Jay Ambe Supermarkets
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2025 – 12 Sep 2025
- Listing date
- 17 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹78 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹18.45 Cr
- Market cap at offer price
- ₹69.26 Cr
- Promoter holding
- 71.51% → 52.46% pre-issue → post-issue
- ISIN
- INE1DRH01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- A001, Shubh Vivid, Por Kudasan, Village-Kudasan, Gandhinagar, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,72,000 | — | — |
| Market maker | 1,18,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹78
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,24,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 14,400 | ₹11,23,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.23 | 3.10 |
| P/E (×) | 18.44 | 25.16 |
| Price to book (×) | 6.20 | — |
| Market cap | — | ₹69.26 Cr |
Key performance indicators
- Return on net worth
- 20.29%
- ROCE
- 24.12%
- Debt / equity
- 0.64
- PAT margin
- 5.82%
- EBITDA margin
- 10.53%
- NAV per share
- ₹20.83
- Price to book
- 6.20
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jay Ambe Supermarkets
Jay Ambe Supermarkets Limited, incorporated on November 23, 2020, operates 17 retail supermarkets under the 'City Square Mart' brand as of the Red Herring Prospectus date. The company traces its origins to M/s Jay Ambe Trading, a partnership firm established in June 2016, whose business was acquired by the company in January 2021. The company engages in trading FMCG materials, groceries, home textiles, home décor, clothes, apparels, toys, gift articles, footwear, and household items via supermarkets. It operates through three business models: COCO (Company Owned Company Operated), FOCO (Franchise Owned Company Operated), and FOFO (Franchise Owned Franchise Operated). All stores are currently located in Gujarat, with significant revenue concentration in Gandhinagar (50.74% in FY2025), Ahmedabad (25.48%), Visnagar (13.64%), Himmatnagar (7.93%), and Bhuj (2.10%). The company generated revenues of ₹4,735.28 lakhs in FY2025, growing from ₹3,338.68 lakhs in FY2024 and ₹3,268.96 lakhs in FY2023.
Company Analysis
from RHPJay Ambe Supermarkets Limited operates a retail supermarket chain under the 'City Square Mart' brand, selling FMCG, groceries, textiles, home décor, apparel, toys, and household items across Gujarat through company-owned and franchised stores.
Jay Ambe Supermarkets Limited, incorporated on November 23, 2020, operates 17 retail supermarkets under the 'City Square Mart' brand as of the Red Herring Prospectus date. The company traces its origins to M/s Jay Ambe Trading, a partnership firm established in June 2016, whose business was acquired by the company in January 2021. The company engages in trading FMCG materials, groceries, home textiles, home décor, clothes, apparels, toys, gift articles, footwear, and household items via supermarkets. It operates through three business models: COCO (Company Owned Company Operated), FOCO (Franchise Owned Company Operated), and FOFO (Franchise Owned Franchise Operated). All stores are currently located in Gujarat, with significant revenue concentration in Gandhinagar (50.74% in FY2025), Ahmedabad (25.48%), Visnagar (13.64%), Himmatnagar (7.93%), and Bhuj (2.10%). The company generated revenues of ₹4,735.28 lakhs in FY2025, growing from ₹3,338.68 lakhs in FY2024 and ₹3,268.96 lakhs in FY2023.
Objects of the Issue
- Purchase of existing store of the company located at Nana Chiloda, Ahmedabad (Acquisition of Identified Store) ₹425.00 lakhs p.26
- Purchase of fit-outs for Three (3) new stores ₹463.32 lakhs p.26
- To Meet Working Capital Requirements ₹450.00 lakhs p.26
- General Corporate Purposes p.26
- Purchase of existing store of the company located at Nana Chiloda, Ahmedabad ('Acquisition of Identified Store') ₹425.00 lakhs p.118
- Purchase of fit-outs for Three (3) new stores ₹463.32 lakhs p.118
- To Meet Working Capital Requirements ₹450.00 lakhs p.118
- General Corporate Purposes p.118
- Not explicitly stated in this document section p.293
Issue Structure
- Total Issue
- 23,64,800 Equity Shares of ₹10.00 each aggregating to ₹[●] Lakhs
- Fresh Issue
- 23,64,800 Equity Shares of ₹10.00 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Price Band of ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter (Minimum Bid Lot of two lots per application, subject to application size being more than ₹2 lakhs)
- Face Value
- ₹10.00 per Equity Share
Business Model
The company operates as a multi-channel retailer with stores located in rented/leased premises. Revenue is generated through retail sales of FMCG and general merchandise. Operating models include: COCO (Company Owned Company Operated) with 10 stores operated directly by the company, and FOCO (Franchise Owned Company Operated) with 2 franchise-managed stores. The company maintains inventory levels suitable for each store location and sources products from third-party vendors and brand partners. Rent agreements range from 11 months to 9 years; many properties are taken on short-term lease basis from third parties.
Business Segments
SWOT Analysis
- • Established multi-store retail network with 17 stores across Gujarat(p.25)
- • Strong revenue growth of 20.36% CAGR from FY2023 to FY2025(p.55)
- • High net profit growth at 179.30% CAGR from FY2023 to FY2025(p.54)
- • Strong return on net worth of 20.29% in FY2025(p.28)
- • Diversified business model operating under COCO, FOCO and FOFO franchising models(p.25)
- • Established retail operations across multiple locations(p.56)
- • Integration of ERP system across all stores(p.56)
- • Strong financial growth trajectory(p.62)
- • Customer-friendly policies enhancing retention(p.56)
- • Diversified business model with COCO, FOCO, and FOFO franchise operations(p.118)
- • Rapid store expansion and established retail presence across Gujarat(p.118)
- • Strong vendor network with direct sourcing relationships(p.167)
- • Experienced leadership with significant retail sector expertise(p.167)
- • Consistent profitability and revenue growth trajectory(p.169)
- • Experienced leadership with 19+ years in retail supermarket operations(p.209)
- • Rapid expansion across 16 stores and 96,876 sq ft retail footprint in 5 years(p.195)
- • Established brand with registered domain and trademark(p.192)
- • Strong revenue growth trajectory(p.196)
- • Diverse store portfolio including franchise and company-operated outlets(p.196)
- • Rapid store expansion and established presence in Gujarat(p.279)
- • Experienced leadership with extensive retail background(p.279)
- • Strong revenue growth trajectory(p.281)
- • Improving profit margins and operational efficiency(p.290)
- • Low leverage and strong debt management(p.315)
- • Diversified product portfolio across key retail categories(p.282)
- • Geographic concentration with all stores located in Gujarat only(p.35)
- • Dependency on a few stores for majority of revenue(p.36)
- • All store properties are leased, not owned, creating operational vulnerability(p.37)
- • Lease agreements with irregularities affecting enforceability of leasehold rights(p.37)
- • Significant working capital requirements and negative operating cash flows(p.41)
- • Negative cash flows from operations for all three fiscal years(p.53)
- • High inventory levels creating working capital strain (138 days in FY2025)(p.42)
- • History of statutory filing delays and discrepancies with RoC(p.44)
- • Past non-compliance with GST and EPF filing obligations(p.50)
- • Restated financial statements prepared by peer-reviewed auditor, not statutory auditor(p.53)
- • High employee attrition rate(p.61)
- • Significant trade receivables exposure(p.56)
- • History of store closures within first year of opening(p.56)
- • Inadequate insurance coverage for certain employee risks(p.58)
- • Delayed payments to MSME vendors(p.65)
- • Significant debt burden(p.58)
- • Promoter dependence on personal guarantees for debt(p.63)
- • Unsecured loans repayable on demand(p.63)
- • Heavy dependence on lease rental arrangements without owned properties(p.182)
- • Significant reliance on a small number of key markets within Gujarat(p.177)
- • High inventory holding periods indicating potential inefficiency(p.129)
- • Limited ownership of identified store property pending capital deployment(p.120)
- • Absence of owned warehouse infrastructure relying on in-store storage(p.168)
- • Significant cash flow challenges and negative operating cash flows(p.243)
- • High working capital intensity with substantial inventory requirements(p.243)
- • Reliance on short-term debt financing with high interest rates(p.254)
- • Dependence on few large stores and concentrated store locations in Gujarat(p.195)
- • Limited operational experience and recent key management personnel changes(p.226)
- • Dependence on limited geographic footprint in Gujarat only(p.288)
- • Significant increase in operating costs with store expansion(p.282)
- • High proportion of rent expenses relative to operations(p.289)
- • Reliance on lease agreements with potential for increased costs(p.282)
- • Relatively short operating history as incorporated entity(p.279)
- • Large addressable market with Indian retail sector growing at 25% CAGR to reach USD 2 Tn by 2032(p.25)
- • Plan to expand into new geographies beyond Gujarat(p.36)
- • Strategy to increase store network with new stores planned by 2026(p.43)
- • India ranked as 4th largest retail market globally with strong FDI inflow(p.25)
- • India ranked 1st in Kearney's Global Retail Development Index in 2023(p.25)
- • Expansion through strategic store locations and operations(p.61)
- • Leverage growing organized retail sector(p.61)
- • Market expansion during festive and seasonal peaks(p.61)
- • Geographic expansion into tier-2 and tier-3 cities in Gujarat and beyond(p.169)
- • Omni-channel retail expansion through hyperlocal delivery and online integration(p.170)
- • Product portfolio diversification and private-label development(p.170)
- • Significant expansion of organized retail market in India(p.158)
- • Store network expansion in tier-2 and tier-3 cities capturing growing middle class(p.158)
- • Expansion into new geographic markets beyond Gujarat(p.196)
- • Growth through franchise model with lower capital requirements(p.196)
- • Development of institutional/anchor tenant partnerships(p.196)
- • Expansion into specialized retail segments and partnerships(p.192)
- • Significant urban growth and rising consumer purchasing power(p.281)
- • Shift from unorganized to organized retail in tier-2 and tier-3 cities(p.281)
- • Changing consumer preferences towards hygiene and organized shopping(p.281)
- • Expansion potential within existing and adjacent markets in Gujarat(p.294)
- • Growing disposable incomes enabling higher consumer spending(p.282)
- • Risk of significant losses and reduced investment returns from expansion into new geographies(p.35)
- • Vulnerability to lease disruptions and short-term lease arrangements(p.37)
- • Risk of unanticipated delays and cost overruns in capital expenditure projects(p.43)
- • Intense competition from larger players with greater resources in organized and unorganized retail(p.53)
- • Dependency on brand partners maintaining product quality and standards(p.54)
- • Regulatory approval delays could impede expansion plans and store operations(p.55)
- • Risk that growth rates cannot be sustained at historical levels(p.54)
- • Trademark registration pending with TMR creating intellectual property vulnerability(p.55)
- • Product liability and customer lawsuits(p.56)
- • Operational risks from customer incidents in stores(p.56)
- • Seasonal demand fluctuations affecting inventory(p.61)
- • Stock unavailability during peak seasons(p.61)
- • IT system failures and cybersecurity vulnerabilities(p.56)
- • Regulatory and policy uncertainty in retail sector(p.67)
- • Foreign investment competition in organized retail(p.67)
- • Macroeconomic headwinds affecting consumer spending(p.67)
- • Global financial market instability impacting India(p.68)
- • Natural disasters and man-made calamities(p.69)
- • Intense competition from unorganized retail segment and large organized chains(p.162)
- • Risk of lease non-renewal and potential rent escalations(p.121)
- • Implementation delays and cost overruns for capital expansion projects(p.125)
- • Dependence on quotation validity and vendor execution risk for fit-outs(p.126)
- • Regulatory and licensing requirements for new store operations(p.126)
- • High competition from established retail chains and organized retail sector(p.202)
- • Stringent regulatory compliance requirements for food retail operations(p.200)
- • Volatility in commodity and input costs affecting inventory and margins(p.241)
- • Economic cyclicality and consumer spending vulnerability(p.234)
- • Regulatory changes in labor laws and consumer protection affecting operational costs(p.206)
- • Intense competition from organized and unorganized retailers(p.283)
- • Risk of margin compression from competitive pressures(p.283)
- • Limited availability and rising costs of real estate(p.281)
- • Business subject to seasonal revenue concentration(p.294)
- • Regulatory and compliance obligations affecting operations(p.282)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jignesh Amratbhai Patel | Promoter | 10.07% | 7.39% |
| Harshal Daxeshkumar Patel | Promoter | 7.18% | 5.27% |
| Bhikhabhai Shivdas Patel | Promoter | 10.41% | 7.64% |
| Rutwijkumar Maganbhai Patel | Promoter | 6.45% | 4.73% |
| Bhikhabhai Shivdas Patel | Promoter | 10.41% | 7.64% |
| Jignesh Amratbhai Patel | Promoter | 10.07% | 7.39% |
| Harshal Daxeshkumar Patel | Promoter | 7.18% | 5.27% |
| Rutwijkumar Maganbhai Patel | Promoter | 6.45% | 4.73% |
| Jignesh Amratbhai Patel | Promoter/Chairman and Managing Director | — | — |
| Rutwijkumar Maganbhai Patel | Promoter | — | — |
| Bhikhabhai Shivdas Patel | Promoter | — | — |
| Harshal Daxeshbhai Patel | Promoter | — | — |
| Jignesh Amratbhai Patel | Promoter | 10.07% | — |
| Rutwijkumar Maganbhai Patel | Promoter | 6.45% | — |
| Harshal Daxeshkumar Patel | Promoter | 7.18% | — |
| Bhikhabhai Shivdas Patel | Promoter | 10.41% | — |
| Jignesh Amratbhai Patel | Promoter | — | — |
| Rutwijkumar Maganbhai Patel | Promoter | — | — |
| Bhikhabhai Shivdas Patel | Promoter | — | — |
| Harshal Daxeshbhai Patel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.