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₹890 - 890
Jaro Institute of Technol. Mgt. and Research Ltd
EducationIPO
₹890 - 890
We are one of India's online higher education and upskilling platform companies (Source: Technopak Report). We market and facilitate 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.
Lot16Min Invest₹14,240Face Value₹10Issue Size₹450 CrFresh Issue₹170 CrOffer for Sale₹280 CrListing Price₹890CMP₹368
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
26 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹450 Cr0.51 Cr shares
Fresh Issue₹170 Cr
Offer for Sale₹280 Cr
Face Value₹10
Lot Size16 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,2401-14 lots
sNII₹2,13,600from 15 lots
bNII₹10,11,040from 71 lots
Managers & Registrar
Lead ManagerNuvama Wealth Management Ltd
Co-ManagerMotilal Oswal Investment Advisors Ltd, Systematix Corporate Services Ltd
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSanjay Namdeo SalunkhePRMTR31,46,067280.00Total31,46,067280.00
Shareholding
CategoryPre IPOPost IPOPromoter Group77.68%57.32%Public22.32%42.68%
Objects of the Issue
- Marketing brand building and advertising activities
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 122 | 199 | 252 | 274 | 284 |
| Operating ProfitCr | 23 | 63 | 82 | 72 | 73 |
| OPM% | 19.0 | 31.5 | 32.4 | 26.3 | 25.8 |
| PBTCr | 16 | 55 | 70 | 70 | 75 |
| PATCr | 12 | 41 | 52 | 53 | 57 |
| EPS | 6 | 20 | 26 | 25 | 26 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 15 | 15 | 20 | 22 | - |
| ReservesCr | 60 | 102 | 151 | 339 | - |
| BorrowingsCr | 34 | 25 | 64 | 8 | - |
| Fixed AssetsCr | - | - | 16 | 9 | - |
| Total AssetsCr | 163 | 202 | 277 | 429 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 3 | -17 | -23 | 57 | - |
| Investing Cash FlowCr | -8 | 47 | -4 | -112 | - |
| Financing Cash FlowCr | -5 | -18 | 14 | 73 | - |
| Net Cash FlowCr | -10 | 12 | -13 | 19 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
- High revenue predictability backed by long-lasting, robust client relationships across industries.
- 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.
Strategies · as stated in the DRHP
- Expand market share through broader portfolio of offerings and extensive network of partnerships.
- Continue marketing, brand building and advertising activities, diversify online presence, and increase Learner enrolments and scalability of business.
- Expand our geographical footprint by setting up additional offices, learning centres and immersive studios in locations across India and increasing outreach to Learners.
- Continue to enhance digital capabilities and platforms with a focus on enhancing client satisfaction, operational efficiency and cost optimization.
- Enhance Learner experience and lead generation through freemium offerings and counselling tools.
Risks · as stated in the DRHP
- While the name of our Company is "Jaro Institute of Technology Management and Research Limited", we do not create the academic content or independently offer the degree programs and certification courses by ourselves. Our business depends heavily on our Partner Institutions as they are responsible for the academic content of their degree programs and certification courses, which we market and facilitate delivery of. If there is any decline in the adoption by our Partner Institutions of online delivery of their degree programs and certification courses, our business, revenues, profitability and growth may suffer.
- We derive a significant portion of our revenues from a few Partner Institutions and the loss of one or more such clients could adversely affect our business and prospects.
- Most of our businesses are operated in and from the states in the Western region. Approximately 73.00% of our revenue from operations is derived from the Western region, as of March 31, 2025. 33.33% of our Partner Institutions operate in and from the states in the Western region, as of March 31, 2025. Such geographic concentration of our revenue and business operations, and our Partner Institutions, may restrict our results of operations and growth to the economic and demographic conditions of the Western region. Additionally, the management-oriented degree programs and certification courses typically attract more enrolments by the Learners. Any change in industry trends and demand drivers for the sectors in which the degree programs and certification courses are offered, may adversely impact our business, financial condition and results of operations.
- Our business depends heavily on the adoption by colleges and universities of online delivery of their degree programs and certification courses. If our existing or prospective Partner Institutions continue with on-campus degree programs or certification courses due to their perceived loss of control over the education experience, our revenue growth and profitability may suffer.
- We have negative cash flows in the past. Our historical performance may not be indicative of our future growth or financial results.
- One of the objects of the Offer is to undertake marketing, brand building and advertising activities. Such utilisation may not achieve the desired results and the outcome of activities is not ascertainable at this stage.