Jay Ambe Supermarkets shares list at 1% premium over IPO price on BSE SME platform

Jay Ambe Supermarkets, a Gujarat-based retail chain operator, made its market debut on Wednesday, listing at Rs 79 per share on the BSE SME platform, slightly above its IPO price of Rs 78.

The Rs 18.45-crore issue, priced at Rs 74–78 per share, was oversubscribed 64.13 times during the bidding window. Retail investors showed strong participation at 71.39 times, non-institutional investors at 110.24 times, and QIBs at 16.79 times.

Despite the high subscription, the GMP hovered around 10%, suggesting a likely listing price of Rs 85–86 per share. The modest GMP indicates that while investors are optimistic about the company’s fundamentals, near-term market conditions may limit listing gains.


Founded in 2020, Jay Ambe Supermarkets operates its retail marts under the “City Square Mart” brand, currently running 17 stores across Gujarat.

The company sells a wide range of products, from FMCG food and non-food items to garments, footwear, toys, luggage, textiles, and household goods. It uses a franchise-led model, charging fees while allowing franchisees to sell under its brand, helping scale operations without heavy upfront capital.

Financial performance has been robust. Revenue grew 42% year-on-year to Rs 47.40 crore in FY25, while net profit jumped 78% to Rs 2.75 crore. Margins improved with EBITDA at Rs 4.99 crore and PAT margin rising to 5.82%.

The IPO proceeds will be deployed to purchase the company’s Nana Chiloda store in Ahmedabad, fund fit-outs for three new stores, and meet working capital needs.

With strong subscription levels and moderate GMP, Jay Ambe Supermarkets’ listing is expected to be steady. The long-term prospects of the company are tied to the chain’s ability to expand its footprint beyond Gujarat.

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