Jay Ambe Supermarkets IPO subscribed 60x, Galaxy Medicare issue booked 1.8x on final day

Jay Ambe Supermarkets IPO Update

Jay Ambe Supermarkets, which operates a retail chain under the City Square Mart brand in Gujarat, witnessed a massive 59.84 times subscription for its initial public offering (IPO) on September 12. In contrast, Galaxy Medicare’s public issue saw muted demand, though it managed to sail through with 1.79 times subscription.

Both companies will finalise their IPO share allotments by September 15, while trading in City Square Mart and Galaxy Medicare shares will commence on the BSE SME and NSE Emerge platforms, respectively, on September 17.

Jay Ambe Supermarkets is raising Rs 18.45 crore via its public issue, priced at the upper end of the Rs 74–78 per share band. The IPO received bids for 10.12 crore shares against an offer size of 16.92 lakh shares, through 21,236 applications.

Non-institutional investors subscribed 81.88 times their allotted quota. Retail investors’ reserved portion was subscribed 71.65 times. Qualified institutional buyers subscribed 16.79 times.

With 17 retail stores in Gujarat, the company—seeking a valuation of Rs 69 crore—plans to utilise the IPO proceeds for the purchase of an existing store in Ahmedabad and fit-outs for three new stores. Additionally, funds will be allocated toward working capital requirements and general corporate purposes.

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Meanwhile, Galaxy Medicare’s IPO attracted bids for 73.98 lakh shares against its offer size of 41.32 lakh shares, through 1,285 applications.

The Odisha-based manufacturer of medical devices, POP bandages, and surgical dressings launched its public issue to raise Rs 22.31 crore via 41.32 lakh shares, which included a fresh issue of 33.08 lakh shares and an offer-for-sale of 8.24 lakh shares by promoters. The price band for the offer was set at Rs 51–54 per share.

Proceeds from the fresh issue will be utilised to purchase machinery for the existing manufacturing facility in Bhubaneswar, to meet working capital requirements, and for general corporate purposes.

Beeline Capital Advisors acted as the book running lead manager for the Jay Ambe Supermarkets IPO, while Affinity Global Capital Market was the merchant banker for the Galaxy Medicare issue.