Jaro Institute of Technology Management & Research IPO opens: Should you subscribe
Jaro Institute of Technology Management & Research its selling its shares in the price band of Rs 846-890 apiece, which could be applied for a minimum of 16 shares and its multiples to raise Rs 450 crore between September 23-25.
- Sep 23, 2025,
- Updated Sep 23, 2025 3:20 PM IST
Jaro Institute of Technology Management & Research (Jaro Institute) launches its initial public offering (IPO) for subscription on Tuesday, September 23, which can be subscribed until Thursday, September 25. The company shall be offering its shares in the range of Rs 846-890. Investors can apply for a minimum of 16 equity shares and its multiples thereafter.
The IPO of Jaro Institute is looking to raise a total of Rs 450 crore via IPO which includes a fresh share sale of Rs 170 crore and an offer-for-sale (OFS) of up to 31,46,067 equity shares worth Rs 280 crore. The net proceeds from the issue shall be utilized towards marketing, brand building and advertising activities; repayment of debt; and general corporate purposes.
Incorporated in 2009, Mumbai-based Jaro Institute of Technology Management and Research (Jaro Education) is an online higher education and upskilling platform. It has a pan-India presence with over 22 offices-cum-learning centres across major cities for offline learning, along with 17 immersive tech studio set-ups located within various IIM campuses.
Jaro Institute raised Rs 135 crore from 15 anchor investors at it finalised allocation of 15,16,853 shares at Rs 890 apiece. Names like Citi Group, Nomura Singapore, Abbakus Asset Manager, Singularity Equity Fund, 360 ONE, Societe Generale, Whiteoak Capital and ITI Mutual Fund and other participated in the anchor book.
Jaro Institute of Technology Management & Research reported a net profit of 51.67 crore with a revenue of Rs 254.02 crore for the year ended on March 31, 2025. At the current valuations, the company is commanding a market capitalization more than Rs 1,970 crore.
Jaro Institute has reserved 50 per cent of net offer for QIBs, while retail investors will have 35 per cent of allocation. HNI bidders will have 15 per cent of the allocation. Last heard, it was commading a grey market premium (GMP) of Rs 122 apiece, signalling 14 per cent gains.
Nuvama Wealth Management, Motilal Oswal Investment Advisors and Systematix Corporate Services are the book running lead managers of Jaro Institute IPO and Bigshare Services is the registrar of the issue. Shares of the company are likely to be listed on both BSE and NSE on Tuesday, September 30. Here's what a host of brokerage firms say about the IPO of Jaro Institute:
KR Choksey Finserv Rating: Subscribe Jaro Institute aims to partner with additional institutes in India and internationally, to expand its footprint and onboarding more learners. Jaro’s Initial issue is priced at 38.2 times FY25 P/E, while most of its privately held peers, were not profitable for the most recent years, said KR Choksey Finserv.
"Although, the issue being priced at 38 times, we believe the stock is attractively priced, driven by its strong revenue growth, healthy margin and return profile. We expect the Company to perform well in terms of profitability, with increase in enrolments. We assign a 'subscribe' rating to the issue," it said.
Reliance Securities Rating: Subscribe Investors may subscribe to the Jaro Institute IPO as it is well-positioned to benefit from the fast-growing online higher education and upskilling market. Its strong partnerships with reputed institutions, technology-driven delivery model, and expansion into new markets provide long-term growth visibility, though competition and regulatory risks should be monitored, said Reliance Securities.
SBI Securities Rating: Subscribe The issue of Jaro Institute is valued at a P/E multiple of 38.2 times on post-issue capital. It is among the leaders in the online education offering a total of 268 degree and certificate courses. Jaro Institute is expected to capitalize on the projected 1.9 times jump in the Indian online education and upskilling market by FY28, said SBI Securities.
"The company has delivered strong revenue/Ebitda/Adjusted PAT CAGR of 44 per cent/88 per cent/113 per cent to Rs 252 crore/ Rs 82 crore/Rs 52 crore, respectively between FY23-FY25 period, showcasing its financial strength. Further, We recommend investors to 'subscribe' to the issue," it added.
Choice Broking Rating: Subscribe There are no comparable peers having business model similar to Jaro Institute. Tt is demanding a post-money P/E multiple of 38.2 times to the FY25 earnings, which seems to be attractive considering the scalable business model, business growth potential, sustainable profitability margins and return ratios, said Choice Broking. "Thus, we recommend a 'subscribe' rating for the IPO."
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Jaro Institute provides comprehensive solutions that cater to both Partner Institutions and Learners, enabling academic and career growth. With a consistent track record of building client relationships across industries, it ensures high revenue visibility and stability. Its portfolio reflects a proven ability to design and deliver high-quality, diverse course offerings tailored to evolving market needs, said Anand Rathi.
"By leveraging advanced technology and digital platforms, Jaro enhances the overall experience for its clients while driving scalability and expansion. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it said.
Ventura Securities Rating: Subscribe Jaro Institute's strength lies in its strategic collaborations with top-tier educational institutions, which enhances its credibility and outreach. With over 20,000 successful enrolments, Jaro has made a significant mark in the online education sector, said Ventura Securities.
It has suggested to 'subscribe' to the IPO citing strong partnerships with leading universities and institutions; proven track record with over 20,000 admissions; award-winning brand and high market visibility; and diverse course offerings across various professional fields.
BP Wealth Rating: Subscribe "Jaro institute is valued at a P/E multiple of 35 times based on FY25 earnings. Given the company’s expanding margins, industry growth potential and scalable business model, we believe that the valuation is justified," said BP Wealth. "Thus, we recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon.
Jaro Institute of Technology Management & Research (Jaro Institute) launches its initial public offering (IPO) for subscription on Tuesday, September 23, which can be subscribed until Thursday, September 25. The company shall be offering its shares in the range of Rs 846-890. Investors can apply for a minimum of 16 equity shares and its multiples thereafter.
The IPO of Jaro Institute is looking to raise a total of Rs 450 crore via IPO which includes a fresh share sale of Rs 170 crore and an offer-for-sale (OFS) of up to 31,46,067 equity shares worth Rs 280 crore. The net proceeds from the issue shall be utilized towards marketing, brand building and advertising activities; repayment of debt; and general corporate purposes.
Incorporated in 2009, Mumbai-based Jaro Institute of Technology Management and Research (Jaro Education) is an online higher education and upskilling platform. It has a pan-India presence with over 22 offices-cum-learning centres across major cities for offline learning, along with 17 immersive tech studio set-ups located within various IIM campuses.
Jaro Institute raised Rs 135 crore from 15 anchor investors at it finalised allocation of 15,16,853 shares at Rs 890 apiece. Names like Citi Group, Nomura Singapore, Abbakus Asset Manager, Singularity Equity Fund, 360 ONE, Societe Generale, Whiteoak Capital and ITI Mutual Fund and other participated in the anchor book.
Jaro Institute of Technology Management & Research reported a net profit of 51.67 crore with a revenue of Rs 254.02 crore for the year ended on March 31, 2025. At the current valuations, the company is commanding a market capitalization more than Rs 1,970 crore.
Jaro Institute has reserved 50 per cent of net offer for QIBs, while retail investors will have 35 per cent of allocation. HNI bidders will have 15 per cent of the allocation. Last heard, it was commading a grey market premium (GMP) of Rs 122 apiece, signalling 14 per cent gains.
Nuvama Wealth Management, Motilal Oswal Investment Advisors and Systematix Corporate Services are the book running lead managers of Jaro Institute IPO and Bigshare Services is the registrar of the issue. Shares of the company are likely to be listed on both BSE and NSE on Tuesday, September 30. Here's what a host of brokerage firms say about the IPO of Jaro Institute:
KR Choksey Finserv Rating: Subscribe Jaro Institute aims to partner with additional institutes in India and internationally, to expand its footprint and onboarding more learners. Jaro’s Initial issue is priced at 38.2 times FY25 P/E, while most of its privately held peers, were not profitable for the most recent years, said KR Choksey Finserv.
"Although, the issue being priced at 38 times, we believe the stock is attractively priced, driven by its strong revenue growth, healthy margin and return profile. We expect the Company to perform well in terms of profitability, with increase in enrolments. We assign a 'subscribe' rating to the issue," it said.
Reliance Securities Rating: Subscribe Investors may subscribe to the Jaro Institute IPO as it is well-positioned to benefit from the fast-growing online higher education and upskilling market. Its strong partnerships with reputed institutions, technology-driven delivery model, and expansion into new markets provide long-term growth visibility, though competition and regulatory risks should be monitored, said Reliance Securities.
SBI Securities Rating: Subscribe The issue of Jaro Institute is valued at a P/E multiple of 38.2 times on post-issue capital. It is among the leaders in the online education offering a total of 268 degree and certificate courses. Jaro Institute is expected to capitalize on the projected 1.9 times jump in the Indian online education and upskilling market by FY28, said SBI Securities.
"The company has delivered strong revenue/Ebitda/Adjusted PAT CAGR of 44 per cent/88 per cent/113 per cent to Rs 252 crore/ Rs 82 crore/Rs 52 crore, respectively between FY23-FY25 period, showcasing its financial strength. Further, We recommend investors to 'subscribe' to the issue," it added.
Choice Broking Rating: Subscribe There are no comparable peers having business model similar to Jaro Institute. Tt is demanding a post-money P/E multiple of 38.2 times to the FY25 earnings, which seems to be attractive considering the scalable business model, business growth potential, sustainable profitability margins and return ratios, said Choice Broking. "Thus, we recommend a 'subscribe' rating for the IPO."
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Jaro Institute provides comprehensive solutions that cater to both Partner Institutions and Learners, enabling academic and career growth. With a consistent track record of building client relationships across industries, it ensures high revenue visibility and stability. Its portfolio reflects a proven ability to design and deliver high-quality, diverse course offerings tailored to evolving market needs, said Anand Rathi.
"By leveraging advanced technology and digital platforms, Jaro enhances the overall experience for its clients while driving scalability and expansion. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it said.
Ventura Securities Rating: Subscribe Jaro Institute's strength lies in its strategic collaborations with top-tier educational institutions, which enhances its credibility and outreach. With over 20,000 successful enrolments, Jaro has made a significant mark in the online education sector, said Ventura Securities.
It has suggested to 'subscribe' to the IPO citing strong partnerships with leading universities and institutions; proven track record with over 20,000 admissions; award-winning brand and high market visibility; and diverse course offerings across various professional fields.
BP Wealth Rating: Subscribe "Jaro institute is valued at a P/E multiple of 35 times based on FY25 earnings. Given the company’s expanding margins, industry growth potential and scalable business model, we believe that the valuation is justified," said BP Wealth. "Thus, we recommend a 'subscribe' rating for this issue with a medium to long-term investment horizon.