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.
Jaro Institute IPO Subscription Status
The Jaro Institute IPO was subscribed 1.95 times as of 5:00 p.m., as per BSE data.
Qualified Institutional Buyers: 0.68 times or 68%.
Non-Institutional Buyers: 3.49 times.
Retail Investors: 2.02 times.
Jaro Institute GMP
The latest grey market premium of Jaro Institute IPO was at Rs 115 , as per data on Investorsgain website. The listing price will likely be Rs 1,005 apiece, which implies listing gain of 12.92%.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
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