Jay Ambe Supermarkets IPO

Jay Ambe Supermarkets IPO is a book-built issue worth ₹18.45 crore. The IPO consists entirely of a fresh issue of 23.64 lakh equity shares. The IPO opens for subscription on September 10, 2025, and closes on September 12, 2025. The allotment is expected to be finalised on September 15, 2025, with tentative listing on BSE SME scheduled for September 17, 2025.

The IPO is priced in a band of ₹74 - ₹78 per share. Retail investors must apply for a minimum of 2 lots comprising 3,200 shares, requiring an investment of ₹2,49,600 at the cutoff price. HNI investors must apply for a minimum of 3 lots (4,800 shares), amounting to ₹3,74,400.

Beeline Capital Advisors Private Limited is the book-running lead manager to the issue, MUFG Intime India Private Limited is the registrar, and Spread X Securities Private Limited is the market maker.

For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Jay Ambe Supermarkets IPO RHP.

Industry Outlook

1. India’s retail sector is undergoing a dynamic transformation, propelled by evolving consumer preferences, digital integration, and a surge in organised retail formats. This shift is underpinned by rising disposable incomes, urbanisation, and a growing appetite for convenience and quality among Indian consumers.
2. As per the commissioned Dun & Bradstreet report, India is now the fourth-largest retail market globally, trailing only the United States, China, and Japan. The sector was valued at USD 750 billion in 2022 and is projected to reach USD 2 trillion by 2032, reflecting a robust compound annual growth rate of 25%. Food and grocery dominate the landscape, accounting for 63% of the market, followed by apparel and footwear (9%) and consumer electronics (7%).
3. The organised retail segment, though currently comprising only 12–15% of the total market, is expanding rapidly. This growth is being fuelled by the proliferation of supermarket chains, enhanced supply chain efficiencies, and the adoption of technology-driven retail formats. The emergence of franchise models such as COCO (Company Owned Company Operated), FOCO (Franchise Owned Company Operated), and FOFO (Franchise Owned Franchise Operated) is enabling scalable expansion while maintaining brand consistency.
4. E-commerce is also playing a pivotal role, with India’s online retail gross merchandise value expected to grow from USD 70 billion in 2022 to USD 350 billion by 2030. This digital acceleration is fostering a hybrid retail ecosystem where physical stores and online platforms coexist, offering consumers a seamless shopping experience.

Jay Ambe Supermarkets IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

1. Acquire strategic retail infrastructure by purchasing the company’s existing store located at Nana Chiloda, Ahmedabad. This acquisition is intended to enhance long-term operational stability, reduce recurring rental expenses, and strengthen control over key retail assets.
2. Expand its retail footprint through the procurement of fit-outs for three new stores, enabling the company to scale its presence across untapped markets in Gujarat. This includes the installation of furniture, fixtures, signage, and HVAC systems to ensure uniformity in customer experience and brand presentation.
3. Support working capital requirements to maintain optimal inventory levels, streamline procurement cycles, and ensure uninterrupted operations across its growing network of stores.
4. Fund general corporate purposes, including administrative expenses, brand development initiatives, and strategic investments aimed at reinforcing the company’s competitive positioning and future growth prospects.

About Jay Ambe Supermarkets Limited

Jay Ambe Supermarkets Limited was originally incorporated as Jay Ambe Supermarkets Private Limited on 23 November 2020 under the Companies Act, 2013. The company was subsequently converted into a public limited entity and renamed Jay Ambe Supermarkets Limited on 25 February 2025, following a resolution passed at an Extraordinary General Meeting held on 24 December 2024.

The company operates under the brand name City Square Mart, which commenced its journey in August 2018 with the launch of its first store in Kudasan, Gandhinagar. Within six years, the company has expanded to 17 stores across Gujarat, establishing itself as one of the fastest-growing retail chains in the region.

Jay Ambe Supermarkets is engaged in the retail trading of fast-moving consumer goods (FMCG), groceries, home textiles, décor, apparel, toys, gift articles, footwear, and other household essentials. Its business model is built on three formats: Company Owned Company Operated (COCO), Franchise Owned Company Operated (FOCO), and Franchise Owned Franchise Operated (FOFO). As of the date of the prospectus, 10 stores are directly owned and operated by the company, while 7 are managed through franchise arrangements.

The company’s growth is driven by a commitment to enhancing the retail shopping experience for all customer segments. It emphasises ethical business practices, customer satisfaction, and operational excellence over mere profitability. With a retail footprint exceeding 96,000 square feet, Jay Ambe Supermarkets aims to become a trusted household name in organised retail.

How To Check the Allotment Status of the Jay Ambe Supermarkets IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Jay Ambe Supermarkets IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Jay Ambe Supermarkets IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Jay Ambe Supermarkets IPO

Registered Office: A001, Shubh Vivid, Por Kudasan, Village – Kudasan, Gandhinagar, Gujarat – 382421, India.

Phone: +91 63580 27675

E-mail: cs@citysquaremart.com

Know before investing

Strengths

1. Grew from 1 store in 2018 to 17 stores across Gujarat by 2025.

2. Operates under COCO, FOCO, and FOFO formats, enabling flexible and scalable growth.

3. Well-established footprint in high-density urban areas like Gandhinagar and Ahmedabad.

4. Offers FMCG, groceries, apparel, home décor, toys, and household essentials.

5. Operates under the popular retail brand City Square Mart, known for affordability and variety.

6. FOCO and FOFO models present opportunities for asset-light expansion into new geographies.

7. Retail market projected to reach USD 2 trillion by 2032, with organised retail gaining momentum.

8. Funds earmarked for store acquisition, fit-outs, and working capital to support strategic expansion.

Risks

1. All stores are currently located in Gujarat, exposing the company to regional economic and regulatory risks.

2. Majority of stores operate on short-term rental agreements, posing continuity and cost risks.

3. High inventory and operational costs require significant working capital, which may strain liquidity.

4. Overstocking or understocking could lead to losses or missed sales opportunities.

5. Past delays and discrepancies in statutory filings may attract penalties or reputational damage.

6. Ongoing legal proceedings could impact financials and distract management.

7. Incorporated in 2020, the company has a relatively short track record as a corporate entity.

8. A significant portion of revenue is generated from a few high-performing locations, increasing operational risk.