SS Retail Raises Rs 146 Crore from Anchor Investors Led by ICICI Prudential and Kotak Mutual Funds

Multi-brand consumer electronics and smartphone retail chain SS Retail Limited has successfully mobilised Rs 146.4 crore from institutional investors as part of its anchor book round on September 15, 2026, ahead of its public issue opening for bidding.

The company allocated 34.52 lakh equity shares of face value Rs 10 each to 14 anchor investors at the upper price band of Rs 424 per share. Domestic mutual funds took up the overwhelming majority of the anchor book, securing 28,70,321 equity shares—accounting for 83.13% of the total anchor allocation—spread across 11 domestic mutual fund houses through 19 schemes.

Key Anchor Investors and Allocations

• Magnum Equity Ex – Top 100 Long Short Fund emerged as the single largest anchor buyer, receiving 4,12,736 shares worth approximately Rs 17.50 crore (11.95% of the anchor portion).
• ICICI Prudential Active Momentum Fund took the second-largest portion, securing 3,53,780 equity shares valued at around Rs 15 crore.
• Kotak Mahindra Trustee Co Ltd A/C Kotak Consumption Fund was allotted 2,12,275 equity shares worth about Rs 9 crore.
• Additional anchor participants included schemes from WhiteOak Capital, Axis Services Opportunities Fund, Motilal Oswal Consumption Fund, Bandhan Midcap Fund, Mirae Asset Great Consumer Fund, Tata India Consumer Fund, Invesco India, and Aditya Birla Sun Life.
• Other institutional investors, including Ashish Kacholia-backed Bengal Finance and Investment, Kotak Mahindra Life Insurance, and 360 ONE, collectively invested nearly Rs 25 crore in the round.

IPO Structure and Details

The Rs 500-crore mainboard offering consists of a fresh issue of shares aggregating to Rs 360 crore and an offer for sale (OFS) of Rs 140 crore by promoter and existing selling shareholders.

The price band has been fixed at Rs 403 to Rs 424 per share, with a lot size of 35 shares requiring a minimum application amount of Rs 14,840 for retail investors. The public subscription opens on September 16, 2026, and will conclude on September 18, 2026. Shares are proposed to be listed on the BSE and the National Stock Exchange (NSE) on September 23, 2026.

In accordance with Securities and Exchange Board of India (SEBI) guidelines, 50% of the anchor investor shares are subject to a 30-day lock-in period, while the remaining 50% will be locked in for 90 days from the date of allotment. Anand Rathi Advisors and Emkay Global Financial Services are serving as the book-running lead managers, with KFin Technologies acting as the registrar to the issue.

Business Operations and Capital Use

Founded in 2016, SS Retail operates multi-brand retail formats under banners including 'SS Mobile', 'Mobile Exchange Wala', and 'The Mobile Space'. The company operates primarily in Tier II, Tier III, and smaller cities across Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat. As of March 31, 2026, the retail chain comprised 503 stores, with 458 located in Maharashtra.

The net proceeds from the fresh issue will primarily be deployed toward store expansion—targeting the rollout of new company stores over the next two fiscal years—as well as funding incremental working capital requirements and supporting general corporate purposes.

Tags: SS Retail ICICI Prudential Mutual Fund Kotak Mutual Fund IPO SEBI Retail