Jaro Education shares make muted market debut; later tanks nearly 18%

New Delhi: Shares of Jaro Institute of Technology Management and Research Ltd (Jaro Education) made a muted market debut on Tuesday, listing at par with the issue price of Rs 890.

On both the BSE and the NSE, the stock listed at Rs 890.

Later in the trade, the stock declined 17.41 per cent to Rs 735.05 on the BSE.

At the NSE, it tanked 17.69 per cent to Rs 732.50.

The company's market valuation stood at Rs 1,669.48 crore.

The initial public offering (IPO) of Jaro Institute of Technology Management and Research Ltd (Jaro Education) garnered 22.06 times subscription on the closing day of bidding on Thursday last week.

The Rs 450-crore IPO had a price band of Rs 846-890 per share.

The company's IPO had a fresh issue of shares worth Rs 170 crore and an offer for sale 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.