Jaro Education IPO Surges with 1.95 Times Subscription

The Jaro Institute of Technology Management and Research Ltd's IPO saw a 1.95 times subscription by the second day, with significant interest from non-institutional and retail investors. The company aims to use the funds for marketing, debt repayment, and general purposes. The IPO, concluding on Thursday, includes a fresh and OFS issue.

The Jaro Institute of Technology Management and Research Ltd, popularly known as Jaro Education, witnessed overwhelming interest in its initial public offer (IPO). By its second day of bidding, the IPO had been oversubscribed by 1.95 times, according to the latest data from the National Stock Exchange (NSE).

Investors bid for 72,54,336 shares, exceeding the 37,23,404 shares on offer. While the non-institutional investors' component saw a subscription of 3.49 times, retail investors subscribed to the extent of 2.01 times. However, the Qualified Institutional Buyers (QIBs) subscribed only 68 percent of their portion.

The IPO, set to conclude on Thursday, includes a fresh issue worth Rs 170 crore and an Offer for Sale (OFS) of Rs 280 crore by the company's promoter, Sanjay Namdeo Salunkhe. Notably, Rs 81 crore from the fresh issue is allocated for marketing and brand-building activities, Rs 45 crore for debt repayment, with the remainder for general corporate needs.

(With inputs from agencies.)