Jaro Education Raises Rs 135 Crore From Anchor Investors Prior To IPO Launch

Jaro Institute of Technology Management and Research Ltd. has raised Rs 135 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 15.17 lakh shares at Rs 890 apiece to 19 anchor investors.

360 One Equity Opportunity Fun got the highest allocation of 11.11%. Societe Generale got the second highest allotment of 9.63% and LC Pharos Multi Strategy Fund VCC- LC Pharos Multi Strategy Fund SFI got 8.15% stake in the company.

Two domestic mutual funds have applied through five schemes, the education institution said in an exchange filing on Monday. They have collectively netted 23.33% of the anchor portion. Whiteoak Capital and ITI were the fund houses in this category.

Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the book-running lead managers, while Bigshare Services Pvt. is the registrar of the offer.

The educational institute will raise up to Rs 450 crore through the IPO, which includes a fresh issuance of shares worth Rs 170 crore and an offer-for-sale of Rs 280 crore.

The issue will open on Sept. 23 and will close on Sept. 25, and the price band is set at Rs 846 to Rs 890 per share.

Of the fresh issue proceeds, the company will deploy Rs 81 crore for marketing, brand building and advertising activities, and Rs 45 crore for prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company.

The allotment of shares to IPO investors will be on Sept. 26. Jaro Institute will list on the BSE and NSE on Sept. 30.