Jaro Institute of Technology Management & Research Limited is launching its Initial Public Offering (IPO) to raise funds for marketing, brand building, and advertising activities, and to reduce debts. The total ipo size aggregates up to Rs. 450 crore, comprising a fresh issue of 0.19 crore equity shares totaling Rs. 170 crore and an offer for sale of 0.31 crore shares worth Rs. 280 crore.
The IPO opens for subscription on September 23, 2025, and closes on September 25, 2025. The shares will be listed on NSE and BSE on Tuesday, September 30, 2025. Here’s everything you need to know.
GMP of Jaro Institute of Technology Management & Research Limited IPO
As of September 22nd, 2025, the shares of Jaro Institute of Technology Management & Research Limited in the grey market were trading at a 12.92 percent premium. The shares in the Grey Market traded at Rs. 1,005. This gives it a premium of Rs. 115 per share over the cap price of Rs. 890.
Overview of Jaro Institute of Technology Management & Research Limited
Jaro Institute of Technology Management and Research Limited (Jaro Education) was incorporated in 2009 and is a leading online higher education and upskilling platform. The company collaborates with universities and institutions to market and facilitate diverse online programs for learners across India.
As of March 31, 2025, Jaro Education had a strong nationwide presence with 22 offices-cum-learning centres and 17 advanced tech studio set-ups located within IIM campuses. These facilities support partnerships with 36 institutions, enabling delivery of a broad portfolio of programs.
The company’s offerings include online degree programs such as DBA, MBA, MCA, M.Com, PGDM, BCA, and B.Com, along with specialized certification courses. By March 31, 2025, Jaro Education had marketed and facilitated 268 programs, supported by 860 employees dedicated to student success and institutional collaboration.
Promoters of Jaro Institute of Technology Management & Research Limited
The promoters of the company are Sanjay Namdeo Salunkhe and Balkrishna Namdeo Salunkhe. They bring years of expertise in education, entrepreneurship, and institutional management.
Selling Shareholders of Jaro Institute of Technology Management & Research Limited IPO
The IPO includes an offer for sale of up to Rs. 280 crore by promoter selling shareholder Sanjay Namdeo Salunkhe. This allows partial exit while ensuring promoter continuity in business operations.
Lead Managers of Jaro Institute of Technology Management & Research Limited IPO
The book-running lead managers are Nuvama Wealth Management Limited, Motilal Oswal Investment Advisors Limited, and Systematix Corporate Services Limited. Bigshare Services Private Limited acts as the registrar to the offer.
Objectives of the IPO Offer
Jaro Institute of Technology Management & Research Limited plans to utilize the IPO proceeds for several strategic purposes. The company will allocate Rs. 81 crore towards marketing, brand building, and advertising activities to strengthen its visibility and outreach.
Additionally, Rs. 45 crore will be used for prepayment or scheduled repayment of certain outstanding borrowings, helping reduce financial liabilities. The remaining funds will be directed towards general corporate purposes, supporting operational requirements, working capital needs, and long-term growth initiatives.
Financial Analysis of Jaro Institute of Technology Management & Research Limited
Jaro Institute of Technology Management & Research Limited’s standalone net revenue from operations has reached Rs. 252.26 crore with a net profit of Rs. 51.67 crore in FY25.
The company’s consolidated net revenue from operations has increased from Rs. 122.15 crore in FY23 to Rs. 199.05 crore in FY24, which represents a growth of 62.96 percent. The net profit has increased by 225.92 percent, from Rs. 11.65 crore in FY23 to Rs. 37.97 crore in FY24.
In terms of return ratios, the company’s ROCE and ROE stand at 35.76 percent and 37.38 percent, respectively. Jaro Institute of Technology Management & Research Limited has an earnings per share (EPS) of Rs. 25.53, and its debt-to-equity ratio is 0.30x.
Jaro Institute of Technology Management & Research Limited vs Peers
The company has no directly listed comparable peers in India or globally. Its business model focuses on providing an online higher education and upskilling platform, primarily marketing and facilitating the delivery of a wide range of online degree programs.
Strengths of Jaro Institute of Technology Management & Research Limited
- Technology-driven learning solutions enhance scalability and reach to students across geographies.
- Strong affiliations with premium universities attract a diverse student demographic.
- Consistent growth in revenue and profitability improves stakeholder confidence and financial flexibility.
- Efficient working capital management and low gearing strengthen the financial risk profile.
- Expert promoters and a professional management team provide clear strategic direction for future expansion.
Weaknesses of Jaro Institute of Technology Management & Research Limited
- High dependency on affiliated educational institutions introduces concentration risk in partnerships.
- Regulatory uncertainties in the education sector can affect operations and revenue streams.
- Competition from established and emerging edtech players can pressurize margins and market share.
- Large working capital needs and receivable cycles can impact liquidity in certain quarters.
- Attracting and retaining skilled talent in the technology and education domains remains challenging.
Conclusion
Jaro Institute of Technology Management & Research Limited IPO offers investors exposure to India’s growing education services sector. Strong revenue growth, profitability, and technology-driven delivery support long-term potential. Investors should review financials, GMP trends, and sector risks before making investment decisions.
Written By – Nikhil Naik
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