Jaro Institute

Jaro Institute of Technology Management & Research Ltd is an online higher education and upskilling platform. It has a pan-India presence in around 22 learning centres spread across major cities and towns. It also has 17 immersive tech studios to enhance the quality of their instruction. Apart from the regular graduation and post-graduation degrees, the institute also offers cross-disciplinary certifications. It has partnered with over 36 institutions. 

The IPO is a combination of fresh issue and OFS and the fresh funds will be used for marketing, brand building, and debt repayment. Jaro Institute of Technology Management & Research Ltd was promoted by Sanjay Salunkhe and Balkrishna Salunkhe. The IPO will be lead-managed by Nuvama Wealth, Motilal Oswal, and Systematix Group; while Bigshare Services Private Ltd will be the IPO registrar. The company is headquartered at Mumbai.

Highlights of the IPO Issue

Here are the key highlights of the public issue of Jaro Institute of Technology Management & Research Ltd. 

1. The IPO of will be open from September 23rd, 2025 to September 25th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹846 to ₹890 per share.
2. The IPO of Jaro Institute of Technology Management & Research Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
3. The fresh issue portion comprises the issue of 19,10,112 shares (19.10 lakh shares), which at the upper price band of ₹890 per share translates into ₹170 crore.
4. The OFS of the IPO comprises the sale of 31,46,067 shares (31.46 lakh shares), which at the upper price band of ₹890 per share translates into ₹280 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 50,56,179 shares (50.56 lakh shares) worth ₹450 crore at the upper band price of ₹890 per share. 

The IPO of Jaro Institute of Technology Management & Research Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Jaro Institute of Technology Management & Research Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Jaro Institute of Technology Management & Research Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 16 shares) 

Financial Highlights

The table captures the key financials of Jaro Institute of Technology Management & Research Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown steady sales growth with PAT margins at an attractive level of around 20% plus. The ROE has also been more than 30% over the last 2 years, which would be able to justify higher valuations. 

Valuation Metrics

At the current issue price of ₹890 per share, the valuation of the company is at a P/E ratio of 35.1X in terms of latest year EPS of ₹25.35. The company does bring to the table the advantage of a very niche positioning in the online education market as well as consistent financial performance. That should work in favour of the company. 

With the advent of AI and ML, job cycles are getting shorter and jobs more uncertain. Continuous upskilling may be the only answer, and that is where this institution fits in. The company has also effectively leveraged technology to distribute their offerings. However, education stocks in India have had a mixed track record and that is something the investors in the IPO must keep in mind while investing. 

A Brief on the Anchor Allocation

The anchor issue of Jaro Institute of Technology Management & Research Ltd saw a relatively strong response on 22nd September 2025 with 28.95% of the IPO size absorbed by anchors. Out of 52,40,257 shares (52.40 lakh shares) on offer, anchors picked up 15,16,853 shares (15.17 lakh shares) accounting for 28.95% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹890 per share. This includes the face value of ₹10 per share plus a share premium of ₹880 per share. The anchor bidding opened and closed on 22nd September 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Jaro Institute of Technology Management & Research Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 22nd September 2025, Jaro Institute of Technology Management & Research Ltd allotted 15,16,853 shares to 19 anchor investors. The allocation was done at the upper IPO price band of ₹890 per share which resulted in overall anchor allocation of ₹135.00 crore. The anchors have already absorbed 28.95% of the total issue size of ₹466.38 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹95.74 crores, or, 70.92% of anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250922-34&attachedId=60156f9c-b5cc-4c46-8cce-d2bca0ebe9a7 

Out of the 15,16,853 shares allocated to the anchors in the IPO, there were 3,53,909 shares allocated to mutual funds registered with SEBI. These shares were allocated across 5 mutual fund schemes belonging to 2 AMCs. Mutual funds accounted for 23.33% of the overall anchor allocation in the IPO. Most of the other anchor shares were allocated to alternative investment funds (AIFs), FPIs and ODIs. 

Next Step in the IPO

Post the closure of the IPO subscription on 25th September 2025, the basis of allotment will be finalized on 26th September 2025 and the refunds will be initiated on 29th September 2025. In addition, the demat credits are expected to also happen on 29th September 2025 and the stock will list on 30th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2025 under ISIN (INE00YJ01010). 

IPO Subscription Status On Day-1

As of 5.20 pm on 23rd September 2025, out of the 37.23 lakh shares on offer in the IPO (excluding anchor portion), Jaro Institute of Technology Management & Research Ltd saw bids for 32.42 lakh shares. This implies an overall subscription of 0.87X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Jaro Institute of Technology Management & Research Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.40 pm on 24th September 2025, out of the 37.23 lakh shares on offer in the IPO (excluding anchor portion), Jaro Institute of Technology Management & Research Ltd saw bids for 72.56 lakh shares. This implies an overall subscription of 1.95X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Jaro Institute of Technology Management & Research Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.35 pm on 25th September 2025, out of the 37.23 lakh shares on offer in the IPO (excluding anchor portion), Jaro Institute of Technology Management & Research Ltd saw bids for 821.31 lakh shares. This implies an overall subscription of 22.06X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Jaro Institute of Technology Management & Research Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO was open up to September 25, 2025, and the subscriptions have closed as of the close of trading on September 25, 2025. The above subscription table represents the updated status of the IPO as of the close as published by exchanges at 7.00 PM. These are the final subscription numbers for this IPO. 

About the Jaro Institute

The IPO of Jaro Institute of Technology Management & Research Ltd opened for subscription on September 23rd, 2025 and closed on September 25th, 2025. The overall IPO comprised of a fresh issue and OFS of 52,40,257 shares (52.40 lakh shares) worth ₹466.38 crore at the upper band price of ₹890 per share. The allotment status will be finalized by end of day (EOD) of September 26, 2025. Here is how to check your allotment status for the IPO of Jaro Institute of Technology Management & Research Ltd. You can check IPO status on the website of BSE or NSE or the IPO Registrar (Bigshare Services Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Jaro Institute of Technology Management & Research Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Jaro Institute of Technology Management & Research Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select JARO from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input both data points; the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Jaro Institute of Technology Management & Research Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on Bigshare Services Private Limited

Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below: 

https://ipo.bigshareonline.com/IPO_Status.html 

Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select. 

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Jaro Institute of Technology Management & Research Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO. 

1. Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
2. Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in once single string in the box. Then enter the captcha and press the search button.
3. Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button. 

The IPO status with number of shares of Jaro Institute of Technology Management & Research Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference 

In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (+91)-22-6263-8200 for voice call.