Jaro Education raises Rs 135 cr from anchor investors

New Delhi, Sep 22 (PTI) Jaro Institute of Technology Management and Research (Jaro Education) on Monday said it mopped up Rs 135 crore from anchor investors ahead of its initial public offering (IPO).

According to a circular uploaded on BSE's website, Citigroup Global Markets Mauritius, Nomura Singapore, Societe Generale, 360 ONE fund, WhiteOak Capital Mutual Fund (MF) and ITI MF have participated in the anchor round.

Overall, the brokerage firm has allocated 15.16 lakh equity shares to 19 funds at Rs 890 apiece.

The issue, with a price band of Rs 846 to Rs 890 per share for its maiden public offering, will be available for subscription during September 23-25.

The company's IPO comprises 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 SP SHW