JI
Jaro Institute
Mainboard₹450 Cr issue
0.00%
Listing gain over issue price
Issue size
₹450 Cr
1 lot at cut-off
₹14,240
Lot size
16shares
Allotment
26 Sept 2025
Listing
30 Sept 2025
Listing performance
Issue price
₹890
Listed at
₹890
Listing-day close
₹745.05
Latest price
₹520.9
Listing gain
0.00%
Return since listing
-41.47%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹43
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sept 2025 | ₹43 | +4.83% | ₹500 | ₹933 | ₹688 |
| 29 Sept 2025 | ₹43 | +4.83% | ₹500 | ₹933 | ₹688 |
| 28 Sept 2025 | ₹45 | +5.06% | ₹500 | ₹935 | ₹720 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 30 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹890 per share
- Lot size
- 16 shares
- Total issue size
- ₹450 Cr
- Market cap at offer price
- ₹1,972 Cr
- Promoter holding
- 78.28% → 57.32% pre-issue → post-issue
- ISIN
- INE00YJ01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 11th Floor, Vikas Centre, Dr.C.G.Road, Chembur-East, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,16,853 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 16 shares per lot, in multiples, at ₹890
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹14,240 |
| Retail (max) | 14 | 224 | ₹1,99,360 |
| S-HNI (min) | 15 | 240 | ₹2,13,600 |
| S-HNI (max) | 70 | 1,120 | ₹9,96,800 |
| B-HNI (min) | 71 | 1,136 | ₹10,11,040 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,16,853
Anchor portion
₹135 Cr
at ₹890 per share
Valuation and performance
Valuation at offer price
₹890 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 25.52 | 23.32 |
| P/E (×) | 34.87 | 38.16 |
| Price to book (×) | 10.50 | — |
| Market cap | — | ₹1,972 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.12%
- ROCE
- 37.38%
- Debt / equity
- 0.30
- PAT margin
- 20.34%
- EBITDA margin
- 33.13%
- NAV per share
- ₹84.77
- Price to book
- 10.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jaro Institute
Jaro Institute of Technology Management and Research Limited is one of India's online higher education and upskilling platform companies. The Company does not independently create academic content or offer degree programs and certification courses; instead, it markets and facilitates their delivery in partnership with 36 Partner Institutions, including 16 Tier-1 universities and institutions (7 IIMs and 7 IITs) and 15 Tier-2 universities and institutions as of March 31, 2025. The Company was incorporated as a private limited company on July 9, 2009, and converted to a public limited company in 2017. It operates primarily in the Western region, deriving approximately 73% of revenue from operations from that region as of March 31, 2025. The Company markets a diversified range of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA, and cross-disciplinary certification courses.
Company Analysis
from RHPJaro is an online higher education and upskilling platform that markets and facilitates delivery of degree programs and certification courses in partnership with universities and institutions.
Jaro Institute of Technology Management and Research Limited is one of India's online higher education and upskilling platform companies. The Company does not independently create academic content or offer degree programs and certification courses; instead, it markets and facilitates their delivery in partnership with 36 Partner Institutions, including 16 Tier-1 universities and institutions (7 IIMs and 7 IITs) and 15 Tier-2 universities and institutions as of March 31, 2025. The Company was incorporated as a private limited company on July 9, 2009, and converted to a public limited company in 2017. It operates primarily in the Western region, deriving approximately 73% of revenue from operations from that region as of March 31, 2025. The Company markets a diversified range of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA, and cross-disciplinary certification courses.
online higher educationupskilling platformsprofessional education servicescertification courses
Objects of the Issue
- Marketing, brand building and advertising activities ₹810.00 million p.27
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company ₹450.00 million p.27
- General corporate purposes p.27
- Marketing, brand building and advertising activities p.50
- Prepayment or scheduled repayment of outstanding borrowings p.50
- General corporate purposes p.50
- Marketing, brand building and advertising activities ₹810.00 million p.149
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company ₹450.00 million p.153
- General corporate purposes p.156
- Marketing, brand building and advertising activities ₹ 810.00 million p.254
- Repayment of borrowings
Issue Structure
- Total Issue
- Up to ₹4,500 million
- Fresh Issue
- Up to ₹1,700 million
- Offer for Sale
- Up to ₹2,800 million
- Face Value
- ₹10 each
Business Model
The Company's revenue model is based on a predetermined percentage (share) of total fees receivable from Learners enrolled for degree programs and certification courses offered by Partner Institutions. This includes a predetermined percentage of application fees, tuition fees, and exam fees, as applicable. The Company markets and facilitates delivery of these programs through its digital platforms and physical offices-cum-learning centres.
Business Segments
Markets and facilitates delivery of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA through Partner Institutions
Markets and facilitates delivery of cross-disciplinary certification courses through Partner Institutions
Online degree programs offered through partner institutions (IIMs, IITs, universities) in commerce, marketing, technology, finance, HR and related sectors
Online certification courses offered through partner institutions in commerce, marketing, technology, finance, HR and related sectors
The company markets and facilitates delivery of online degree programs and certification courses from 36 Partner Institutions (universities) to learners across India and abroad. Partner Institutions include entities like IIT Roorkee, IIM Tiruchirappalli, IIM Mumbai, and others offering programs in areas such as data science, machine learning, artificial intelligence, strategy and leadership, general management, supply chain management, and executive programs.
Offers MBA, executive programs, general management, and strategy courses in collaboration with partner institutions
Delivers technology and cybersecurity courses including software development, cloud computing, and programming languages
Provides data science, artificial intelligence, and machine learning degree programs and certificates
Offers finance, banking, and financial analytics courses and certifications
Delivers marketing, digital marketing, and brand management programs
Online degree programs including D.B.A., MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA offered in partnership with 17 universities and institutions, 14 of which are ranked in top 100 by NIRF. Includes 193 degree programs as of March 31, 2025.
Online, hybrid and in-person certification courses in management, fintech, data science, business analytics, design thinking and digital marketing in partnership with 19 Partner Institutions in India, including 7 IIMs and 6 IITs. Includes 75 certification courses offered as of March 31, 2025.
Student enrollment into courses conducted by universities and institutes
Providing online education through Learning Management System and maintaining conference rooms for classroom education programs
The Group has determined its business segment as 'Education Program Services' which includes two business verticals, namely Student Enrolment Services and Program Management Services.
Revenue from sale of enrollment and other ancillary services to customers, including admission-related services, technology support (setting up studios for immersive learning, providing learning management system and information technology manpower), and classroom infrastructure support
Revenue from sale of program management services to customers, including providing program outline and business intelligence and market research
SWOT Analysis
Strengths
- • Partnership with top-tier institutions including IIMs and IITs(p.26)
- • Strong revenue growth trajectory(p.28)
- • Profitability and earnings growth(p.28)
- • Significant market opportunity with high CAGR(p.26)
- • Regulatory support for online education through NEP and UGC(p.39)
- • Strong brand partnerships with premier institutions (IIMs, IITs, NIRF-ranked universities)(p.52)
- • High learner completion rates demonstrating strong learner satisfaction(p.56)
- • Long-term relationships with top revenue-contributing partner institutions(p.62)
- • Low learner acquisition cost relative to performance marketing spend(p.52)
- • Exclusive partnerships for degree programs with leading institutions (IITs, IIMs)(p.62)
- • Strong revenue growth trajectory over three years(p.53)
- • Established equity capital base with strong promoter ownership(p.116)
- • Significant shareholder diversification post-IPO with institutional and strategic investors(p.142)
- • Growing learner acquisition channels with strong ROI efficiency(p.151)
- • Demonstrated revenue growth and profitability improvement(p.162)
- • Strong capital structure with low leverage(p.162)
- • Market-leading profitability among peers with highest EBITDA and PAT margins(p.230)
- • Strong revenue growth and financial performance trajectory(p.230)
- • Extensive network of partnerships with top-tier institutions across India and globally(p.226)
- • Leading ROE and ROCE metrics demonstrating capital efficiency(p.232)
- • Strong organic growth with significant referral contribution(p.214)
- • Early mover advantage and 15 years of sector expertise(p.213)
- • Bootstrapped company achieving profitability without external funding pressure(p.230)
- • Trusted partnerships with leading institutions including IIMs and IITs(p.214)
- • Market-leading position with diversified portfolio and premier partnerships(p.235)
- • Early mover with bootstrapped, profitable operations(p.235)
- • High revenue predictability and strong client retention(p.248)
- • Proven track record of partner growth and expansion(p.248)
- • Strong Learner enrolment growth and acquisition efficiency(p.243)
- • Effective marketing efficiency with strong ROI(p.247)
- • Experienced founder-led management with deep sector expertise(p.252)
- • Pan-India presence with extensive physical footprint(p.245)
- • Long-standing management team with deep sector expertise(p.288)
- • Strong revenue growth trajectory(p.318)
- • Profitable operations with improving margins(p.318)
- • Consolidated board with independent directors including women(p.286)
- • Established long-term partnerships with premier institutions including IITs and IIMs(p.384)
- • Strong EBITDA margins and profitability despite bootstrapped operations(p.376)
- • Consistent revenue growth with high predictability from established partnerships(p.384)
- • Robust network of 36 Partner Institutions with majority in top-100 NIRF rankings(p.376)
- • Strong enrollment growth trajectory with CAGR of 24.50% for degree programs(p.384)
- • Strategic partnerships with premier educational institutions(p.398)
- • Immersive learning technology infrastructure(p.398)
- • Operational efficiency improvements(p.398)
- • Strong revenue growth(p.398)
- • Significant profit expansion(p.399)
- • Asset-light business model(p.401)
Weaknesses
- • Heavy dependence on partner institutions for academic content(p.38)
- • High customer concentration risk(p.40)
- • Significant geographic concentration in Western region(p.40)
- • History of negative operating cash flows(p.43)
- • Reliance on third-party LMS providers(p.46)
- • Outstanding litigation and disputed tax demands(p.30)
- • Dependence on a small number of partner institutions for majority of revenue(p.62)
- • High and rising learner acquisition costs, particularly referral fees(p.54)
- • Significant dependence on key leadership, particularly Chairman and Managing Director(p.51)
- • Prior delays in payment of statutory dues including GST filings(p.57)
- • Outstanding legal proceedings and contingent liabilities(p.58)
- • Promoter regulatory history including past SEBI penalty(p.59)
- • Majority of lease agreements not properly registered or stamped(p.66)
- • Working capital constraints due to timing mismatch between revenue recognition and cash collection(p.63)
- • High dependence on marketing spend for learner acquisition(p.150)
- • Concentrated revenue model dependent on institutional partnerships(p.162)
- • Outstanding borrowings requiring management and repayment(p.153)
- • Relatively smaller scale compared to some competitors(p.230)
- • Limited geographic diversification with 22 offices/learning centers concentrated in India(p.217)
- • Dependence on a limited number of partner institutions for revenue(p.225)
- • High concentration risk with significant portion of learners having less than 3 years experience(p.185)
- • High concentration of revenue among top 5 partners(p.244)
- • High dependence on performance marketing spend(p.240)
- • Learner acquisition cost rising despite scale(p.258)
- • Intellectual property concentration risk with partner institutions(p.239)
- • Dependence on a single physical location for registered office(p.273)
- • High reliance on a limited number of university/institute customers(p.323)
- • Significant dependence on student admissions and enrollment volatility(p.323)
- • Elevated current borrowings relative to non-current debt(p.335)
- • Promoter concentration in share ownership creating governance risk(p.304)
- • Heavy dependence on top 5 Partner Institutions for majority of revenue(p.384)
- • Significant increase in debt obligations from FY2024 to FY2025(p.385)
- • Ongoing litigation from M/s Bennet, Coleman and Co. Ltd regarding data theft(p.351)
- • Contingent tax liabilities from disputed demands(p.351)
- • Heavy reliance on performance marketing and advertising expenses(p.380)
- • Negative operating cash flows(p.401)
- • Declining cash position(p.401)
- • Significant increase in operating asset requirements(p.401)
- • Litigation risk from data theft allegation(p.403)
- • Outstanding disputed tax demands(p.403)
Opportunities
- • Expansion into underpenetrated regions beyond Western India(p.41)
- • Increasing adoption of online higher education driven by regulatory changes(p.39)
- • Growth in non-management domain offerings(p.41)
- • Marketing and brand building initiatives to drive learner acquisition(p.43)
- • Strategic partnerships with premier institutions becoming self-sustainable(p.39)
- • Expansion into newer geographies and markets(p.62)
- • Growth in online higher education and upskilling market in India(p.64)
- • Leveraging AI and Generative AI technologies to enhance service offerings(p.67)
- • Expansion of program portfolio across sectors(p.61)
- • Growing demand for online learning facilitated by NEP 2020(p.72)
- • Potential to diversify partner institution portfolio and services(p.53)
- • Planned expansion of marketing and brand building activities(p.151)
- • Debt reduction and improved financial flexibility(p.153)
- • Growth in partnership network and university collaborations(p.162)
- • Expansion of learner enrollment base(p.162)
- • Massive addressable market with projected 22.2% CAGR in online higher education(p.205)
- • Total addressable market expected to reach INR 4.15 lakh Mn by FY 2028(p.206)
- • Growing demand for upskilling driven by rapid technological change(p.209)
- • Government policy support with NEP 2020 recognizing online education parity(p.209)
- • Expanding middle class with increasing willingness to spend on education(p.188)
- • Rising female workforce participation creating new learner demographics(p.187)
- • Corporate upskilling demand driving B2B growth opportunities(p.209)
- • Expansion of university partnerships to increase market penetration(p.228)
- • Rapidly expanding market with strong CAGR growth trajectory(p.253)
- • Government policy support driving sector growth(p.242)
- • Expansion of global university partnerships(p.253)
- • Expansion into Tier-2 and Tier-3 markets(p.255)
- • Freemium model to drive organic growth and lead generation(p.255)
- • Enhancement of digital capabilities and AI integration(p.255)
- • Growing market for working professionals seeking upskilling(p.243)
- • Expansion of program management services across more universities(p.322)
- • Growth in online education delivery through Learning Management System(p.322)
- • Scale enrolment services to new educational institutions(p.323)
- • Expanding online higher education market expected to reach INR 8.5 lakh million by FY2028(p.382)
- • Government policy support through NEP 2020 enabling 40% online content in degree programs(p.382)
- • Equivalence of online degrees to conventional degrees driving institutional adoption(p.383)
- • Untapped market of working professionals with 44.14% learners having 2+ years work experience(p.383)
- • Expansion into additional Partner Institutions and geographic markets(p.386)
- • Expansion through strategic partnerships and alliances(p.398)
- • Growing online higher education sector(p.405)
- • Expansion of immersive learning infrastructure(p.398)
Threats
- • Decline in adoption of online delivery by partner institutions(p.42)
- • Direct marketing competition from partner institutions(p.39)
- • Academic cycle and seasonal fluctuations impact on profitability(p.46)
- • Vulnerability to economic slowdowns in Western region(p.41)
- • Changes in industry trends and demand for degree programs(p.40)
- • Regulatory and compliance risks in education sector(p.43)
- • Partner institutions developing in-house marketing and delivery capabilities(p.50)
- • Risk of partner institutions reducing fee share as programs mature(p.53)
- • Intense competition from new and established players in online education(p.64)
- • Shifts in industry trends affecting demand for specific sectors and programs(p.61)
- • Regulatory changes and increased compliance requirements(p.73)
- • Negative publicity affecting partner institutions and brand reputation(p.56)
- • Cybersecurity threats and data breaches(p.51)
- • Macroeconomic factors affecting Indian economy and education spending(p.76)
- • Foreign investment restrictions and regulatory changes affecting capital raising(p.77)
- • Unproven effectiveness of planned marketing investments(p.153)
- • Learner acquisition cost volatility and market competition(p.150)
- • Absence of listed comparable companies limits valuation benchmarking(p.165)
- • Regulatory dependency on Partner Institution compliance and regulations(p.162)
- • Intense competition from well-funded and larger competitors(p.212)
- • Quality assurance and accreditation challenges in competitive market(p.210)
- • High student dropout rates and engagement challenges in online model(p.211)
- • Seasonal revenue fluctuations tied to academic cycles(p.211)
- • Cultural perception that online education is lesser valued than offline(p.211)
- • Rapid technological change requiring continuous platform upgrades and investment(p.211)
- • Price sensitivity in Indian market limiting pricing power(p.211)
- • Regulatory changes affecting degree equivalence and recognition(p.211)
- • Intensifying competition from new and established players(p.273)
- • Regulatory changes in education policy(p.242)
- • Dependency on partner institution reputation and quality(p.245)
- • Fee collection dependence on partner institutions' payment processing(p.242)
- • Risk to intellectual property and content ownership disputes(p.272)
- • Exposure to technology and platform dependencies(p.268)
- • Dependence on university/institute partnerships which may be terminated(p.323)
- • Education sector cyclicality and admission cancellation volatility(p.323)
- • Regulatory changes in education sector affecting service model(p.322)
- • Interest rate risk on floating-rate borrowings used for working capital(p.337)
- • Intense competition from new entrants and established tech companies in online education(p.386)
- • Risk of Partner Institution contract non-renewal or termination(p.386)
- • Dependence on internet penetration and technology infrastructure in India(p.387)
- • Regulatory changes in online and distance learning education requirements(p.382)
- • Risk of negative brand impact from quality or service delivery issues(p.386)
- • Business seasonality and quarter-to-quarter financial variability(p.405)
- • Vulnerability to unforeseen events during peak seasons(p.405)
- • Competitive market environment(p.406)
- • Regulatory compliance burden(p.416)
- • Interest rate and borrowing risks(p.403)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sanjay Namdeo Salunkhe | Promoter/Promoter Selling Shareholder | 70.98% | — |
| Balkrishna Namdeo Salunkhe | Promoter | 2.24% | — |
| Sanjay Namdeo Salunkhe | Promoter | — | — |
| Sanjay Namdeo Salunkhe | Promoter | 71.53% | — |
| Balkrishna Namdeo Salunkhe | Promoter | 2.26% | — |
| Sanjay Namdeo Salunkhe | Promoter | — | — |
| Sanjay Namdeo Salunkhe | Promoter | — | — |
| Sanjay Namdeo Salunkhe | Promoter | 70.98% | — |
| Balkrishna Namdeo Salunkhe | Promoter | 2.24% | — |
| Sanjay N. Salunkhe | Managing Director / Promoter | — | — |
| Sanjay Namdeo Salunkhe | Promoter Selling Shareholder | — | — |
| Sanjay Namdeo Salunkhe | Promoter/Selling Shareholder | — | — |
Leadership
Sanjay Namdeo Salunkhe · Chairman and Managing Director
Ranjita Raman · Chief Executive Officer
Sankesh Kashinath Mophe · Chief Financial Officer
Kirtika Chauhan · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.