements or its inability to comply with repayment and other covenants in the financing agreements could adversely affect the company's business, financial condition, cash flows and credit rating.
- The company is required to obtain and maintain a number of statutory and regulatory permits and approvals under central, state and local government rules in the jurisdictions where its operates. Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- There are certain outstanding legal proceedings involving the Company, Promoters, Directors, and Subsidiaries which, if determined against it, could have a material adverse effect on the company's business, cash flows, financial condition and results of operations.
- 424 stores out of the company's 503 stores as of March 31, 2026 from which its operates the company's business is situated on leased and licensed premises. Its cannot assure you that the lease / leave and license agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on favourable commercial terms or at all. Its also cannot assure you that the lease / leave and license agreement will not be subject to escalation in rental costs. Any such escalation could have a material adverse effect on the company's business including profitability of stores, results of operations, financial condition, and cash flows.
- The company operates in a highly competitive and dynamic industry where customer preferences, economic conditions, disposable income, lifestyle trends, technological innovations, aesthetics, functionality, and regulatory changes can affect the demand for its products and impact the company's competitive position. Its success and future growth depends on the company's ability to understand / forecast customer demands and maintain relevant inventory. Any failures to attract customers or if the company is unable to understand / forecast customer demand accurately and maintain an optimal level of inventory, then its business, financial condition and results of operations may be adversely affected.
- India's mobile retail industry faces certain challenges and threats. If all or any of these challenges and threats continue, aggravate or materialise, as the case may be, then it may impact the company's business, results of operations and financial condition.
- The company is dependent on its Promoters, the company's Directors, Key Managerial Personnel, and members of Senior Management team. The continued involvement of its Promoters, the company's Directors, Key Managerial Personnel and Senior Management in the leadership position of the Company is critical to its success and their non-availability in a leadership role could have a deleterious impact on the company's business and financial condition. Failures to retain or replace them will adversely affect its business.
- The company's business is subject to volatility in sales, in particular during festive seasons, due to which there may be fluctuation in the sales of its products and the company's working capital requirements. Its quarterly results published upon listing may not be indicative of the company's annual financial performance and results of operations.
- The company operations are dependent on human resources. During the Fiscal 2026, Fiscal 2025 and Fiscal 2024, its employee benefits expenses as a percentage of the company's total expenses was 1.80%, 1.60% and 1.64%, respectively. An increase in employee benefit expense could reduce its profitability. Any disruption in steady and regular supply of workforce for the company operations could have an adverse impact on its business operations and financial conditions. Further, any customer complaints or disputes in relation to the conduct of the company's employees, particularly those who deal with its customers, may result in lower sales, customer dissatisfaction and damage to the company's brand and reputation.
- The company does not have a direct tie-up arrangement with all the brands whose products its retail, and the company instead procure products of such brands through their distributors / authorised dealers. Failures to maintain direct tie-up arrangements with brands, or failures to establish tie-up arrangements directly with new brands (whose products the company procure through their distributors / authorised dealers) could have an adverse impact on its business, financial condition, cash flows and results of operations.
- The company has dues which are outstanding to its creditors. As of March 31, 2026, the Company had 999 creditors and the aggregate amount due by it to these creditors was Rs. 443.17 million. Any failures in payment of these dues may have a material adverse effect on the company's reputation, business and financial condition.
- The company primarily focus on its COFO Model and FOFO Model which have helped the company scale its operations, both in terms of number of stores and revenue from operations. Changes in the company's relationships with franchisees due to disputes, termination of franchise agreements, failures of the franchisees to meet their pre-set targets, or adverse conditions that affect such franchisees could have an adverse effect on its business, results of operations, financial condition, cash flows, and reputation.
- The company has increased its focus on retailing pre-owned smartphones through the company `Mobile Exchange Wala' brand. As of March 31, 2026, the company has 71 stores operating as `Mobile Exchange Wala' shop in shop stores. This business format for the company is prone to risks such as procurement and maintaining adequate inventory, maintaining quality control and providing quality assurance to its customers. The company is also completely dependent on customers selling pre-owned smartphones to it for the company to re-sell these pre-owned smartphones. Any decline in its sale of pre-owned smartphones or any failures on the company part to capitalise on the anticipated growth in the pre-owned smartphone industry, could adversely affect its business and results of operations.
- As part of its operations, the company is required to comply with the Information Technology Act, 2000 and the rules thereof, which provide for civil and criminal liability including compensation, fines, and imprisonment for various offences. Regulatory, legislative or self-regulatory developments regarding privacy and data security matters could adversely affect its ability to conduct the company's business and impact its financial condition. The company failures to appropriately handle personal information of its customers could have an adverse effect on the company's business, reputation, financial condition, results of operations and cash flows.
- As on March 31, 2026, the total insurance coverage maintained by the Company was Rs. 14,693.81 million which was 308.30% the amount of insurable assets of the Company. An inability to maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.
- The company accept payment using a variety of methods, including credit cards and debit cards, digital wallets, UPI, money transfer, equated monthly payment and cash payments. The company is subject to payment-related risks, including risks associated with cash payments and payment processing risks and any material regulatory changes in the payment processing services.
- The Company has availed unsecured loan from one of its Promoters and the company's Chairman and Managing Director i.e., Siddharth Gunvant Shah aggregating Rs.5.00 million as of July 31, 2026 which may be repayable on demand. Since the loan is repayable on demand, the Company may need to borrow monies at higher rates of interest than presently available or utilise its internal accruals, as the case may be to repay the loan, which may have an adverse impact on the profitability and future growth of the Company.
- The company track certain operational metrics with internal systems and tools. Its internal systems and tools have a number of limitations, and the company's methodologies for tracking these metrics may change over time, which could result in unexpected changes to its metrics. Also, certain of the company operational metrics are subject to inherent challenges in measurement which may adversely affect its business and reputation.
- Majority of the company directors does not have any experience of being a director in a listed company. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company.
- Inability to maintain adequate internal controls including standard operating procedures may affect the company's ability to effectively manage its operations which may adversely affect the company's business operations.
- The company could be subject to claims for alleged mis-selling. This risk is more pronounced in retail of pre-owned smartphones that its sell under the brand `Mobile Exchange Wala' where the company's purchase and retail pre-owned smartphones. Any instances of mis-selling could have a material adverse effect on its business, financial condition, cash flows, results of operations and reputation. The company may also be subject to product warranty claims or reputational harm due to product defects or authenticity issues arising out of sale of products of third party brands over which the company does not have full quality control.
- The company may not be able to secure additional funding in the future. Its ability to arrange financing and the costs of capital of such financing are dependent on numerous factors, including general economic and capital market conditions, credit availability from banks, investor confidence, the continued success of the company operations and other laws that are conducive to its raising capital in this manner. If the company is unable to obtain sufficient funding, it may delay the company's growth plans and have a material adverse effect its business, cash flows and financial condition.
- A downgrade in its credit ratings, may affect the Company's ability to avail of debt and could also impact the trading price of the Equity Shares.
- The company's Subsidiaries have incurred losses in the past and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- The objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution and are based on management estimates. Any revision in the estimates may requires the company to revise its projected expenditure which may have a bearing on the company profitability.
- Any variation in the utilisation of proceeds from the Fresh Issue shall be subject to applicable law. In accordance with Sections 13(8) and 27 of the Companies Act 2013, the company cannot undertake any variation in the utilisation of the Net Proceeds without obtaining the shareholders approval through a special resolution. In the event of any such circumstances that requires it to undertake variation in the disclosed utilisation of the Net Proceeds, the company may not be able to obtain the shareholders approval in a timely manner, or at all. Any delay or inability in obtaining such shareholders approval may adversely affect its business or operations.
- The Offer consists of a Fresh Issue and an Offer for Sale. The Offer for Sale comprises 28% of the total Offer size. The company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the net proceeds from the Offer for Sale.
- The Company has not declared dividends in the last 3 Fiscals and the current Fiscal. There cannot be any assurance that the Company will be in a position to pay dividends in the future. The Company's ability to pay dividends in the future will depends on its future results of operations, financial condition, cash flows and working capital and capital expenditure requirements.
- Certain sections of this Red Herring Prospectus disclose information from the Knowledge Company Report commissioned and paid for by the Company in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Promoters, Directors and Key Management Personnel are interested in the Company other than reimbursement of expenses or normal remuneration or benefits.
- The company's Promoters and Promoter Group will, even after the completion of the Offer, continue to be its largest Shareholders and can influence the outcome of resolutions, which may potentially involve conflict of interest with the other Shareholders.
- The company may fails to detect money laundering and other illegal or improper activities in its business operations on a timely basis, which may have an adverse effect on the company's reputation, business operations, financial condition and results of operation.
- Certain non-GAAP financial measures and certain other statistical information relating to the company operations and financial performance like Revenue from Operations Growth, Sales per sq. ft., Gross Profit, Gross Profit Margin, Operating Earnings before Interest, Taxes, Depreciation and Amortization Expenses (Operating EBITDA), Operating EBITDA Margin, Profit Before Tax (PBT) Margin, Profit After Tax (PAT) Margin, Debt Service Coverage Ratio, Net Debt, Net Debt to Operating EBITDA, Net Debt to Total Equity, Return on Equity (ROE), Return on Capital Employed (ROCE), Return on Capital Employed (ROCE) (Post tax), Net Working Capital Days, Inventory Turnover Ratio and Net Asset Value per Share have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
The Issue type of SS Retail Ltd is Book Building.
The minimum application for shares of SS Retail Ltd is 35.
The total shares issue of SS Retail Ltd is 11792452.
Initial public offering of up to 11,792,452 equity shares of face value of Rs. 10 each (Equity Shares) of S S Retail Limited (Company or Issuer) for cash at a price of Rs. 424 per equity share (including a share premium of Rs. 414 per equity share) (Offer Price) aggregating up to Rs. 500.00 Crores (Offer) comprising a fresh issue of up to 8,490,566 equity shares of face value of Rs. 10 each aggregating up to Rs. 360.00 Crores by the company (Fresh Issue) and an offer for sale of up to 3,301,886 equity shares of face value of Rs. 10 each (Offered Shares) aggregating up to Rs. 140.00 Crores by the selling shareholders (Offer For Sale) comprising up to [*] equity shares of face value of Rs. 10 each aggregating up to Rs. 45.00 Crores by Siddharth Gunvant Shah, up to 330,188 equity shares of face value of Rs. 10 each aggregating up to Rs. 14.00 Crores by Deepa Siddharth Shah, up to 188,679 equity shares of face value of Rs. 10 each aggregating up to Rs. 8.00 Crores by Harshal Kishor Parekh, up to 70,754 equity shares of face value of Rs. 10 each aggregating up to Rs. 3.00 Crores by Bhavini Harshal Parekh (each, a promoter selling shareholder) and up to 1,650,943 equity shares of face value of Rs. 10 each aggregating up to Rs. 70.00 Crores by Rakhi Narendra Firodia (other selling shareholder, and together with the promoter selling shareholders, the selling shareholders). The offer shall constitute [*] % of the post-offer paid-up equity share capital of the company.
This offer includes a reservation of up to 283,018 equity shares of face value of Rs. 10 each, aggregating up to Rs. 12.00 Crores (constituting up to 5% of the post-offer paid-up equity share capital) for subscription by eligible employees (Employee Reservation Portion). The company in consultation with the book running lead managers (brlms), may offer a discount of Rs. 25 to the offer price to eligible employees bidding in the employee reservation portion (Employee Discount). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer would constitute [*]% and [*]%, respectively, of the post-offer paid-up equity share capital.
Price Band: Rs. 403 to Rs. 424 per equity share of face value of Rs. 10 each.
The floor price and the cap price are 40.30 times and 42.40 times the face value of the equity shares, respectively.
Bids can be made for a minimum of 35 equity shares of face value of Rs. 10 each and in multiples of 35 equity shares of face value of Rs. 10 each thereafter.
A Discount of Rs. 25 per equity share is being offered to eligible employees bidding in the employee reservation portion.