Gujarat-based Jay Ambe Supermarkets, the retail chain operator under the brand City Square Mart, is set to open its maiden public issue for subscription next week on September 9, with price band of Rs 74-78 per share.
The company is raising Rs 18.44 crore via initial share sale of 23.64 lakh shares which consists of entirely fresh issue.
The offer will remain open till September 11. The IPO share allotment will be finalised by September 12, while Jay Ambe Supermarkets shares will be available for trading on the BSE SME effective September 16.
Incorporated in 2020, City Square Mart, which has expanded its retail chain to 17 stores across Gujarat, intends to spend Rs 4.25 crore of the net IPO proceeds for purchase of its existing store at Nana Chiloda, Ahmedabad, and Rs 4.63 crore for purchase of fit-outs for three new stores.
Further, Rs 4.5 crore will be utilised for working capital requirements, and the remainder funds for general corporate purposes.
On the financial front, Jay Ambe Supermarkets has registered a 77.8 percent growth in profit to Rs 2.75 crore for the year ended March 2025, up from Rs 1.5 crore in the previous year. Revenue during the same period grew by 41.8 percent to Rs 47.4 crore, up from Rs 33.4 crore.
Beeline Capital Advisors is managing the Jay Ambe Supermarkets IPO.
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