Jaro Institute of Technology Management and Research (Jaro Education) has filed a Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an initial public offering.
The IPO will consist of a fresh issue of up to ₹170 crore and an offer for sale of ₹400 crore by the promoter selling shareholder: Sanjay Namdeo Salunkhe.
The company, in consultation with the book-running lead managers, may consider a Pre-IPO Placement, aggregating up to ₹34 crore, prior to filing of the RHP.
If such placement is completed, the fresh issue size will be reduced, said the company.
Jaro Education proposes to use ₹81 crore from the net proceeds for marketing, brand building and advertising activities and ₹48 crore for payment certain outstanding borrowings.
The institute delivers personalised, technology-driven degree programs and certification programs in collaboration with its partner Institutions to students and C-Suite personnel.
As of last fiscal, Jaro Education has over 22 offices-cum-learning centres across major cities for offline learning, apart from 15 immersive tech studio set-ups in the campuses of various IIMs, and cater to a total of 34 Partner Institutions such as IITs, IIMs and premier global institutions such as Swiss School of Management and Rotman School of Management, University of Toronto.
Its enrolments between FY22 and FY24 have grown at a CAGR of 16.7 per cent and 58.3 per cent respectively.