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Jaro Institute IPO Day 3 LIVE: On the second day of subscription, the Jaro Institute IPO saw a response rate of 1.95 times. The retail segment was oversubscribed by 2.01 times, while the Non-Institutional Investor (NII) segment received bids 3.49 times the available shares, and the Qualified Institutional Buyers (QIBs) portion garnered 68% of bids.

The initial public offering (IPO) for Jaro Institute of Technology Management and Research (Jaro Education) is open for subscription from September 23 to September 25. Jaro Institute IPO price band is set between ₹846 and ₹890 per share for its inaugural public offering. As of today, the Jaro Institute IPO GMP stands at ₹106.

The Jaro Institute IPO comprises a fresh issue of shares totaling ₹170 crore, along with an Offer for Sale (OFS) of shares amounting to ₹280 crore from promoter Sanjay Namdeo Salunkhe.

Of the funds raised from the fresh issuance, ₹81 crore is earmarked for marketing, brand development, and advertising, ₹45 crore is set for debt repayment, and the rest is allocated for general corporate purposes.

Founded in 2009 by Salunkhe, Jaro Education offers degree and certification programs in collaboration with various institutions. Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are the lead managers for the IPO, while Bigshare Services functions as the registrar for the IPO.

(Stay tuned for more updates)

1. Dependence on partner institutions for academic content and program delivery.

2. Potential challenges in maintaining consistent program quality across different partners.

3. Limited geographical presence, with most revenue derived from the western region of India.

1. Strong partnerships with leading universities and institutions.

2. Proven track record with over 20,000 admissions.

3. Award-winning brand and high market visibility.

4. Diverse course offerings across various professional fields.

Tentatively, Jaro Institute IPO basis of allotment of shares will be finalised on Friday, September 26, and the company will initiate refunds on Monday, September 29, while the shares will be credited to the demat account of allottees on the same day following refund. Jaro Institute share price is likely to be listed on BSE and NSE on Tuesday, September 30.

Jaro Institute IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Subscription dates: September 23–25, 2025

Issue size: ₹450 crore (Fresh ₹170 crore + OFS ₹280 crore)

Price band: ₹846 – ₹890 per share

Lot size: 16 shares (for retail applicants)

Minimum investment: ₹14,240 per lot

Maximum retail: 14 lots ( ₹1,99,360, 224 shares)

Listing: September 30, 2025 on BSE and NSE

Book running lead managers: Nuvama Wealth, Motilal Oswal, Systematix

Registrar: Bigshare Services Pvt. Ltd.

Jaro distinguishes itself as a partner-driven EdTech expert, collaborating with IITs, IIMs, and international institutions. Their combination of hybrid studios, online learning, live campus events, and tailored content enables Indian students to pursue degrees and enhance their skills affordably, even from remote locations.

With over 36 partner organizations, 22 office-and-learning centers, and more than 268 degree offerings, they form a solid foundation. Jaro utilizes digital tools to optimize admissions, manage applicant tracking, and provide personalized support in a field where retention is as crucial as acquisition.

Nirmal Bang indicated that Jaro has effectively implemented a fee increase alongside its partners, showcasing its position as a market leader. The company's revenues and EBITDA have experienced a compound annual growth rate of 44% and 89% respectively from FY23 to FY25, and it maintains strong return ratios. The offering at the upper price band is priced at a P/E ratio of 38 times the earnings projected for FY25, and we recommend a 'Subscribe' rating for the issue due to favorable growth prospects in the future.

Established in 2009 by Salunkhe, Jaro Education provides degree and certification programs in collaboration with a variety of partner institutions.

By March 2025, the organization will have more than 22 offices combined with learning centers in major cities for offline education, in addition to 17 immersive tech studio setups located in various IIM campuses. It serves a total of 36 partner institutions, which include IITs, IIMs, and esteemed global entities such as the Swiss School of Management and the Rotman School of Management at the University of Toronto. The institution offers a total of 268 courses and programs across various fields.

Jaro Institute revealed on Monday that it secured ₹135 crore from anchor investors prior to its initial public offering (IPO). According to a notice released on BSE's website, the participants in the anchor investment round include Citigroup Global Markets Mauritius, Nomura Singapore, Societe Generale, 360 ONE fund, WhiteOak Capital Mutual Fund (MF), and ITI MF. In total, the brokerage has allocated 15.16 lakh equity shares to 19 funds at a rate of ₹890 each.

Jaro Institute IPO GMP today or grey market premium is ₹106. This indicates Jaro Institute share price were trading at a premium of ₹106 in the grey market on Thursday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jaro Institute share price was indicated at ₹996 apiece, which is 11.91% higher than the IPO price of ₹890.

According to the grey market activity observed in the last 11 sessions, today's IPO GMP is showing an upward trend and is anticipated to have a robust listing. The minimum GMP recorded is ₹0.00, whereas the maximum GMP reaches ₹123, as per experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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