Jaro Education's IPO: A Promising Start with Diverse Offerings

Jaro Institute of Technology Management and Research Ltd, known as Jaro Education, launched its initial public offering with an 87% subscription rate on its first day. The IPO attracted bids for 32,41,168 shares, out of the 37,23,404 shares available.

The non-institutional investors' segment showed strong interest with a 1.82 times subscription. Meanwhile, Retail Individual Investors subscribed to 69% of their allotted shares, and Qualified Institutional Buyers secured 47% of theirs. On the preceding day, Jaro Education raised Rs 135 crore from anchor investors.

The IPO, with a price band set between Rs 846 and Rs 890 per share, is scheduled to close on September 25. The offering comprises a fresh issue worth Rs 170 crore, alongside a Rs 280 crore Offer for Sale by promoter Sanjay Namdeo Salunkhe. The company plans to allocate Rs 81 crore for marketing, Rs 45 crore for debt repayment, and use the remaining for general corporate purposes. Established in 2009, Jaro Education collaborates with prestigious institutions, boasting over 268 courses available across various domains.

(With inputs from agencies.)