Jay Ambe Supermarkets Limited, which operates the retail brand CITY SQUARE MART, is coming up with an Initial Public Offering (IPO) worth ₹18.45 crore, entirely through a fresh issue of 23.64 lakh equity shares. The subscription window for the IPO will remain open from September 9, 2025, to September 11, 2025.

The IPO price band has been set at ₹74 to ₹78 per equity share, with a minimum lot size of 1,600 shares. Retail investors are required to apply for at least 2 lots (3,200 shares), amounting to a minimum investment of ₹2,49,600. At the upper price band of ₹78, the company’s market capitalisation will stand at approximately ₹69.26 crore.

The allotment of shares is scheduled for September 12, 2025, and the shares are expected to be listed on the BSE SME platform on September 16, 2025. Investors can check their allotment status through the registrar’s website (MUFG Intime India Pvt Ltd) by entering their application details.

Beeline Capital Advisors Pvt Ltd is the book running lead manager, while Spread X Securities Pvt Ltd will act as the sole market maker for the issue.

Jay Ambe Supermarkets operates the CITY SQUARE MART chain, a one-stop retail destination offering FMCG, groceries, household products, home textiles, garments, footwear, toys, home décor, stationery, luggage, and more. The company aims to provide convenient, enjoyable, and budget-friendly shopping experiences under one roof.

The company is led by Chairman and Managing Director Jignesh Amratbhai Patel, who has over 19 years of experience in supermarket chain operations at both national and international levels. Backed by a strong management team, Jay Ambe Supermarkets has focused on customer-centric strategies, innovation, expansion, and diversification.

In terms of financial performance, the company has shown steady growth over the last three years. Revenue increased from ₹3,269.15 lakh in FY23 to ₹3,341.29 lakh in FY24, and further to ₹4,740.00 lakh in FY25. The EBITDA rose from ₹124.52 lakh in FY23 to ₹503.32 lakh in FY25, while Profit After Tax (PAT) grew from ₹35.30 lakh in FY23 to ₹275.37 lakh in FY25. This indicates an improving profitability trend.

The company’s pre-issue EPS for FY24 is ₹4.5, and the post-issue EPS is projected at ₹3.10. The pre-issue P/E ratio stands at 17.33x, while the post-issue P/E ratio is 25.15x, higher than the industry average of 17x, suggesting the IPO is fully priced. The company reported strong return ratios in FY24, with a ROCE of 24.12%, ROE of 26.07%, and RoNW of 20.29%.

As for the Grey Market Premium (GMP), Jay Ambe Supermarkets IPO is currently trading at ₹0 premium, meaning there are no expected listing gains as of now. This indicates that demand in the unofficial grey market is weak, and the IPO may not deliver short-term listing benefits.

The company plans to utilise the net proceeds of the IPO for the following objectives:

1. ₹425 lakh for acquiring its existing store in Nana Chiloda, Ahmedabad.

2. ₹463.32 lakh for purchase of fit-outs for three new stores.

3. ₹450 lakh to meet working capital requirements.

4. Balance for general corporate purposes.

Given its strong revenue growth and improving profitability, Jay Ambe Supermarkets has a sound business model. However, considering the fully priced valuations and lack of grey market premium, analysts recommend that investors avoid applying solely for listing gains. Long-term investors may still consider it based on the company’s expansion plans and consistent growth in operations.

The Upcoming IPOs in this week and coming weeks are Karbonsteel Engineering, Taurian MPS, L. T. Elevator, Galaxy Medicare, Airfloa Rail Technology, Dev Accelerator, Jay Ambe Supermarkets, Urban Company, Shringar House of Mangalsutra, .

The Current active IPO are Nilachal Carbo Metalicks, Krupalu Metals, Vashishtha Luxury Fashion, Sharvaya Metals, Vigor Plast India, Austere Systems.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.