Jaro Institute of Technology Management & Research Ltd. (popularly known as Jaro Education) is coming up with its Initial Public Offering (IPO) to raise ₹450 crores. The issue consists of both fresh equity and an offer for sale. Investors are closely watching this IPO as it comes from the rapidly growing online higher education and upskilling segment. In this Jaro Institute IPO Review, we will cover IPO dates, price, issue size, grey market premium (GMP), financial performance, peer comparison, reasons to invest, risk factors, and whether investors should subscribe or avoid this issue.
About Jaro Institute of Technology Management & Research Ltd.
Incorporated in 2009, Jaro Education is a leading technology-driven higher education and professional upskilling platform. The company partners with 36 institutions, including prestigious IIMs and international universities, to deliver 268 programs across MBA, DBA, M.Com, MCA, BCA, certification, and executive education.
As of March 31, 2025:
- Presence in 22 cities through learning centres.
- 17 immersive tech studios in IIM campuses.
- 860 employees.
- Over 36 partner institutions.
The company has positioned itself as a trusted aggregator and facilitator of higher education programs in India.
Competitive Strengths
- Market leader in online higher education and upskilling.
- Strong partnerships with reputed IIMs and global universities.
- Scalable technology-enabled business model.
- High revenue visibility with long-term tie-ups.
- Experienced management team with strong execution capabilities.
- Consistent profitability with industry-leading margins.
Jaro Institute IPO Issue Details
- IPO Date: September 23, 2025 to September 25, 2025
- Listing Date: September 30, 2025 (tentative)
- Face Value: ₹10 per share
- IPO Price Band: ₹846 – ₹890 per share
- Lot Size: 16 shares
- IPO Size: ₹450 crores
- Fresh Issue: ₹170 crores
- Offer for Sale: ₹280 crores
- Registrar: Bigshare Services Pvt. Ltd.
- Book Running Lead Manager: Nuvama Wealth Management Ltd.
Company Financials (₹ in Crores)
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Income | 124.59 | 202.57 | 254.02 |
| EBITDA | 25.55 | 63.56 | 83.58 |
| PAT | 11.65 | 37.97 | 51.67 |
| Net Worth | 77.85 | 117.43 | 171.55 |
| Total Borrowings | 37.77 | 24.85 | 51.11 |
Key Ratios (FY25):
- ROE: 35.76%
- ROCE: 37.38%
- PAT Margin: 20.34%
- EBITDA Margin: 33.13%
- Debt/Equity: 0.30
Objects of the IPO
- Marketing, brand building and advertising: ₹81 crore
- Debt repayment / prepayment: ₹45 crore
- General corporate purposes
Valuation and Peer Comparison
At the upper price band of ₹890, the company is valued at a P/E of 38.17x (post-issue).
Peer Comparison:
- UpGrad (listed overseas equivalent) – P/E not comparable due to losses.
- NIIT Ltd. – P/E ~ 25x
- Career Point Ltd. – P/E ~ 20x
- Industry Average: ~28x
Thus, Jaro Institute is priced at a premium compared to industry peers, indicating expectations of strong future growth.
Reasons to Invest in Jaro Institute IPO
- Strong brand presence in online higher education and executive learning.
- Rapid growth in revenues and profits over the past three years.
- High return ratios (ROE and ROCE above 35%).
- Association with reputed IIMs and global universities.
- Asset-light, scalable, technology-driven business model.
- Attractive sector growth with rising demand for online education and upskilling.
Risk Factors
- Premium valuation compared to peers may limit listing gains.
- Heavy dependence on partner institutions for program delivery.
- Highly competitive edtech space with strong players like Coursera, UpGrad, Simplilearn.
- Any regulatory changes in online education could affect operations.
- Offer for Sale constitutes a large portion, promoters diluting stake significantly.
- Investors should go through internal and external risk factors from Jaro Institute IPO RHP.
How to Apply for Jaro Institute IPO
Retail investors can apply for this IPO via:
- UPI-based ASBA through stockbroker or bank net banking.
- Brokerage platforms like Zerodha, Groww, Paytm Money, Angel One, etc.
- Through banks (ICICI Direct, HDFC Securities, SBI Securities, etc.).
Minimum investment is ₹14,240 (16 shares).
Jaro Institute IPO Grey Market Premium (GMP)
As per market observers, Jaro Institute IPO GMP is around ₹120-₹140 per share ahead of subscription opening. This indicates positive listing expectations, though GMP is subject to change daily based on demand and market conditions.
Conclusion – Invest or Avoid?
Jaro Institute IPO comes from a high-growth online higher education sector. The company has strong financials, robust margins, and high return ratios. However, the IPO is priced at a premium compared to peers, and risks from regulatory changes and competition remain.
My View: IPO is priced at premium. Investors with a medium to long-term horizon may consider subscribing. Pure listing gain seekers should evaluate GMP trends before applying.
FAQs on Jaro Institute IPO
1. What is the Jaro Institute IPO Date?
The IPO opens on September 23, 2025 and closes on September 25, 2025.
2. What is the Jaro Institute IPO Price Band?
The IPO price band is ₹846 to ₹890 per share.
3. What is the Jaro Institute IPO Size?
The IPO size is ₹450 crores.
4. What is the Jaro Institute IPO GMP Today?
GMP is around ₹120-₹140 per share, indicating moderate listing gains.
5. Should I invest in Jaro Institute IPO?
It is good for long-term investors; short-term investors should track GMP.
6. Who are the promoters of Jaro Institute?
Sanjay Namdeo Salunkhe and Balkrishna Namdeo Salunkhe.
7. Where will Jaro Institute IPO be listed?
On BSE and NSE.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors are advised to consult their financial advisors before making any investment decisions in the IPO.
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