Jaro Institute IPO Fully Booked On Day Two; Check Latest GMP

Jaro Institute of Technology Management And Research Ltd.'s initial public offering was fully subscribed on its second day, led by demand from non-institutional investors.

The Rs 450-crore IPO is a combination of a fresh issue of Rs 170 crore and an offer for sale of 0.31 crore shares aggregating to Rs 280 crore by promoter Sanjay Namdeo Salunkhe.

Bidding will close on Sept. 25. The allotment of shares to IPO investors will be on Sept. 26. Jaro Institute will list on the BSE and NSE on Sept. 30.

The lot size for an application is 16, which means the minimum amount of investment required by a retail investor is Rs 14,240 based on the upper price band.

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 company 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.

Nuvama Wealth Management Ltd. is the book-running lead manager and Bigshare Services Ltd. is the registrar of the issue.