Jaro Education's Tepid Market Debut and IPO Insights
Jaro Institute of Technology Management and Research Ltd, known as Jaro Education, launched its IPO at Rs 890 per share. Despite high subscription rates, shares fell over 17% during trading. The Rs 450-crore IPO includes a fresh issue worth Rs 170 crore and an offer for sale by promoter Sanjay Namdeo Salunkhe.
- Country:
- India
Shares of Jaro Institute of Technology Management and Research Ltd, or Jaro Education, saw a muted market entry, opening at Rs 890, the same as its issue price, on Tuesday.
The stock soon witnessed a sharp decline, dropping 17.41% to Rs 735.05 on the BSE and 17.69% to Rs 732.50 on the NSE, with a market valuation reaching Rs 1,669.48 crore.
The IPO, which saw a promising subscription of 22.06 times on its closing day, comprised a fresh issue of Rs 170 crore and an offer for sale of Rs 280 crore by its promoter, Sanjay Namdeo Salunkhe. The proceeds are aimed at marketing, debt payment, and other corporate purposes.
(With inputs from agencies.)
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