SS Retail IPO subscribed over 14x so far on last day of bidding; GMP rises to 33%

New business data points to the fact that The initial pubic offering (IPO) of multi-brand mobile retail chain SS Retail remained in demand on the last day of bidding, with the offering receiving 14.67 times subscription, as of 11:30 am on September 18, according to NSE data.

The Rs 500-crore IPO received bids for 12,89,67,580 shares against 87,93,884 shares on offer. The retail investor portion was subscribed 14.78 times, while the non-institutional investor (NII) category was booked 35.88 times.

In the grey market, SS Retail shares were commanding a premium of around 33 percent over the upper end of the IPO price range on the morning of September 18, according to InvestorGain. Market participants must note that the grey market premiums are unofficial indicators and can change before stock-exchange debut.

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The Rs 500-crore IPO will close today, on September 18. The offering comprises a fresh offering of shares worth Rs 360 crore and an offer-for-sale (OFS) of Rs 140 crore. The price range has been set at Rs 403-424 per share.

Ahead of the public offering, SS Retail boosted Rs 146.4 crore from anchor market participants through the allotment of 34.52 lakh shares to 14 institutional market participants at Rs 424 per share.

Domestic mutual funds accounted for a significant portion of the anchor allocation. SS Retail allotted 28.70 lakh shares, or 83.14 percent of the total anchor book, to 11 domestic mutual funds through 19 schemes.

The market participants included SBI Mutual Fund, Kotak Mahindra Asset Management Firm, ICICI Prudential Asset Management Firm, Axis Mutual Fund, WhiteOak Capital, Motilal Oswal Asset Management Firm, Invesco and Aditya Birla Sun Life Asset Management Firm.

Bengal Finance and Investment, backed by investor Ashish Kacholia, Kotak Mahindra Life Insurance and 360 ONE were additionally among the anchor market participants. The three market participants collectively invested nearly Rs 25 crore in the offering.

SS Retail plans to use a portion of the fresh offering proceeds towards funding its working capital requirements.

Of the net proceeds from the fresh offering, Rs 241.3 crore has been earmarked for incremental working capital requirements, while Rs 12.4 crore will be used for setting up new stores during the current financial year and FY28. The remaining funds will be deployed towards general corporate purposes.

The firm plans to add 120 stores each in FY27 and FY28. Between April and July 2026, SS Retail had already further noted 33 stores.

For the scheduled store expansion, the firm intends to spend up to Rs 5.81 crore on 57 stores in FY27 and up to Rs 6.64 crore on 58 stores in FY28.

SS Retail operates a multi-brand retail chain selling mobile phones, accessories and other electronic products. Its operations span Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat.

As of July 31, 2026, the firm had expanded its retail network to 536 stores across these five states. As of March 31, 2026, it operated 503 stores.

The IPO is being managed by Anand Rathi Advisors and Emkay Global Financial Services as the book-running lead managers. SS Retail's shares are scheduled to be listed on the NSE and BSE on September 23, subject to the completion of the IPO process.