Jaro Institute IPO sails through on Day 2; NIIs lead demand, QIBs lag

Jaro Institute IPO received bids for 5.7 million shares against 3.72 million shares on offer, resulting in an overall subscription of 1.54 times

Jaro Institute IPO Day 2 subscription status: Jaro Institute of Technology Management and Research's initial public offering (IPO) sailed through on the second day of subscription, with the issue fully subscribed, led by demand from non-institutional investors (NIIs).

 

The ₹450 crore IPO is a combination of a fresh issue of 1.9 million equity shares amounting to ₹170 crore and an offer for sale (OFS) of 3.1 million shares amounting to ₹280 crore. 

 

The mainline offering received bids for 5.7 million shares against 3.72 million shares on offer, resulting in an overall subscription of 1.54 times, as of 02:05 PM on Wednesday, September 24, 2025, according to NSE data. 

 

The non-institutional investors (NIIs) category received 2.7 times subscription, while the quota reserved for retail investors got subscribed 1.53 times. However, the Qualified Institutional Buyers (QIBs) portion received only 67 per cent subscription.

 

Ahead of the IPO, the company raised ₹135 crore from the anchor investors on September 22, 2025. The company has allocated 1.51 million equity shares to 15 institutional investors at ₹890 per share. Marquee investors like Whiteoak Capital, ITI Mutual Fund, Citi Group, Nomura Singapore, Abbakus Asset Manager, Singularity Equity Fund, 360 ONE, and Societe Generale invested in the company through an anchor book. 

Jaro Institute IPO review

Analysts at SBI Securities have recommended investors to subscribe to the issue at the cut-off price for the long term, citing its leadership position and financial strength. BP Equities also recommend a 'Subscribe' rating for this issue with a medium to long-term investment horizon.

Jaro Institute IPO review

According to platforms tracking grey market activity, the unlisted shares of Jaro Institute were trading at a premium of ₹120 or 13.5 per cent, indicating a listing price of around ₹1,010 against the issue price of ₹890.

Here are the key details of Jaro Institute IPO:

The ₹450 crore public issue will close for bidding on Thursday, September 25. The basis of allotment of shares is expected to be finalised on Friday, September 26. Shares of Jaro Institute will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Tuesday, September 30.

 

The price band has been set in the range of ₹846 to ₹890. At the upper end of the price band, a retail investor would require a minimum investment amount of ₹14,240 to bid for one lot of 16 shares.

 

Bigshare Services is the registrar of the issue. Nuvama Wealth Management, Systematix Corporate Services and Motilal Oswal Investment Advisors are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to utilise the net issue proceeds for markets, brand building, and advertising activities, and prepayment or repayment of debt. The remaining funds will be used for general corporate purposes.