The initial public offering (IPO) of Jaro Institute of Technology Management & Research Limited has entered its final day of bidding with improved investor interest and a steady rise in its grey market premium (GMP). The issue, which opened on September 23, 2025, will close today, September 25, 2025.
By 11 a.m. on Day 3, IPO had been subscribed to 3.56 times. Retail subscriptions stood at 3.47 times, while non-institutional investors (NIIs) saw even more interest at 7.59 times. However, interest from qualified institutional buyers (QIB) has been muted, with only 0.68 times.
Overall, subscriptions are positive; demand is coming from retail and HNI interest, while institutional demand has lagged.
According to market observers, shares of Jaro Institute are currently trading at a GMP of Rs. 124, compared to Rs. 106 a day earlier.
This premium, around 11% above the upper price band, shows optimism around the unlisted market despite the Indian equities market's weakness. Analysts cited the improvement in fundamentals and the scalable business model of Jaro.
Price range: Rs. 846-Rs. 890 per share
Lot size: 16 shares
Minimum investment for retail investors: Rs. 14,240
Size of offer: Rs. 450 crores (Rs. 170 crores fresh issue + Rs. 180 crores OFS)
Date for listing: 30 September 2025 in BSE and NSE
Date for finalization of allotment: likely to be 26 September 2025
The company will use Rs. 81 crores from the proceeds for marketing and brand-building, Rs. 45 crores consisted of debt repayment, and the rest for general corporate purposes.
Jaro Institute reported total income of Rs. 254.02 crores, EBITDA of Rs. 83.58 crores, and net profit of Rs. 51.67 crores for FY25, representing sustainable margins within the education industry.
Brokerage houses have largely given the IPO a ‘Subscribe’ rating. Anand Rathi noted that at the upper price band, the company is valued at a P/E of 38.1x FY25 earnings, with EV/EBITDA of 24.8x, suggesting fair valuations. They recommended ‘Subscribe-Long Term.’
BP Equities also endorsed the issue, citing expanding margins and industry potential, while SBI Capital Securities, Canara Bank Securities, Nirmal Bang, DRChoksey, Adroit Financial, and Venture Securities echoed similar positive views.
Jaro Institute operates as a leading online higher education and upskilling platform. It offers degree and certification programmes such as MBA, DBA, M.Com, PGDM, MCA, and BCA.
The company has partnerships with 36 institutions, including 7 IIMs, 7 IITs, and multiple Tier-II universities. It also runs 22 offices-cum-learning centres and 17 immersive studios across India.
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With strong retail and HNI demand, rising GMP, and broad-based brokerage support, Jaro Institute’s IPO looks set for a healthy listing. While valuations appear on the higher side, analysts believe the company’s partnerships and growth prospects make it a solid medium to long-term investment opportunity.