Jay Ambe Supermarkets Ltd.
Founded in November 2020, Jay Ambe Supermarkets Ltd. operates under the retail brand City Square Mart. The company has quickly established itself in Gujarat’s organized retail market, offering:
Jay Ambe Supermarkets Ltd, operating under the City Square Mart brand, is a fast-growing retail chain in Gujarat. Through its SME IPO, Jay Ambe Supermarkets aims to raise funds for expansion. The Jay Ambe Supermarkets IPO offers investors exposure to India’s organized retail sector with strong growth potential.
- FMCG products
- Groceries & fresh produce
- General merchandise
- Apparel & footwear
- Household & lifestyle products
As of September 2025, the company has 17 stores (10 company-owned and 7 franchise-operated).
👉 Leadership: The company is led by Mr. Jignesh Amratbhai Patel, who brings nearly two decades of retail experience from both India and abroad.
🏬 Business Model & Operations
Jay Ambe operates on a hybrid model:
- COCO (Company-Owned, Company-Operated) stores ensure direct control.
- FOFO (Franchise-Owned, Franchise-Operated) stores expand reach with minimal capital strain.
- FOCO (Franchise-Owned, Company-Operated) model balances operational efficiency and risk-sharing.
This strategy allows faster expansion while maintaining brand identity across Gujarat.
💹 Financial Performance Snapshot
| Fiscal Year | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | PAT Margin | ROE | Debt/Equity |
|---|---|---|---|---|---|---|
| FY2023 | 32.69 | 0.35 | ~6% | 1.07% | Low | 0.80+ |
| FY2024 | 33.41 | 1.55 | ~9% | 4.63% | Rising | 0.70+ |
| FY2025 | 47.40 | 2.75 | 10.53% | 5.82% | 26.07% | 0.64 |
✅ Strong growth: 45% rise in revenues from FY24 to FY25.
✅ Margins & return ratios improving.
⚠️ Concern: High inventory (₹18.95 crore, ~5 months of sales) indicates heavy working capital lock-in.
📊 Jay Ambe Supermarkets IPO Details
- IPO Type: SME IPO (BSE SME platform)
- Issue Size: ₹18.45 crore (Fresh issue of 23,64,800 shares)
- Price Band: ₹74 – ₹78 per share
- Face Value: ₹10
- Lot Size: 1600 shares
- Issue Opens: September 10, 2025
- Issue Closes: September 12, 2025
- Allotment Date: September 15, 2025
- Credit to Demat: September 16, 2025
- Listing Date: September 17, 2025 (Tentative)
- Exchange: BSE SME
🎯 Objectives of the IPO (Use of Funds)
- Acquisition of existing store at Nana Chiloda, Ahmedabad
- Setting up 3 new stores with fit-out expenses
- Meeting working capital requirements
- General corporate purposes
📈 Market Impact & Growth Potential
- The IPO is expected to attract regional investors, especially those bullish on Gujarat’s retail growth.
- Expansion plans indicate revenue scaling in the medium term.
- If margins sustain above 10% EBITDA, Jay Ambe may emerge as a strong SME retail player.
However, being an SME IPO, liquidity risk remains high, and retail investors must track subscription numbers closely.
⚖️ SWOT Analysis
Strengths
- Rapid revenue and profit growth.
- Expanding retail footprint in Gujarat.
- Hybrid business model (COCO + FOFO + FOCO).
- Strong leadership with deep retail expertise.
Weaknesses
- High inventory cycle impacting working capital.
- Small market footprint (limited to Gujarat).
Opportunities
- Rising demand for organized retail in Tier-2 & Tier-3 cities.
- IPO funds to accelerate store expansion.
Threats
- Competitive pressure from established retail giants (Reliance Smart, D-Mart, etc.).
- Execution risk in franchise management.
- Consumer spending slowdown risk.
📌 FAQs on Jay Ambe Supermarkets IPO
Q1. What is the IPO price band of Jay Ambe Supermarkets Ltd.?
👉 ₹74 – ₹78 per share.
Q2. When does the Jay Ambe IPO open and close?
👉 Opens on 10 Sept 2025, closes on 12 Sept 2025.
Q3. On which exchange will Jay Ambe Supermarkets list?
👉 BSE SME platform.
Q4. How much is the IPO issue size?
👉 Around ₹18.45 crore (fresh issue).
Q5. Should retail investors apply for listing gains?
👉 Subscription demand will play a key role. Fundamentally, the company has growth potential but also high working capital risks. Suitable for investors with higher risk appetite.
Subscription
| Investor | 10 Sep 2025 | 11 Sep 2025 | 12 Sep 2025 |
|---|---|---|---|
| Anchor | 0 | ||
| QIB | 0 | ||
| Non-Institutional | 3.68 | ||
| BNII | 5.13 | ||
| SNII | 0.68 | ||
| Retail | 1.63 | ||
| Total | 1.61 |
GMP Trend:
| Date | GMP |
|---|---|
| 10 Sep 2025 | ₹15(19.23%) |
| 11 Sep 2025 | ₹? |
| 12 Sep 2025 | ₹?(?%) |
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.
How to Check IPO Allotment Status:
MUFG Intime
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NSE Website
To check IPO allotment status, follow the steps below:
- Click on the below allotment status check button.
- Select Company Name.
- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
BSE Webiste
To check IPO allotment status, follow the steps below:
- Click on the below allotment status check button.
- Select Company Name.
- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
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