Jaro Institute of Technol. Mgt. and Research IPO

About Jaro Institute IPO

The IPO of Jaro Institute of Technology and Research Ltd is a 100% book-built issue comprising a fresh issue and an offer for sale. The fresh issue size aggregates up to ₹170 crores while the offer for sale aggregates up to ₹280 crores. The total offer size stands at ₹450 crores. The price band is ₹846-₹890 per share and the lot size is 16.

The IPO opens on September 23, 2025 and closes on September 25, 2025. The listing date is on or about September 30, 2025 and the allotment date is on or about September 26, 2025. The credit of shares to the Demat account will take place on or about September 29, 2025, while the initiation of refund will take place on or about September 29, 2025.

Jaro Institute of Technology Management and Research Ltd is one of India’s online higher education and upskilling platform companies. It markets and facilitates delivery of a diversified range of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA, as well as cross-disciplinary certification courses, in partnership with 36 Partner Institutions, including 16 Tier-1 universities and institutions (which include 7 IIMs and 7 IITs and 15 Tier-2 universities and institutions as of March 31, 2025.

Objectives of Jaro Institute IPO

The company plans to utilise the IPO proceeds for:

• Marketing, brand building and advertising activities
  
• Prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the company
  
• General corporate purposes
  

Industry Outlook

Education has been an important factor in the economic development of a nation. The government runs many programs to promote the education sector in India. With the rising demand for education in India, there has been a tremendous growth in the number of schools, colleges, and other educational institutes over the years.

The education system in India is among the largest in the world. The education sector in India is expected to reach ₹250 lakh Mn by FY 2028 from ₹162.5 lakh Mn in FY 2024, thus growing at a CAGR of 11.4 % during the forecasted period.

Also, as per the All-India Survey on Higher Education Report, the number of universities listed has increased from 903 in FY 2018 to 1,278 and 1,315 in FY 2024 and FY 2025 respectively. The number of colleges have increased from 39,050 in FY 2018 to 49,652 and 51,805 in FY 2024 and FY 2025 respectively.

Company Information

Jaro Institute of Technology and Research Ltd is one of India’s online higher education and upskilling platform companies. It markets and facilitates delivery of a diversified range of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA, as well as cross-disciplinary certification courses, in partnership with 36 partner institutions, including 16 Tier-1 universities and institutions (which include 7 IIMs and 7 IITs and 15 Tier-2 universities and institutions as of March 31, 2025.

Strengths of Jaro Institute IPO

• Market leading position in online higher education and upskilling space with strong brand image and pan-India presence
  
• Comprehensive solutions to partner institutions and learners
  
• Proven track record in delivering high quality and diversified course offerings
  
• Leveraging technology and digitalization for enhancing client experience and business expansion
  
• Experienced senior management team with deep industry expertise and proven track record
  

Risks of Jaro Institute IPO

• Decline in the adoption by its Partner Institutions of online delivery of its degree programs and certification courses, Jaro’s business, revenues, profitability and growth may suffer
  
• Loss of one or more clients could adversely affect business and prospects
  
• Change in industry trends and demand drivers for the sectors in which the degree programs and certification courses are offered, may adversely impact business
  
• Historical performance may not be indicative of future growth or financial results
  
• Disruption in the third-party LMS services, or if the third-party LMS service providers discontinue their service agreements, it could affect reputation and business
  
• Academics is subject to seasonality, which may contribute to fluctuations in results of operations and financial condition
  
• Inability to comply with repayment could restrict ability to conduct business and operations
  
• Variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders’ approval
  
• Negative cash flows in the future could hurt the business
  

Peer Comparison

Jaro believes there are no listed comparable companies in India or globally in terms of its business operations providing online higher education and upskilling platforms focusing on marketing and facilitating delivery of diversified range of online degree programs. Hence, no suitable industry peers are available based on its analysis of regulatory filings and industry data.

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on September 22, 2025.

IPO Registrar and Book Running Lead Manager s

Bigshare Services Pvt Ltd is the registrar of Jaro Institute of Technology Management and Research Ltd IPO. The book running lead managers are:

• Nuvama Wealth Management Ltd
  
• Motilal Oswal Investment Advisors Ltd
  
• Systematix Corporate Services Ltd
  

Business Model

Jaro delivers personalised, technology-driven degree programs and certification programs in collaboration with its partner institutions. Its repertoire includes:

• Doctor of Business Administration
  
• Master of Business Administration
  
• Master of Commerce
  
• Master of Arts
  
• Post Graduate Diploma in Management
  
• Master of Computer Applications
  
• Bachelor of Commerce
  
• Bachelor of Computer Applications and others
  

Company Growth Trajectory

The gross revenue of Jaro grew from ₹316.573 crores in FY 23 (on consolidated basis) to ₹625.543 crores in FY 25 (on standalone basis). EBITDA margin during similar period and same basis increased from 20.92% to 33.13%. PAT margin registered a growth of 9.35% in FY 23 to 20.34% In FY 25. A proven track record in delivering high quality and diversified course offerings have helped the company grow over the years.

Market Position

With a pan-India presence of over 22 offices-cum-learning centres across major cities for offline learning, apart from 17 immersive tech studio set-ups in the campuses of various IIMs, Jaro caters to a total of 36 Partner Institutions, as of March 31, 2025. Its partner Institutions are spread across India with 12 in the western region, 7 in the northern region, 11 in the southern region and 2 in the eastern region, as of March 31, 2025.

How to Check Allotment Status of Jaro Institute IPO?

1. Via Registrar’s Website

• Visit the official website of Bigshare Services Pvt Ltd
• Choose IPO Allotment Status from ‘Services’
• Click on any one of the servers
• Choose ‘Company Name’ from dropdown
• Enter either your application number, CAF number or beneficiary ID

2. Check on BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
  
• Select the Issue Name from dropdown
  
• Put in either your application number or PAN number
  
• Check the box ‘I’m not a robot’
  
• Click on ‘Search’ to know allotment status
  

How to Apply for Jaro Institute IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.