The initial public offering (IPO) of Jaro Institute of Technology Management & Research is set to open for subscription on September 23, 2025, and will close on September 25, 2025. The company aims to raise ₹450 crore through the issue, which will be listed on both the NSE and BSE.
IPO Structure and Pricing
The public offer consists of a fresh issue of shares worth ₹170 crore and an offer for sale (OFS) of shares valued at ₹280 crore. Promoter Sanjay Namdeo Salunkhe, who currently holds a 78.2% stake, plans to offload part of his holding via the OFS.
The price band has been fixed at ₹846–₹890 per share, with a lot size of 16 shares, setting the minimum retail investment at ₹14,240. Funds from the fresh issue will be used to repay debt, strengthen marketing and brand-building initiatives, and meet general corporate requirements.
Grey Market Premium (GMP)
According to market observers, the grey market premium (GMP) stands at ₹122, suggesting a potential listing price of around ₹1,012 per share — a 13.7% premium to the upper end of the issue price. However, analysts caution that GMP trends are unofficial and may not reflect actual listing performance.
Timetable
- IPO Opens: September 23, 2025
- IPO Closes: September 25, 2025
- Allotment Finalisation: September 26, 2025
- Refunds & Demat Credit: September 29, 2025
- Listing Date: September 30, 2025
Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are the lead managers, while Bigshare Services is the registrar.
Brokerage Views
Brokerages are cautiously optimistic about the offering. Anand Rathi Securities has given a ‘Subscribe for Long-term’ rating, highlighting Jaro’s leadership in the online higher education and upskilling market. The brokerage noted that at the upper band, the issue is valued at a P/E of 38.1x FY25 earnings and an EV/EBITDA of 24.8x, making it a fully priced IPO.
SBI Securities echoed a similar stance, citing the company’s strong growth record, brand reputation, and scalable operations as key positives. Analysts believe that despite high valuations, Jaro is well positioned to benefit from India’s rapidly expanding digital education market, which is projected to nearly double by FY28.
Company Background
Founded in 2009 by Sanjay Salunkhe, Jaro Education has built a strong presence in the professional learning space. It offers a mix of degree programs and executive courses in collaboration with 34 partner institutions, including top Indian names such as IITs and IIMs, along with global universities like the Swiss School of Management and the Rotman School of Management, University of Toronto.
The firm operates 22 offices and learning centres across India and maintains 15 tech-enabled studios to support hybrid learning formats. Its clientele ranges from students to senior working professionals seeking advanced qualifications.