Shares of Jaro Institute of Technology Management & Research Ltd. fell over 10% after making an underwhelming debut on the stock market on Tuesday. The scrip opened flat at Rs 890 apiece on NSE and BSE, same as the IPO offer. The stock then fell 14%.
The mainboard issue was oversubscribed 22.06 times. It received bids for 8,21,31,312 shares against 37,23,404 offered.
The quota for Qualified Institutional Buyers (QIBs) was subscribed 35.35 times. The non-institutional investors part attracted 35.48 times subscription, and the Retail Individual Investors (RIIs) portion got subscribed 8.71 times.
The Jaro Institute IPO was a book build issue of Rs 450 crore. It comprised 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, by promoter Sanjay Namdeo Salunkhe.
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 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.
About Jaro Institute
Jaro Institute of Technology Management and Research is an online higher education company. It was founded in 2009 Sanjay Namdeo Salunkhe.
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 cater 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 programs of diverse domains.
Of the fresh issue proceeds, the company will deploy Rs 81 crore for marketing, brand building and advertising activities, and Rs 45 crore for repaying debt.
Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the book-running lead managers.
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