Jaro Institute of Technology Management & Research Ltd. (Jaro Education) is set to open its ₹450 crore initial public offering (IPO) on September 23, 2025, aiming to strengthen its leadership in India’s fast-growing online higher education market. The three-day book-building issue will close on September 25, with shares expected to debut on the BSE and NSE on September 30.
Founded in 2009, Jaro Institute has grown into one of India’s leading online higher education and upskilling platforms. With over 22 offices and 17 tech-enabled learning studios, many located on IIM campuses, the company partners with 36 academic institutions to deliver a wide portfolio of programs. As of March 2025, it offered 268 degree programs and certification courses, ranging from MBA and DBA to specialized cross-disciplinary certifications. Supported by a 860-strong workforce, Jaro has built long-standing institutional relationships that underpin its revenue predictability and brand reputation.
The IPO combines a fresh issue of 19.1 lakh shares worth ₹170 crore with an offer for sale of 31.5 lakh shares aggregating to ₹280 crore. The price band is fixed at ₹846–₹890 per share, with a lot size of 16 shares. At the upper end, the minimum retail investment stands at ₹14,240. The issue is structured with 50% reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. Nuvama Wealth Management is the book-running lead manager, while Bigshare Services will serve as registrar.
Post-issue, Jaro’s market capitalization is projected at around ₹1,972 crore. The company will use proceeds primarily for marketing and brand-building (₹81 crore), debt repayment (₹45 crore), and general corporate purposes. The IPO will also lead to promoter shareholding declining from 78.28% to 57.32%, signaling broader institutional participation.
Financially, Jaro has demonstrated strong performance. For the fiscal year ending March 2025, the company reported total income of ₹254 crore and profit after tax of ₹51.7 crore, translating to a healthy PAT margin of 20.34%. Its return on equity (35.76%) and EBITDA margin (33.13%) compare favorably against sector benchmarks, though the high price-to-book ratio of 10.5 may spark debate over valuation.
The IPO comes at a time when India’s online education sector is undergoing rapid transformation. Increasing demand for flexible, technology-driven degree programs, combined with strong partnerships with leading institutions, places Jaro in a favorable market position. However, the sector remains highly competitive, with both domestic edtech firms and global players vying for share. Questions around scalability, regulatory compliance, and the sustainability of growth in a post-pandemic environment present challenges for new investors to consider.
Jaro Institute’s upcoming market debut will be closely watched as a test of investor appetite for education-focused listings in India. If successful, it could reinforce confidence in the sector’s growth prospects and pave the way for other edtech players to tap public markets. For investors, the IPO presents both an opportunity to participate in India’s expanding online higher education ecosystem and a challenge in weighing valuations against long-term potential.
