#JayAmbeSupermarketsIPO #GalaxyMedicareIPO #IPOIndia #BSESme #NSEEmerge #RetailExpansion #MedicalDevices #StockMarketNews #IPOUpdates #SMEIPO #InvestingInIndia
Mumbai – The Indian primary market witnessed contrasting investor sentiment on Friday as Jay Ambe Supermarkets Ltd. and Galaxy Medicare Ltd. closed their initial public offerings (IPOs). While Jay Ambe Supermarkets created a buzz with an overwhelming subscription of nearly 60 times, Galaxy Medicare managed to sail through with a modest 1.8 times subscription.
Both companies are now set to finalize their share allotments on September 15, with trading scheduled to begin on September 17. Shares of Jay Ambe Supermarkets will list on the BSE SME platform, while Galaxy Medicare will debut on the NSE Emerge platform.
Jay Ambe Supermarkets IPO: A Blockbuster Response
The IPO of Jay Ambe Supermarkets, which operates its retail chain under the City Square Mart brand in Gujarat, received an outstanding response from investors. The company offered 16.92 lakh equity shares, seeking to raise ₹18.45 crore at the upper price band of ₹78 per share.
By the close of bidding, the issue received bids for a staggering 10.12 crore shares through 21,236 applications, marking a subscription level of 59.84 times.
Category-wise Subscription:
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Non-Institutional Investors (NII): 81.88 times
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Retail Investors: 71.65 times
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Qualified Institutional Buyers (QIBs): 16.79 times
The phenomenal demand from both retail and high-net-worth investors reflects the strong confidence in the company’s business model and growth potential.
Business Overview
Founded with a vision to provide organized retail shopping experiences across Gujarat, Jay Ambe Supermarkets currently operates 17 retail stores. The stores cater to diverse consumer needs under the City Square Mart brand, covering groceries, household essentials, and lifestyle products.
The IPO proceeds will primarily be used for:
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Purchase of an existing store in Ahmedabad
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Fit-outs for three new stores
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Working capital requirements
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General corporate purposes
At the IPO price band, the company is seeking a valuation of around ₹69 crore, which investors have found attractive given the expansion opportunities in Gujarat’s fast-growing retail sector.
Market experts believe that the organized retail story in Tier-II and Tier-III cities has tremendous potential, and Jay Ambe Supermarkets is well-positioned to capture this opportunity.
Galaxy Medicare IPO: A Modest but Successful Subscription
In contrast, Galaxy Medicare Ltd., a Bhubaneswar-based medical device manufacturer, witnessed a relatively muted response. The IPO, which aimed to raise ₹22.31 crore, was subscribed 1.79 times overall.
The company offered 41.32 lakh equity shares, comprising a fresh issue of 33.08 lakh shares and an offer-for-sale (OFS) of 8.24 lakh shares by promoters. The price band was set between ₹51–₹54 per share.
Subscription Details:
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Total bids received: 73.98 lakh shares
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Against offer size: 41.32 lakh shares
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Applications received: 1,285
Though modest compared to Jay Ambe’s staggering demand, Galaxy Medicare managed to comfortably sail through, ensuring full subscription across categories.
Business Overview
Galaxy Medicare is engaged in the manufacturing of medical devices, POP bandages, surgical dressings, and related healthcare products. Its products cater to hospitals, nursing homes, and healthcare providers across India.
The IPO proceeds from the fresh issue will be utilized for:
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Purchase of machinery for the Bhubaneswar manufacturing facility
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Working capital requirements
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General corporate purposes
Given India’s rising healthcare expenditure and focus on indigenous medical manufacturing, analysts expect steady long-term demand for Galaxy’s product portfolio, though the IPO response shows that investors were more cautious compared to retail-focused Jay Ambe Supermarkets.
Market Sentiment and Expert Views
The contrasting outcomes highlight the different investor appetites for consumer retail vs. medical manufacturing. Jay Ambe’s consumer-facing, scalable business model found wide retail resonance, while Galaxy Medicare’s healthcare focus drew selective participation.
According to market analysts, the overwhelming demand for Jay Ambe reflects the bullish mood in SME IPOs, where investors are chasing high-growth consumer stories. On the other hand, Galaxy Medicare’s modest subscription indicates that investors are still evaluating healthcare SMEs more cautiously, given sector-specific risks and longer gestation periods.
“Both IPOs are significant in their own way. Jay Ambe shows the strength of consumer retail stories in semi-urban India, while Galaxy Medicare, though not flashy, operates in a sector that is crucial for long-term healthcare demand,” said a market strategist at a Mumbai-based brokerage.
Listing Ahead
Both companies will list their shares on September 17, 2025. With Jay Ambe Supermarkets likely to debut with strong listing gains given the subscription momentum, all eyes will also be on Galaxy Medicare to see whether its stable fundamentals translate into decent post-listing performance.
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