Jaro Institute of Technology Management and Research (Jaro Education) has officially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 570 crore. The IPO will include a fresh issue of shares valued at up to Rs 170 crore and an Offer for Sale (OFS) amounting to Rs 400 crore, primarily from promoter Sanjay Namdeo Salunkhe, who holds a substantial stake of 78.2% in the company.
The IPO proceeds are intended for various purposes, including Rs 81 crore for marketing and brand building, Rs 48 crore for repaying outstanding borrowings, and the remainder for general corporate needs. The company also plans to consider a pre-IPO placement of up to Rs 34 crore, which would reduce the fresh issue size if executed.
Jaro Education, established in 2009, collaborates with several prestigious institutions, including IITs and IIMs, to offer technology-driven degree and certification programs. It reported an operational revenue of Rs 199 crore in FY24, reflecting a 63% growth from the previous year. The shares will be listed on the BSE and NSE, with Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services serving as book-running lead managers.
This move marks a significant step for Jaro Education as it seeks to expand its operations and enhance its market presence. If you’re interested in IPOs or the education sector, this could be a noteworthy development to keep an eye on!
Disclaimer: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. The information provided herein is based on publicly available sources and is subject to change without notice. The author and publisher do not assume any liability for any losses or damages incurred as a result of reliance on this information.
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