IPO Details
Bidding Dates
23 Sep '25 - 25 Sep '25
Minimum Investment
₹14,240/ Lot (16 Shares)
Price Range
₹846 – ₹890
Maximum Investment
₹1,99,360 / 14 Lots (224 Shares)
Retail Discount
To be announced
Issue Size
₹450 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |Jaro Institute of Technology Management & Research IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 23, 25
IPO Closing Date
Sep 25, 25
Basis of Allotment
Sep 26, 25
Initiation of Refunds
Sep 29, 25
IPO Listing Date
Sep 30, 25
About Jaro Institute of Technology Management & Research IPO
Jaro Institute of Technology Management & Research Ltd. IPO is a book-built issue with a total size of ₹450.00 crore. The issue comprises a fresh issue of shares aggregating to ₹170.00 crore and an offer for sale (OFS) aggregating to ₹280.00 crore.
The IPO opens for subscription on September 23, 2025, and closes on September 25, 2025. The basis of allotment is expected to be finalised on September 26, 2025. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of September 30, 2025.
The price band has been fixed at ₹846 to ₹890 per share, and the lot size is 16 shares. A retail investor can apply for a minimum of 1 lot (16 shares), requiring an investment of ₹14,240 at the upper price band, while the maximum for retail investors is 14 lots (224 shares), amounting to ₹1,99,360. For sNII, the minimum application is 15 lots (240 shares, ₹2,13,600), and for bNII, it is 71 lots (1,136 shares, ₹10,11,040).
Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the Book Running Lead Managers to the issue, while Bigshare Services Pvt. Ltd. is the registrar.
Jaro Institute of Technology Management & Research IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Proceeds from the OFS will go directly to the Promoter Selling Shareholder. The company will not receive any funds from this portion, apart from covering its share of offer-related expenses.
- The gross proceeds of up to ₹1,700 million (₹170 crore) will be raised through the Fresh Issue. After deducting offer-related expenses, the Net Proceeds will be utilised as follows:
- ₹810 million will be used for marketing, brand building, and advertising activities to enhance visibility and strengthen the brand.
- ₹450 million will be used for prepayment or scheduled repayment of certain outstanding borrowings, reducing financial liabilities.
About Jaro Institute of Technology Management & Research Limited
Incorporated in 2009, Jaro Institute of Technology Management and Research Limited (Jaro Education) is a prominent online higher education company with a pan-India presence. The company operates over 22 offices-cum-learning centres across major cities for offline learning and maintains 17 immersive tech studio setups on various IIM campuses.
As of March 31, 2025, Jaro Education collaborates with 34 Partner Institutions, including top-tier Indian institutions like IITs and IIMs, as well as global partners such as the Swiss School of Management and Rotman School of Management, University of Toronto. Among these, 29 partners are ranked within the top 100 in their respective streams by NIRF.
Jaro Education offers a diverse range of 268 degree programs and courses, including D.B.A., M.B.A., M.Com., M.A., P.G.D.M., M.C.A., B.Com., BCA, and other specialized programs. Additionally, it provides online, hybrid, and in-person certification courses in areas such as management, fintech, data science, business analytics, design thinking, and digital marketing. Its partnerships include 36 institutions, with 16 Tier-1 universities in India (including 7 IIMs and 7 IITs) and 15 Tier-2 universities, reflecting its strong academic network.
The company’s business strengths lie in its market-leading position in online higher education and upskilling, its ability to provide comprehensive solutions to both partner institutions and learners, and high revenue predictability supported by long-standing client relationships. Jaro Education has a proven track record in delivering high-quality, diversified offerings while leveraging technology and digitalisation, guided by an experienced senior management team with deep industry expertise and a history of successful execution.
Industry Outlook
- India’s education market is rapidly expanding, driven by rising aspirations, digital adoption, and a large youth population seeking advanced degrees and professional certifications.
- The pandemic accelerated acceptance of online and hybrid education models, making digital platforms essential for universities, corporates, and learners.
- India’s online higher education and lifelong learning market is projected to grow at a CAGR of over 40% between FY24–FY28, supported by affordability, accessibility, and flexible learning formats.
- Policies like the National Education Policy (NEP) 2020 promote digital learning, skill development, and integration of technology in education, benefiting institutions and EdTech players.
- With a median age of 28 and over 50% of the population below 25, India presents a large addressable market for higher education, skilling, and career advancement programs.
How To Apply for the Jaro Institute of Technology Management & Research IPO Online?
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Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
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Locate the IPO Section: Navigate to the 'IPO' section on the platform.
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Select IPO: Find and select the Jaro Institute of Technology Management & Research IPO from the list of open IPOs.
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Enter the Lot Size: Specify the number of lots you want to bid for.
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Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
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Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Jaro Institute of Technology Management & Research IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Jaro Institute of Technology Management & Research Limited
Registered office: 11th Floor, Vikas Centre,
Dr. C.G. Road, Chembur (East),
Mumbai – 400 074, Maharashtra, India
Phone: +91 22 2520 5763
E-mail:mailto:cs@jaro.in
Jaro Institute of Technology Management & Research IPO Reservation
|
Investor Category |
Reservation |
|
QIB (Qualified Institutional Buyers) |
Not more than 50% of the Offer |
|
NII (HNI – Non-Institutional Investors) |
Not less than 15% of the Offer |
|
Retail Individual Investors |
Not less than 35% of the Offer |
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Market Maker |
Not Applicable (Mainboard IPO) |
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Total Shares Offered |
50,56,179 Equity Shares (₹450 Cr) |
Jaro Institute of Technology Management & Research IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
16 |
₹14,240 |
|
Retail (Max) |
14 |
224 |
₹1,99,360 |
|
S-HNI (Min) |
15 |
240 |
₹2,13,600 |
|
S-HNI (Max) |
70 |
1,120 |
₹9,96,800 |
|
B-HNI (Min) |
71 |
1,136 |
₹10,11,040 |
Jaro Institute of Technology Management & Research IPO Promoter Holding
Sanjay Namdeo Salunkhe and Balkrishna Namdeo Salunkhe are the promoters of the company
|
Share Holding Pre-Issue |
78.28% |
|
Share Holding Post Issue |
57.32% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Jaro Institute of Technology Management & Research IPO
|
KPI |
Values |
|
ROE (%) |
35.76% |
|
ROCE (%) |
37.38% |
|
Debt/Equity |
0.30 |
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RoNW (%) |
30.12% |
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PAT Margin (%) |
20.34% |
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EBITDA Margin (%) |
33.13% |
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Price to Book Value |
10.50 |
Jaro Institute of Technology Management & Research IPO Prospectus
Jaro Institute of Technology Management & Research IPO Registrar and Lead Managers
Jaro Institute of Technology Management & Research IPO Lead Managers
- Nuvama Wealth Management Limited
- Motilal Oswal Investment Advisors Limited
- Systematix Corporate Services Limited
Registrar for Jaro Institute of Technology Management & Research IPO
Bigshare Services Pvt. Ltd.
- Phone: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
- Website: https://ipo.bigshareonline.com/IPO_Status.html
Financial Performance of Jaro Institute of Technology Management & Research Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operations (₹ in million) | 2,522.63 | 1,990.45 | 1,221.45 |
| Total Income (₹ in million) | 2,540.19 | 2,025.67 | 1,245.85 |
| Total Expenses (₹ in million) | 1,838.78 | 1,482.15 | 1,089.48 |
| Profit Before Tax (₹ in million) | 701.41 | 519.91 | 156.37 |
| Profit for the Year (₹ in million) | 516.66 | 379.72 | 116.54 |
| EPS – Basic (₹) | 25.53 | 18.90 | 5.78 |
Know before investing
Strengths
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Established in 2009, the company is a leader in online higher education and upskilling with strong brand recognition and pan-India presence.
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Collaborates with 34 partner institutions, including international schools, supported by 22 offices and 17 immersive tech studios across India.
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Offers online LMS, immersive studios, tech-enabled training, and personalised career guidance to enhance learner engagement.
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Partnerships with top institutions drive high referrals, low acquisition costs, and strong enrolment conversions.
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Provides end-to-end support for online, hybrid, and in-person programs, aligned with NEP 2020 to democratise education.
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Assists partner institutions with program design, content development, demand estimation, pricing, and expansion strategies.
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Streamlines admissions, tracks enrolments, and optimises marketing, achieving high return on advertising spend.
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Offers synchronous/asynchronous learning, immersive centres, LMS-enabled assessments, and feedback-based curriculum updates to ensure industry-relevant skills.
Risks
8-
The sector faces strong competition from universities, startups, and established platforms, requiring continuous innovation and high-quality course delivery across multiple partners.
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Courses must be recognised by relevant authorities to gain trust among students and employers, demanding consistent adherence to educational standards.
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Online learning faces challenges in keeping students engaged; providing academic counseling, career guidance, and technical support is essential to reduce dropouts.
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Academic cycles cause fluctuations in enrollments and revenues, while marketing and recruitment costs spike at batch starts, impacting quarterly profitability.
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Platforms must be reliable, scalable, user-friendly, and secure, with strong measures to protect student and institutional data.
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Negative publicity or student dissatisfaction can harm the brand; effective feedback management and prompt issue resolution are critical.
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Competitive pricing in the Indian market must balance affordability with program sustainability, requiring sufficient funding for growth, technology, and marketing.
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Despite official recognition, online education is often perceived as less valuable than traditional learning, necessitating awareness campaigns to improve acceptance among employers and the public.
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Jaro Institute of Technology Management & Research Limited Peer Comparison
| Company | Partner Institutions (Global) | Revenue (₹ Mn) | EBITDA Margin (%) | PAT Margin (%) |
|---|---|---|---|---|
| Jaro Education | 36 | 1,990 | 31.9% | 18.7% |
| UpGrad | 100+ | 14,876 | -21.0% | -36.2% |
| Great Learning | 17 | 4,449 | -3.7% | -10.5% |
| Talent Edge | 30+ | 254 | -122.4% | -152.9% |
| Simplilearn | 11 | 7,498 | -3.9% | -13.8% |
| Imarticus | 20 | 1,593 | -5.0% | -15.3% |
| Eruditus | 18 | 5,688 | 0.9% | -0.3% |
| TimesPro | 34 | 500 | -13.0% | -9.2% |
| Intellipaat | 18 | 1,792 | 14.0% | 10.1% |
| TalentSprint | 11 | 1,262 | 4.5% | -2.1% |
| UNext | 2 | 4,929 | -58.7% | -61.6% |
Jaro Institute of Technology Management & Research IPO FAQs
The Jaro Institute of Technology Management & Research Limited IPO is a book-built issue scheduled to open for subscription on September 23, 2025, and close on September 25, 2025.
The Basis of Allotment will happen on Thursday, September 26, 2025.
The IPO subscription window will open on September 23, 2025.
The minimum lot size for retail investors is 16 shares, based on the lower end of the price band (₹846), which amounts to a minimum investment of ₹14,240.
The listing date for Jaro Institute of Technology Management & Research IPO is Monday, September 30, 2025.
The issue size of the Jaro Institute of Technology Management & Research IPO is ₹450,00 crore.
The open and close dates for Jaro Institute of Technology Management & Research IPO are from September 23, 2025, to September 25, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Jaro Institute of Technology Management & Research Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Jaro Institute of Technology Management & Research IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Bigshare Services Pvt.Ltd is the registrar responsible for managing the IPO allotment process and handling investor queries.
The Jaro Institute of Technology Management & Research IPO is proposed to be listed on the BSE and NSE.
