Mumbai-based Jaro Institute of Technology (Jaro Education), an online higher education and upskilling platform, has raised ₹135 crore through its anchor book on September 22, ahead of its ₹450-crore initial public offering (IPO).
The IPO will open for subscription between September 23 and 25, with a price band set at ₹846–₹890 per share.
As per its exchange filing, Jaro Education has allotted 15,16,853 equity shares to anchor investors at ₹890 apiece. A total of 15 institutional investors participated, including Whiteoak Capital and ITI Mutual Fund, each investing ₹21.49 crore for 2.41 lakh shares. Other prominent investors included Citi Group, Nomura Singapore, Abbakus Asset Manager, Singularity Equity Fund, 360 ONE, and Societe Generale.
The IPO consists of a fresh issue of shares worth ₹170 crore and an offer for sale (OFS) of ₹280 crore by promoter Sanjay Namdeo Salunkhe.
Of the proceeds from the fresh issue, ₹81 crore will go towards marketing, brand building, and advertising, while ₹45 crore will be used for debt repayment. The balance will be allocated for general corporate purposes.
Valued at nearly ₹2,000 crore, Jaro Education offers a wide portfolio of online degree programs and certification courses in collaboration with 36 partner institutions, including 16 Tier-1 universities such as IIMs and IITs, along with several Tier-2 institutions.
Nuvama Wealth Management and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the IPO.
