Jaro Education's Rs 450-cr IPO garners 22 times subscription

New Delhi, Sep 25 (PTI) 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.

The Rs 450-crore IPO received bids for 8,21,31,312 shares against 37,23,404 shares on offer, according to data available with the NSE.

The quota for non-institutional investors got subscribed 35.48 times while qualified institutional buyers category attracted 35.35 times subscription. Retail individual investors component received 8.71 times subscription.

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

The issue has a price band of Rs 846-890 per share.

The company's IPO has 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.

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 TRB