Jaro Institute of Technology Management and Research Ltd., which operates under the brand Jaro Education, is all geared up to launch its initial public offering on Tuesday.
The educational institute will raise up to Rs 450 crore through the sale of equity, as well as the fresh issue of shares. The IPO will open on Sept. 23 and will close on Sept. 25.
The price band is set at Rs 846 to Rs 890 per share. The Rs 450-crore IPO is a combination of a fresh issue of Rs 170 crore and an offer for sale of shares worth Rs 280 crore by promoter Sanjay Namdeo Salunkhe.
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 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. Small institutional investors will need to buy a minimum of 15 lots aggregating to 240 shares, which means they will need to invest Rs 2.13 lakh and big institutional investors will have to buy a minimum of 71 lots, that is an investment of at least Rs 10.11 lakh.
The company will seek investments from large institutions under the pre-IPO anchor round on Sept. 22.
Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the book-running lead managers.
IPO Details
Open date: Sept. 23
Close date: Sept. 25
Price Band: Rs 846-890 per share
Allotment date: Sept. 26
Listing date: Sept. 29
IPO size: Rs 450 crore
Fresh issue: 170 crore
OFS: 280 crore
Minimum bid: Lot size of 16 shares
Use Of Proceeds
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.
Business
Jaro Institute of Technology Management and Research is an online higher education company. It was founded in 2009 by 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.
Financial Performance
The company's profit for the year stood at Rs 52 crore, with a top line of Rs 252.3 crore in the financial year 2025. In FY24, the company reported a profit of 38 crore, as opposed to a revenue of Rs 199 crore.
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