Jaro Education IPO receives 87 pc subscription on first day of share sale

New Delhi, Sep 23 (PTI) The initial public offer of Jaro Institute of Technology Management and Research Ltd (Jaro Education) received 87 per cent subscription on the first day of share sale on Tuesday.

The company's IPO got bids for 32,41,168 shares against 37,23,404 shares on offer, according to details available with the NSE.

The quota for non-institutional investors garnered 1.82 times subscription. Retail Individual Investors (RIIs) portion got subscribed 69 per cent, and that of Qualified Institutional Buyers (QIBs) 47 per cent.

Jaro Institute of Technology Management and Research on Monday said it mopped up Rs 135 crore from anchor investors.

The issue, with a price band of Rs 846 to Rs 890 per share, will conclude on September 25.

The company's IPO has a fresh issue of shares worth Rs 170 crore and an Offer for Sale (OFS) of shares valued at Rs 280 crore by promoter Sanjay Namdeo Salunkhe.

Of the fresh issuance, Rs 81 crore has been earmarked for marketing, brand building and advertising activities, Rs 45 crore for payment of debt and the rest for general corporate purposes.

Founded in 2009 by Salunkhe, Jaro Education offers degree programmes and certification programmes in collaboration with its partner institutions.

As of March 2025, it has over 22 offices-cum-learning centres across major cities for offline learning, apart from 17 immersive tech studio set-ups in the campuses of various IIMs, and caters to a total of 36 partner institutions such as IITs, IIMs and premier global institutions like Swiss School of Management and Rotman School of Management, University of Toronto. It offers 268 course offerings and programmes in diverse domains.

Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are book-running lead managers, while Bigshare Services is the registrar to the IPO. PTI SUM SUM SHW