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Mumbai, 25 Sept 2025 — Jaro Institute of Technology Management and Research (Jaro Education) has drawn strong demand for its ₹450-crore initial public offering (IPO). On the last day of bidding, Thursday, subscription level neared two times, while the grey market premium (GMP) dipped marginally.
Subscription Update
As of the conclusion of Day 2, the issue had been subscribed to 1.95 times, according to the BSE website. In total, a record number of 72.56 lakh bids were made against the 37.23 lakh shares available.
Retail investors subscribed 2.02 times the total amount of their allocation of 18.61 lakh shares.
Non-Institutional Investors (NII) subscribed 3.49 times for the 7.97 lakh shares they received allocation of.
Qualified Institutional Buyers (QIB) also subscribed to 68% of their allocation of 10.63 lakh shares.
Grey Market Premium
The GMP in the grey or unlisted market for the IPO is around 11%, which is slightly lower than the 13% previously. This indicates a likely listing of close to ₹990 per share.
Note: The grey market is unregulated and not overseen by SEBI. The grey market prices only indicate estimated value and can be volatile.
The specifics of the IPO are as follows:
- Issue Size: ₹450 crore (₹170 crore fresh issue + ₹280 crore offer-for-sale)
- Price Band: ₹846 – ₹890 per equity share
- Lot Size: 16 shares (minimum investment ₹14,240)
Timeline: The IPO opened to investors on September 23 and will close on September 25. The allotment will take place on September 26, with the shares listing on exchanges likely to be on September 30.
The capital from this funding round will be used towards marketing and promotion of the brand (`81 crores), for repayment of the debt (`45 crores), and for general corporate purposes.
About Jaro Education
Established in 2009, Jaro Education offers higher education programs and skill development programs in an online format. The company has offered degrees in MBA, M.Com, MCA, PGDM, BCA, and B.Com, and certification programs. It has signed contracts with 36 institutions by March 2025.
Financial Performance
The firm has demonstrated tremendous growth in the past few years:
- Revenue grew from ₹122 crore in FY23 to ₹252 crore in FY25 (44% CAGR).
- Profit after tax escalated from ₹11 crore to ₹52 crore in the same period (113% CAGR).
- EBITDA margin improved from 19% to 32%.
- Return on Equity surged from 14.6% in FY23 to 30% in FY25.
Is It Worth Subscribing?
The IPO is valued at a P/E of 38.2x at the upper price band (FY25 earnings). While the valuation appears to be high, analysts point to Jaro’s robust financial growth and its positioning amid a growing fast-paced online education and upskilling market.
According to SBI Securities, it has a “subscribe for long term” rating, as the company is well-positioned, scalable, and has growth prospects.
