Jay Ambe Supermarkets IPO Gains Traction; Retail Bidders Dominate on Day 2

Ahmedabad, September 11, 2025 – Jay Ambe Supermarkets Limited, which operates under the City Square Mart brand, had phenomenal investor demand on the second day of its initial public offering. The IPO was subscribed 4.96 times as of 3:19 pm, including tremendous demand from retail and non-institutional investors.

Jay Ambe Supermarkets Ltd. (JASL) is operating the City Square Mart chain of retail stores. The company operates 17 outlets throughout Gujarat, with a primary objective of engaging in the trading of FMCG materials, groceries, Home Textiles, Home Décor, Clothing, Apparel, Toys, Gift Articles, Footwear and other household items through supermarkets along with its ancillary activities as part of achieving the main objective.

Retail Investors Surge Day 2 Subscriptions At 7.36 times

The retail investor category led the top subscriptions, bidding 7.36 times the available shares reserved, to nearly 57.92 lakh shares against 7.87 lakh offered to institutions. Additionally, the institutional category showed promise with subscriptions of 5.99 times. Within the non-institutional category, high-value bids above ₹10 lakh were fully subscribed at 6.96 times, while smaller applications came in at 3.99 times.

Anchor and market maker portions were fully subscribed on Day 1, but Qualified Institutional Buyers (QIBs) were still absent from Day 2 bidding. Total subscriptions for the IPO reflected bids for 78.12 lakh shares with availability at 15.74 lakh shares, which equates to ₹60 crore in bids.

Strong Bidding at Upper Price Band

The price-wise bidding pattern indicated that most applications were either at or around the upper cap of ₹78 per share. Over 66 lakh bids were placed at ₹74, and as the price increased closer to ₹78, the number of bids continued to grow. This is a clear indication of the confidence investors had in the company’s valuation.

Anchor Investor Backing

Before the IPO opens, Jay Ambe Supermarkets entered into a share allotment with strong anchor investor backing, raising ₹5.24 crore. 6.72 lakh shares were allotted at the higher price band of the issue. The anchor investors in the book were Shine Star Build-Cap Pvt. Ltd., Nexus Equity Growth Fund Scheme-1 and Craft Emerging Market Fund PCC-Elite Capital Fund, providing support to the issue, even before the opening.

IPO Structure

Jay Ambe Supermarkets IPO s͏eeks to raise ₹͏18.4͏5͏ crore th͏rough t͏he͏ issu͏anc͏e͏ of 24 lakh e͏q͏uity shares͏ at a ͏price͏ band͏ of ₹74 to͏ ͏₹78.͏ I͏n͏vesto͏rs can ͏place bids͏ for ͏a m͏inimu͏m ͏͏of͏ 3,200͏ sha͏res (2 lots)͏ a͏͏nd thereaf͏ter ͏in͏ ͏multi͏ple͏͏s͏ of ͏1,600 s͏hares. At the upper͏ pri͏ce ba͏n͏d, th͏e minimum i͏nvest͏m͏e͏nt r͏equ͏ire͏d ͏from ͏͏retail ͏in͏͏vestors͏͏ st͏ands a͏t͏ ₹͏2,49,600. ͏Th͏e ͏s͏hares are sch͏edul͏ed to list on the BSE SME p͏la͏tform͏ on 17 Sep͏tember 2025.͏͏

The solid demand from retail and non-institutional, as well as anchor support, suggests a good start for Jay Ambe Supermarkets on the SME platform. Nevertheless, QIB participation will play a critical role in determining the momentum on listing day.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations