Jaro Institute IPO GMP: What Does Grey Market Premium Signal On Final Day Of Subscription

The GMP for the Jaro Institute IPO stood at Rs 100 per share as of 2:00 p.m. on September 25. The latest GMP indicates a listing price of Rs 990 apiece, at a premium of 11.24% compared to the upper limit of the issue price.

This means the unlisted shares of Jaro Institute of Technology Management and Research Limited were trading at Rs 990 at the private market. Investors who have applied for the public issue can expect a gain of around 11% when the shares list on the markets next week.

The highest GMP recorded for the public issue was Rs 123 when the IPO opened for subscription.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Jaro Institute IPO is a book build issue of Rs 450 crore. It comprises a fresh issue of 19 lakh shares, amounting to Rs 170 crore, and an offer-for-sale (OFS) of 31 lakh shares, worth Rs 280 crore.

The price band for the IPO is set between Rs 846 and Rs 890 per share.

The mainboard issue was fully subscribed on Day 2, following a muted response on Day 1 which saw the IPO getting subscribed 0.87 times on Tuesday.

The lot size for an application is 16. The minimum amount of investment required by a retail investor is Rs 14,240.

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

Jaro Institute is an edtech company that offers higher education solutions. It was founded in 2009.

The allotment of shares is proposed to be done on September 26. Shares of Jaro Institute are expected to be listed on the BSE and NSE on September 30.