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)
