Jaro Institute IPO: Price Band, Analysis, Allotment And GMP

Jaro Institute IPO - Company Analysis

Jaro Institute IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 450 Cr (~0.50 Cr Shares) by Jaro Institute  Limited, which was incorporated in 2009 and provides online platforms for upskilling and higher education. In order to provide degree programs, executive education, and certification courses, the organization partners with prestigious establishments such as foreign universities, IITs, and IIMs.

Through 36 partner institutions in India and throughout the world, it offers more than 268 programs and courses.  In terms of EBITDA margin, PAT margin, ROE, and ROCE, the company has made a name for itself as one of India's top edtech companies.

 

Goods and Services

• Online degree programs for higher education.

• Management and executive education programs.

• Programs for skill development and certification.

 

Jaro Institute IPO Details

The Jaro IPO open date is from Sep 23 to Sep 25, with IPO allotment on Sep 26, refund initiation on Sep 29, 2025.

The Rs. 450 Cr mainline IPO comprises a combination of fresh issue of 0.19 crore shares (Rs. 170 Cr) and an offer for sale (OFS) of 0.31 crore shares (Rs. 280 Cr).

The Jaro Institute IPO listing date might be on Tuesday, 30 September 2025, and it will be listed at the BSE and NSE. The Jaro Institute IPO price band is Rs. 846 to Rs. 890 for each Share. 

Events	Date
IPO Opening Date	Sep 23, 2025
IPO Closing Date	Sep 25, 2025
IPO Allotment Date	Sep 26, 2025
Refund Initiation	Sep 29, 2025
Tentative IPO Listing Date	Sep 30, 2025

 

 

Industry Outlook

The online higher education and upskilling sector in India is expected to grow at a CAGR of 25.7%.

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	(234.55)	(169.66)	28.76
Net Cash Flow Investing Activities	(40.88)	471.48	(76.74)
Net Cash Flow Financing Activities	141.86	(191.69)	45.15

 

Revenue Bifurcation 

Customers-wise Revenue Breakdown

 

Geography-wise Revenue Breakdown

(Source - RHP)

 

The Objective of The Issue

• Activities related to marketing, brand development, and advertising. ~ Rs. 81 Cr. 

• Prepayment or planned payback of a portion of specific outstanding borrowings obtained by the company. ~ Rs. 45 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Jaro Institute Ltd.

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

 

Valuation

Metric	Value
ROE	35.76%
ROCE	37.38%
Debt/Equity	0.30
RoNW	30.12%
PAT Margin	20.34%
EBITDA	33.13%
Price to Book Value	10.50

 

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 25.53 from the last year, the resulting P/E ratio is 34.86x. 

Explore the Seshaasai Technologies IPO.

IPO's Strengths

• Solid alliances with international universities, IITs, and IIMs.

• There are more than 268 courses available, and there are a lot of students (31,434 in FY25).

• Top PAT and EBITDA margins in the industry.

• Robust operational and digital scalability.

• Seasoned marketers with decades of experience in the field of education.

 

IPO’s Weaknesses

• Fiercely competitive market for edtech.

• Strong reliance on brand alliances.

• Risks related to regulations and compliance in the education sector.

• High marketing expenses.
  
  

Jaro Institute IPO GMP 

Jaro Institute IPO GMP today is Rs. 104 as of 20 Sep 2025, while writing this information. Hence, the Jaro Institute IPO listing price (estimated) might be Rs. 994 (upper price + current GMP or grey market premium).

Jaro Institute Limited IPO Summary

IPO Opening & Closing Date	Sep 23, 2025 to Sep 25, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 846 to Rs. 890
Lot Size	16 Shares
Issue Size	50,56,179 Shares (Rs. 450 Cr)
Offer for Sale	31,46,067 Shares (Rs. 280 Cr)
Fresh Issue	19,10,112 Shares (Rs. 170 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt. Ltd

 

 

Jaro Institute IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (16 Shares) amounting to Rs. 14240 and 14 Lots (224 Shares) amounting to Rs. 1,99,360, respectively, while for S-HNI investors, the minimum Lot is 15 (240 Shares) amounting to Rs. 2,13,600.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	14 Lots
SHNI (Minimum)	15 Lots
SHNI (Maximum)	70 Lots
BHNI (Minimum)	71 Lots

Jaro Institute IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Jaro Institute IPO Allotment Status

To check the Jaro Institute IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Jaro Institute Ltd.

• Sanjay Namdeo Salunkhe

• Balkrishna Namdeo Salunkhe.

Pre-Issue Promoter Shareholding	78.28%
Post-Issue Promoter Shareholding	57.32%

 

Jaro Institute IPO Lead Managers

• Nuvama Wealth Management Ltd.

 

 

Dividend Policy

The company has paid a dividend of Rs. 1 per equity Share in the FY25.

Conclusion

A successful edtech company with excellent brand relationships, significant financial growth, and industry-leading profitability is demonstrated by the Rs. 450 Cr Jaro Institute IPO. Strong fundamentals are highlighted by the company's excellent ROE, ROCE, and PAT margins, despite the risks associated with competition and dependence on partnerships.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.