In 2025, India’s IPO market continues to attract investors looking for growth opportunities in niche sectors. Retail sector and FMCG sector are gaining attention due to their stable business models and consistent revenue generation. Against this backdrop, Jay Ambe Supermarkets Ltd IPO is set to open on September 10, 2025. Here is a detailed insight into the company, its IPO, and the industry outlook.
About Jay Ambe Supermarkets Ltd.
Incorporated in 2020, Jay Ambe Supermarkets Limited operates retail stores under the brand name City Square Mart, selling FMCG products, groceries, home textiles, home décor, clothing, toys, gift articles, footwear, and other household items.
The company runs its retail outlets through a franchise model, allowing franchisees to sell products under its brand in exchange for an initial fee and annual licensing charges. City Square Mart began in August 2018 in Kudasan, Gandhinagar, and expanded to 17 stores across Gujarat in six years.
Products Offered:
- FMCG food and non-food items
- Packed and loose groceries
- Household and general merchandise
- Consumer durables
- Luggage and home textiles
- Men’s, women’s, and kids’ garments
- Footwear, gift articles, toys, stationery
- Imitation jewellery and more
As of March 31, 2025, the company employs 132 people, of whom 115 are permanent and 17 are outsourced for security services.
Competitive Strengths:
- Strong vendor relationships
- Wide product range
- Experienced management team
- Customer-friendly refund policy
- Consistent profitability and financial performance
Jay Ambe Supermarkets IPO Details
The Jay Ambe Supermarkets IPO is a book-building issue of ₹18.45 crore, entirely a fresh issue of 23,64,800 shares. The IPO opens on September 10, 2025, and closes on September 12, 2025. The shares are proposed to list on BSE SME, with a tentative listing date of September 17, 2025.
| IPO Date | September 10, 2025, to September 12, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹74 to ₹78 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 23,64,800 shares (aggregating up to ₹18.45 Cr) |
| Reserved for Market Maker | 1,18,400 shares (aggregating up to ₹0.9235 Cr) Spread X Securities Pvt. Ltd. |
| Net Offered to Public | 22,46,400 shares (aggregating up to ₹17.52 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 65,15,154 shares |
| Share Holding Post Issue | 88,79,954 shares |
Book Running Lead Manager: Beeline Capital Advisors Pvt. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Market Maker: Spread X Securities Pvt. Ltd.
Important IPO Timeline
| Event | Date (Tentative) |
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Close Date | Fri, Sep 12, 2025 |
| Allotment Date | Mon, Sep 15, 2025 |
| Refunds Initiation | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Tentative Listing Date | Wed, Sep 17, 2025 |
| Cut-off Time for UPI Mandate | 5 PM, Sep 12, 2025 |
Jay Ambe Supermarkets IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,49,600 |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (Min) | 3 | 4,800 | ₹3,74,400 |
| S-HNI (Max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (Min) | 9 | 14,400 | ₹11,23,200 |
Jay Ambe Supermarkets IPO Promoter Holding
Promoters: Jignesh Amratbhai Patel, Harshal Daxeshkumar Patel, Bhikhabhai Shivdas Patel, Rutwijkumar Maganbhai Patel
| Holding | Pre-Issue | Post-Issue |
| Promoters | 71.51% | 52.46% |
Jay Ambe Supermarkets Ltd. Financials
The company has shown significant growth, with revenues increasing by 42% and PAT rising by 78% between FY2024 and FY2025.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 26.78 | 22.02 | 16.79 |
| Total Income (₹ Cr) | 47.40 | 33.41 | 32.69 |
| Profit After Tax (₹ Cr) | 2.75 | 1.55 | 0.35 |
| EBITDA (₹ Cr) | 4.99 | 3.16 | 1.24 |
| Net Worth (₹ Cr) | 13.57 | 7.55 | 3.09 |
| Reserves & Surplus (₹ Cr) | 7.06 | 5.55 | 1.36 |
| Total Borrowings (₹ Cr) | 8.71 | 8.56 | 7.47 |
Key Performance Indicators (KPI) as of 31 Mar 2025:
The market capitalisation of Jay Ambe Supermarkets’ IPO is ₹69.26 Cr.
- ROE: 26.07%
- ROCE: 24.12%
- Debt/Equity: 0.64
- RoNW: 20.29%
- PAT Margin: 5.82%
- EBITDA Margin: 10.53%
- Price to Book Value: 6.20
EPS & P/E Comparison (Pre & Post IPO):
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 4.23 | 3.10 |
| P/E (x) | 18.45 | 25.15 |
Objects of the Issue
The company proposes to utilise the IPO proceeds as follows:
| Objective | Amount (₹ Cr) |
| Purchase of existing store at Nana Chiloda, Ahmedabad | 4.25 |
| Purchase of fit-outs for three new stores | 4.63 |
| Working capital requirements | 4.50 |
| General corporate purposes | Remaining |
Jay Ambe Supermarkets IPO Review
Jay Ambe Supermarkets runs 17 Gujarat-centric retail stores under City Square Mart. The company plans to add three new stores using IPO funds. The business has shown strong top and bottom-line growth in recent years.
Based on the financials and IPO structure, the issue appears aggressively priced, with a relatively small paid-up equity post-IPO suggesting a longer gestation period for significant returns. Well-informed and cash-surplus investors may consider this IPO for moderate, long-term investment.
Jay Ambe Supermarkets IPO: Peer Comparison
Jay Ambe Supermarkets Ltd. can be compared with peers like Osia Hyper Retail Ltd. While Jay Ambe focuses on Gujarat with 17 stores, Osia Hyper Retail has a wider presence. Comparing revenue, profitability, and growth helps investors understand Jay Ambe’s position in the retail sector.
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Conclusion
Jay Ambe Supermarkets Ltd. offers investors a chance to tap into the growing retail sector in Gujarat through its established City Square Mart brand. With consistent revenue growth, profitability, and expansion plans funded by the IPO, the company shows promise. However, risks like regional concentration, franchise dependence, and competition should be considered before investing.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
