Jaro Education Falls 16% on Disappointing Market Debut

Shares of Jaro Education saw a disappointing market debut, dropping over 16% from the issue price. Despite a heavily subscribed IPO, the stock ended significantly lower on both BSE and NSE. The funds will be used for marketing, debt payment, and corporate purposes.

Shares of Jaro Institute of Technology Management and Research Ltd (Jaro Education) faced a rough start on the stock market, plummeting more than 16% from its issue price of Rs 890.

On its first day, Jaro Education's stock listed on both BSE and NSE but soon slumped to Rs 718 on the BSE, ending the day at Rs 745.05, reflecting a sharp decline of 16.28%.

The IPO, launched with a price band of Rs 846-890, was heavily subscribed 22.06 times by investors. Despite this, the shares failed to maintain momentum. Proceeds from the Rs 450-crore IPO will fund marketing efforts, debt repayment, and other corporate needs.

(With inputs from agencies.)