In 2025, India’s IPO market continues to attract investor interest, with several high-potential companies entering the capital markets. Among these, Jaro Institute of Technology Management & Research Limited (Jaro Education) stands out as a market leader in online higher education and upskilling solutions. The company is set to open its IPO on September 23, 2025, providing an opportunity for investors to participate in its growth story.
About Jaro Institute of Technology Management & Research Ltd.
Incorporated in 2009, Jaro Institute of Technology Management & Research Limited offers online, hybrid, and in-person educational programs. It has a pan-India presence with 22 offices-cum-learning centres, along with 17 immersive tech studio set-ups across various IIM campuses. As of March 31, 2025, Jaro Education partners with 36 institutions, including premier IITs, IIMs, and global institutions like the Swiss School of Management and Rotman School of Management, University of Toronto.
The company provides a diverse set of programs: Doctor of Business Administration (DBA), MBA, M.Com, M.A., PGDM, MCA, B.Com, BCA, and certification courses in management, fintech, data science, business analytics, design thinking, and digital marketing.
Business Strengths:
- Market-leading position in online higher education and upskilling space
- Comprehensive solutions for partner institutions and learners
- High revenue predictability backed by strong client relationships
- Proven track record of high-quality program delivery
- Leveraging technology and digitalisation
- Experienced senior management with deep industry expertise
Jaro Institute IPO Details
The Jaro Institute IPO is a book-building issue of ₹450 crore, comprising a fresh issue of 0.19 crore shares (₹170 crore) and an offer for sale of 0.31 crore shares (₹280 crore). The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹846 – ₹890 per share |
| Lot Size | 16 shares |
| Total Issue Size | 50,56,179 shares (₹450 Cr) |
| Fresh Issue | 19,10,112 shares (₹170 Cr) |
| Offer for Sale | 31,46,067 shares (₹280 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 2,02,46,177 shares |
| Shareholding Post-Issue | 2,21,56,289 shares |
Investor Category Reservation:
- QIB: Not more than 50% of the offer
- Retail: Not less than 35% of the offer
- NII: Not less than 15% of the offer
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 16 | ₹14,240 |
| Retail (Max) | 14 | 224 | ₹1,99,360 |
| S-HNI (Min) | 15 | 240 | ₹2,13,600 |
| S-HNI (Max) | 70 | 1,120 | ₹9,96,800 |
| B-HNI (Min) | 71 | 1,136 | ₹10,11,040 |
Promoter Holding:
The company’s promoters are Sanjay Namdeo Salunkhe and Balkrishna Namdeo Salunkhe.
- Pre-IPO: 78.28%
- Post-IPO: 57.32%
Book Running Lead Manager: Nuvama Wealth Management Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Jaro Institute Ltd.: Financials
Financial Highlights (Restated Standalone, ₹ Crore):
| Period Ended | 31 Mar 2025 |
| Assets | 276.70 |
| Total Income | 254.02 |
| Profit After Tax | 51.67 |
| EBITDA | 83.58 |
| Net Worth | 171.55 |
| Reserves & Surplus | 151.31 |
| Total Borrowing | 51.11 |
Financial Highlights (Restated Consolidated, ₹ Crore):
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 201.76 | 175.75 |
| Total Income | 202.57 | 124.59 |
| Profit After Tax | 37.97 | 11.65 |
| EBITDA | 63.56 | 25.55 |
| Net Worth | 117.43 | 77.85 |
| Reserves & Surplus | 102.39 | 62.80 |
| Total Borrowing | 24.85 | 37.77 |
Key Performance Indicators (FY2025):
- Market Cap: ₹1,971.91 Cr
- ROE:76%
- ROCE:38%
- Debt/Equity:30
- RoNW:12%
- PAT Margin:34%
- EBITDA Margin:13%
- Price to Book Value:50
- EPS Pre-IPO: ₹25.52 | Post-IPO: ₹23.32
- P/E Pre-IPO:88x | Post-IPO: 38.17x
Objects of the Issue
The IPO proceeds are proposed to be used as follows:
| Object | Amount (₹ Crore) |
| Marketing, brand building, and advertising | 81.00 |
| Prepayment or scheduled repayment of borrowings | 45.00 |
| General corporate purposes | Balance |
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Industry Outlook
India’s higher education and upskilling sector is growing rapidly, driven by:
- Increasing adoption of online and hybrid learning models
- Rising demand for professional certifications and management courses
- Partnerships with top-tier domestic and international institutions
- Government support for digital education and upskilling initiatives
Jaro Institute’s strong partnerships, technology integration, and market-leading position position it well to capture growth in both domestic and international education markets.
Conclusion
Jaro Institute IPO presents an opportunity to invest in a leading online higher education and upskilling provider with diversified offerings, high revenue predictability, and strong client relationships. While the company has shown consistent financial growth, potential investors should consider risks such as competitive pressures in the education sector, regulatory changes, and dependence on partner institutions.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
