Latest News | Jaro Education Files Draft Papers with Sebi to Mobilise Rs 570 Crore Via IPO
Get latest articles and stories on Latest News at LatestLY. Jaro Institute of Technology Management and Research (Jaro Education) has filed its preliminary papers with Sebi for an initial public offering of Rs 570 crore, a statement said on Monday.
New Delhi, Oct 21 (PTI) Jaro Institute of Technology Management and Research (Jaro Education) has filed its preliminary papers with Sebi for an initial public offering of Rs 570 crore, a statement said on Monday.
The initial public offering (IPO) comprises a fresh issue of shares worth up to Rs 170 crore and an Offer for Sale (OFS) of shares worth up to Rs 400 crore, Jaro Education said in the statement.
Promoter Sanjay Namdeo Salunkhe is selling equity shares worth Rs 400 crore through the OFS route.
Promoters and promoter group entities hold a 85.03 per cent stake in the company while public shareholders hold the rest 14.97 per cent stake.
Salunkhe holds a majority 78.2 per cent stake in the company, according to the draft red herring prospectus (DRHP).
The company, in consultation with the book-running lead managers, may consider a pre-IPO placement, aggregating up to Rs 34 crore.
If such placement is completed then the fresh issue size will be reduced, said the company.
The company has proposed to utilise the IPO proceeds of Rs 81 crore for marketing, brand building and advertising activities.
It has proposed to use Rs 48 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the company and the rest for general corporate purposes.
Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services have been appointed as book running lead managers while Bigshare Services is the registrar to the IPO.
Jaro Education was established in 2009 by Sanjay Salunkhe, who is also the chairman and managing director of Jaro Institute.
The institute offers technology-driven degree programmes and certification programmes in collaboration with its partner institutions to students as well as C-Suite personnel.
As on 31st March 2024, Jaro Education has over 22 offices-cum-learning centres across major cities for offline learning, apart from 15 tech studio set-ups in the campuses of various IIMs.
It caters to a total of 34 partner institutions such as IITs, IIMs and global institutions such as Swiss School of Management and Rotman School of Management, University of Toronto.
In FY24, the organization reported an operational revenue of Rs 199 crore, a 63 per cent increase compared to FY23.
The shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).
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