Jaro Institute of Technology Management & Research Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹846 - ₹890
- Lot size
- 16 shares
- Issue amount
- ₹450 cr
- Total subscription
- 1.8×
- Opens
- 23 Sept 2025
- Closes
- 25 Sept 2025
- Allotment
- 26 Sept 2025
- Listing
- 30 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 50,56,179 shares
- Face value
- 0
- Minimum investment
- ₹13,536
- Fresh issue
- ₹170 cr
- Offer for sale
- ₹280 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,240
- Issue type
- Bookbuilding IPO
- Shares before issue
- 2,02,29,895
- Shares after issue
- 2,21,40,007
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 16 | ₹14,240 |
| sHNI | 15 | 240 | ₹2,13,600 |
| bHNI | 71 | 1,136 | ₹10,11,040 |
Share reservation
Subscription & GMP
Subscription by category
Reported 24 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,10,604 | 8,31,255 |
| HNIs(10L +) | 2,107 | 14,180 |
| HNIs (2-10L) | 1,053 | 40,631 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 90 | 2,231.36 |
| FIIs | 0 | 699.15 |
| FIs | 0 | 577.35 |
| Mutual Funds | 0 | 42.14 |
| Others | 0 | 415.16 |
| RETAIL | 157.5 | 1,297.81 |
| NIB | 67.5 | 2,439.09 |
| HNIs 2+ | 22.5 | 881.25 |
| HNIs 10+ | 45 | 1,557.83 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 25.35 | 18.71 | 5.73 |
| ROE | 35.76 | 37.82 | 15.05 |
| ROCE | 37.38 | 40.9 | 19.12 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 34.88 | 0 | 0 |
| POST IPO(PE) | 38.17 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Jaro Institute of Technology Management and Research Limited (Jaro Education), incorporated in 2009, is an online higher education company with a pan-India presence through 22 offices-cum-learning centres and 15 tech-enabled studios at IIM campuses. As of March 31, 2024, it partnered with 34 premier institutions in India and abroad, including IITs, IIMs, the Swiss School of Management, and the Rotman School of Management, University of Toronto, with 24 of these ranked among the top 100 in their fields by NIRF. The company has been recognized by Symbiosis, IITs, and IIMs for its support in technology, infrastructure, marketing, and student services. Its offerings include degree programs such as DBA, MBA, M.Com, M.A., PGDM, MCA, B.Com, and BCA in collaboration with 13 Indian universities, nine of which are NIRF top 100, as well as online, hybrid, and in-person certification courses in management, fintech, data science, analytics, design thinking, and digital marketing with 21 institutes, including 7 IIMs and 6 IITs.
Strengths
- Market Leadership & Brand Recognition – Established in 2009 as an early mover in online higher education and upskilling, with strong university partnerships, diversified offerings, and customized delivery models ensuring sector leadership.
- Stable Revenue Model – Long-term partnerships with reputed universities and institutions drive predictable revenues, expand global reach, and support innovation in pedagogy.
- Diverse & Quality Offerings – Wide range of degree programs and certification courses, from short to long term, meeting diverse learner needs with flexibility and consistent quality.
Risk factors
- Learner Retention & Acquisition Risk – Growth is tied to retaining current learners and attracting new ones; failure may reduce revenues and hinder future expansion.
- Dependence on Key Personnel – Heavy reliance on leadership and key employees; high attrition or inability to retain talent could disrupt operations.
- Reliance on Partner Institutions – Revenue depends on sharing arrangements with partner universities; any reduction in their revenue share could lower income and increase learner acquisition costs.
Promoters
Sanjay Namdeo Salunkhe
Balkrishna Namdeo Salunkhe
Registrar & documents
Lead manager
Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Systematix Corporate Services Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
11th Floor, Vikas Centre, Dr. C.G. Road, Chembur – East, Mumbai, Maharashtra, 400074
022 2520 5763
[email protected]Company website ↗Understanding JARO IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.