The initial public offering (IPO) of Jaro Institute, which opened on Tuesday, September 23, concluded its subscription on September 25.
The IPO was booked 22.06 times on Thursday. Investors bid for 8,21,31,312 shares against the 37,23,404 shares on offer.
The unlisted shares of Jaro Institute of Technology Management and Research have been trading at a premium in the grey market, indicating positive listing gains for investors.
As the allotment status for the Jaro Institute IPO gets finalised today, the GMP for the mainboard issue remains in focus on September 26.
Jaro Institute of Technology Management and Research IPO GMP Today
The GMP for the Jaro Institute IPO stood at Rs 73 per share as of 8:30 a.m. on September 26. This means the unlisted shares of Jaro Institute of Technology Management and Research Limited were trading at Rs 963 at the private market. Investors who have applied for the public issue can expect a gain of around 8.20% 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.
Jaro Institute IPO: Price Band, Issue Size And More
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.
Jaro Institute IPO Listing Date
Shares of Jaro Institute of Technology Management and Research Ltd. will be listed on the BSE and NSE on Tuesday, September 30.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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