Introduction – Jaro Institute IPO
In 2009, when the world was slowly shifting towards online learning, few could imagine the scale at which higher education and upskilling would transform in India. Jaro Institute IPO (officially Jaro Institute of Technology Management & Research Ltd.) represents that very journey — from helping IIMs and IITs build tech infrastructure to becoming one of India’s most recognized higher education enablers.
Now, with the launch of the Jaro Education IPO, the company aims to raise ₹450 crore to strengthen its brand, repay debt, and accelerate growth. With 36 partner institutions (including 7 IIMs, 7 IITs, and global universities like Rotman & Swiss School of Management) and a diverse portfolio of 268 degree programs, Jaro Education IPO is looking to cement its leadership in online and hybrid learning.
But does this IPO present a strong opportunity for investors? Let’s break down the numbers, business model, financials, and valuation of the much-awaited Jaro IPO.
Jaro Institute IPO Overview
Jaro Institute IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Jaro Institute of Technology Management & Research Ltd. (Jaro Education IPO) |
| Issue Type | Bookbuilding IPO (Fresh + Offer for Sale) |
| Total Issue Size | 50,56,179 shares (₹450.00 Cr) |
| Fresh Issue | 19,10,112 shares (₹170.00 Cr) |
| Offer for Sale (OFS) | 31,46,067 shares (₹280.00 Cr) |
| Price Band | ₹846 – ₹890 per share |
| Face Value | ₹10 per share |
| Lot Size | 16 shares |
| Min. Retail Investment | ₹14,240 (16 shares at upper band) |
| sNII Lot Size (min) | 15 lots = 240 shares = ₹2,13,600 |
| bNII Lot Size (min) | 71 lots = 1,136 shares = ₹10,11,040 |
| Issue Type (details) | Fresh Capital-cum-Offer for Sale |
| Listing | BSE, NSE |
| IPO Document | RHP |
| BRLM (Book Running Lead Manager) | Nuvama Wealth Management Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Shareholding (Pre-Issue) | 2,02,46,177 shares |
| Shareholding (Post-Issue) | 2,21,56,289 shares |
| Promoters | Sanjay Namdeo Salunkhe, Balkrishna Namdeo Salunkhe |
| Reservation (high-level) | QIB ≤50%, Retail ≥35%, NII ≥15% |
(All figures above are taken from the Jaro Institute IPO RHP .)
Important Dates (Tentative Schedule)
| Event | Date |
|---|---|
| IPO Open Date | Tue, Sep 23, 2025 |
| IPO Close Date | Thu, Sep 25, 2025 |
| Tentative Allotment | Fri, Sep 26, 2025 |
| Initiation of Refunds | Mon, Sep 29, 2025 |
| Credit of Shares to Demat | Mon, Sep 29, 2025 |
| Tentative Listing Date | Tue, Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Sep 25, 2025 |
Objects of the Issue — Jaro Education IPO
- Marketing, brand building and advertising activities — ₹81.00 Cr.
- Prepayment / scheduled repayment of a portion of certain outstanding borrowings — ₹45.00 Cr.
- General corporate purposes — remaining proceeds.
Company Overview – Jaro Institute IPO
Founded in 2009 by Sanjay Namdeo Salunkhe, a first-generation entrepreneur with over 17 years of experience in the education sector, Jaro Institute of Technology Management and Research Ltd. has emerged as one of India’s leading online higher education and upskilling platforms (Technopak Report). What began as a bootstrapped venture has now transformed into a trusted name in the edtech sector, consistently delivering strong EBITDA performance. Today, the company is spearheaded by Sanjay Salunkhe as Chairman and Managing Director, alongside Ranjita Raman, its CEO and Whole-time Director, supported by an experienced leadership team that brings deep expertise in education and technology.
Programs and Offerings
The company acts as a facilitator between learners and prestigious Partner Institutions, enabling the delivery of a wide spectrum of programs. Its portfolio ranges from degree programs such as Doctor of Business Administration, MBA, M.Com, MA, PGDM, MCA, MSc, B.Com, and BCA, to cross-disciplinary certification courses in management, fintech, data science, business analytics, design thinking, and digital marketing. Importantly, the content and intellectual property rights remain with the Partner Institution, while Jaro provides the marketing, technology, and student acquisition backbone.
Partnerships and Presence
As of March 31, 2025, Jaro collaborates with 36 Partner Institutions. These include 16 Tier-1 universities and institutions—among them seven IITs and seven IIMs—along with 15 Tier-2 institutions and global partners such as the Swiss School of Management and the Rotman School of Management, University of Toronto. Notably, 29 of these institutions are ranked in the Top 100 by NIRF, underlining the quality of its partner network.
The company’s infrastructure reflects its hybrid model. It operates 22 offices-cum-learning centres across India for offline engagement, and has set up 17 immersive tech studios within IIM campuses, ensuring a seamless blend of online and offline learning. Recognition has also come from partners like Symbiosis International, IITs, and IIMs for Jaro’s contributions in technology, infrastructure, marketing, and student acquisition support.
The Business Model
Think of Jaro Education as a bridge between top universities and students who want to study online or upgrade their skills. The company doesn’t create the course content—it partners with reputed institutions like IITs, IIMs, and international universities. Jaro’s job is to make those programs available to a wider audience through technology, marketing, and student support.
Here’s how it works step by step:
1. Partnering with Institutions
Jaro reaches out to top universities and institutes. Sometimes, these institutes invite companies to bid for collaboration. Jaro qualifies because it already works with leading institutions and has the required technology and infrastructure.
2. Designing Programs with Market Demand
Once a partnership is formed, Jaro helps the institution decide what kind of programs to launch—like MBA, data science, digital marketing, or fintech. It studies the market, checks what students are looking for, and shares that feedback with the institute.
3. Promoting & Enrolling Students
The third stage is launch and marketing, where Jaro leverages digital campaigns, SEO, PR, social media promotion, and alumni referrals to drive enrollments. Its marketing spends have grown consistently—from ₹324.81 million in FY23 to ₹580.11 million in FY25—reflecting the scale of its outreach.
4. Student Onboarding & Support
When students enroll, Jaro assists with admission formalities, provides information about the course, and even offers tools like an AI chatbot and an ROI calculator to show how the program can benefit their career.
5. Fee Collection
Depending on the agreement, fees are either collected directly by Jaro and passed to the institution, or collected by the institution itself. In some cases, like with IIM Mumbai, both models are used for different types of programs.
👉 In short:
- Universities focus on teaching and content.
- Jaro takes care of marketing, technology, and student support.
- Students get access to high-quality programs without needing to physically attend the campus.
That’s the Jaro Education business model in a nutshell
Market Opportunity
According to the Technopak Report, the opportunity for online higher education and upskilling in India is vast and rapidly expanding. The market, valued at ₹1.72 lakh million in FY24, is expected to grow at a CAGR of 24.6% to reach ₹4.15 lakh million by FY28. Within this, the online degree market alone is projected to grow from ₹0.40 lakh million to ₹1.02 lakh million during the same period, while the certification and skilling market is expected to more than double, from ₹1.32 lakh million to ₹3.13 lakh million.
This growth trajectory highlights the pivotal role platforms like Jaro Education are set to play in shaping the future of higher education in India, creating a bridge between top-tier institutions and learners seeking high-quality, flexible, and outcome-driven programs.
Financials & Key Ratios – Jaro Education IPO
The following table sets forth key financial and operational performance indicators of Jaro Education Ltd. for Fiscal 2023, 2024, and 2025. (₹ crore, unless otherwise stated)
Financial KPIs
| Particulars | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Gross Revenue | 625.54 | 487.73 | 316.57 |
| Gross Revenue Growth (%) | 28.26% | 54.07% | 26.56% |
| Net Revenue (from Operations) | 252.26 | 199.05 | 122.15 |
| Net Revenue Growth (%) | 26.74% | 62.96% | 44.37% |
| EBIT | 74.43 | 56.80 | 20.21 |
| EBITDA | 83.58 | 63.56 | 25.55 |
| EBITDA Margin (%) | 33.13% | 31.93% | 20.92% |
| PAT Margin (%) | 20.34% | 18.75% | 9.35% |
| Current Ratio | 3.09 | 2.59 | 1.62 |
| Net Working Capital Turnover | 1.93 | 2.77 | 3.19 |
| Debt-to-Equity Ratio | 0.30 | 0.21 | 0.45 |
| Trade Receivable Turnover | 10.53 | 20.34 | 18.33 |
| Net Worth | 171.55 | 117.43 | 77.85 |
| Return on Net Worth (RoNW) | 30.12% | 32.35% | 14.87% |
| Return on Capital Employed (RoCE) | 37.38% | 40.90% | 19.12% |
| Total Asset Turnover Ratio | 1.05 | 1.05 | 0.80 |
| Return on Equity (RoE) | 35.76% | 37.82% | 15.05% |
Operational KPIs Of Jaro Education IPO
| Particulars | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| No. of Universities & Institutions | 36 | 34 | 29 |
| CAGR of Universities & Institutions | 5.88% | 17.24% | 38.10% |
| No. of Admissions (Learners) | 31,434 | 29,145 | 21,579 |
| CAGR of Admissions | 7.85% | 35.06% | 9.23% |
| No. of Offices & Studios | 39 | 37 | 29 |
| CAGR of Offices & Studios | 5.41% | 27.59% | 0.00% |
| Learner Acquisition Cost (₹) | 24,356 | 20,203 | 18,372 |
Key Takeaways
- Revenue has grown consistently, but growth rate is moderating (28% in FY25 vs. 54% in FY24).
- Profitability improved, with EBITDA margin rising to 33.13% in FY25.
- Strong return ratios (RoE 35.76% and RoCE 37.38% in FY25) signal efficient capital usage.
- Debt-to-equity remains conservative at 0.30, providing financial stability.
- Admissions grew to 31,434 learners in FY25, showing steady demand for online programs.
Valuation & Peers – Jaro Institute IPO
Valuation Snapshot
The valuation of Jaro Institute IPO at the upper price band is as follows:
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (₹) | 25.52 | 23.32 |
| P/E (x) | 34.88 | 38.17 |
| Price to Book Value (P/BV) | – | 10.50 |
At ~38x post-issue P/E, Jaro is being valued at a premium compared to traditional education companies, reflecting its strong margins (EBITDA ~33%) and return ratios (RoE ~35.76%, RoCE ~37.38%).
Jaro Institute IPO Peers Comparison
Jaro operates in the same space as leading online higher education and upskilling platforms, but unlike its peers, it is:
- Profitable,
- Bootstrapped, and
- Entering the public market.
Unlisted Peers include:
| Peer | Focus Area | Funding/Ownership | Listed Status |
|---|---|---|---|
| UpGrad | Higher Education & Skilling | Backed by Temasek, IIFL, etc. | Unlisted |
| Great Learning | Online Degrees & Upskilling | Backed by BYJU’s | Unlisted |
| Simplilearn | Certification & Skilling | Backed by Blackstone | Unlisted |
| Eruditus | Global Higher Education Programs | Backed by SoftBank, Accel | Unlisted |
| TimesPro | Executive Education & Skilling | Times Group | Unlisted |
| Talentedge, Intellipaat, Imarticus, TalentSprint, UNext | Online skilling & niche programs | Various PE/VC backed | Unlisted |
While peers focus heavily on scale and fundraising, Jaro stands out as one of the few profitable EdTech players with sustained revenue growth and strong return metrics, making it a unique proposition in India’s education IPO space.
Strengths & Risks – Jaro Institute IPO
| Strengths | Risks |
|---|---|
| Early mover in India’s online higher education & upskilling space (since 2009). | Highly dependent on partnerships with IITs, IIMs, and universities – loss of key tie-ups may impact business. |
| Strong brand equity with 36 Partner Institutions including 7 IITs, 7 IIMs, and global schools. | EdTech sector faces intense competition from well-funded global and Indian players like UpGrad, Eruditus, Simplilearn. |
| Bootstrapped & consistently profitable – rare among EdTech firms. | High marketing and learner acquisition cost; rising expenses can impact margins. |
| Robust financial performance with ~28% revenue growth in FY25 and EBITDA margin >33%. | Regulatory and policy changes in higher education could affect program delivery. |
| Strong return ratios (RoE 35.76%, RoCE 37.38%) reflecting efficient capital use. | Limited control over academic content, which belongs to partner institutions. |
| Hybrid model with 22+ offline centres & 17 immersive tech studios supports scalability. | Revenue concentration – significant portion comes from a few leading institutes. |
Jaro Institute IPO GMP (Grey Market Premium)
As of the latest update, the Jaro Institute IPO is witnessing healthy activity in the grey market. Investors are showing strong interest, with GMP moving upward.
| GMP Date | IPO Price | GMP | Sub2 Sauda Rate | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|---|
| 19-Sep-2025 | ₹890.00 | ₹104 🚀 (GMP Up) | 1300 / 19500 | ₹994 (11.69%) | ₹1664 | 19-Sep-2025 |
*Estimated profit is based on today’s GMP trend and subject to market sentiment on listing day.
Quick Take: With a GMP of ₹104, the stock is indicating a potential 11–12% listing gain if the trend sustains till listing.
Conclusion & Strategy – Jaro Institute IPO
Jaro Institute IPO presents an opportunity to invest in a pioneer of online higher education and upskilling in India. The company combines a pan-India footprint, strong institutional partnerships, and a scalable digital business model, which is increasingly relevant in a post-pandemic, tech-driven learning environment. With robust EBITDA margins (~33%) and PAT margins (~20%), the financials indicate healthy profitability and operational efficiency. The IPO also provides investors a chance to participate in the growth of the Indian online education sector, projected to reach ₹4.15 lakh crore by Fiscal 2028, driven by rising demand for degree and certification programs (Technopak Report).
The preliminary GMP of ₹104 above the IPO price signals strong market sentiment and investor appetite. Considering the current subscription trends and the company’s niche positioning, Jaro Institute IPO is likely to see strong retail and HNI participation.
Investor Strategy – Short, Medium, and Long-Term Outlook:
| Strategy Type | Analysis & Guidance |
|---|---|
| Allotment Strategy | Retail investors should apply in full lot sizes to enhance allocation probability. Given the limited QIB and HNI quotas, full participation in retail subscription could maximize allotment chances. |
| Short-Term Listing Gain | GMP and market buzz suggest potential listing gains of 10–12%, translating into quick returns for agile investors. Listing-day gains are likely due to undersupply of shares relative to robust demand from retail and institutional buyers. |
| Long-Term Investment Strategy | For investors with a 3–5 year horizon, Jaro Institute’s strong partnerships with 36 premier institutions, pan-India presence, growing learner base, and diversified revenue streams make it a long-term wealth creation opportunity. Key growth drivers include: • Online degree programs market CAGR: 26.4% • Online skilling and certification market CAGR: 24% • High client retention and predictable revenue from Partner Institutions |
| Risk Consideration | Investors should be aware of risks such as: • Regulatory changes in online education • Dependence on Partner Institutions for content • Competitive pressure from other online upskilling platforms (e.g., UpGrad, Simplilearn, Great Learning). Proper portfolio diversification is recommended. |
Expert Takeaway:
From a seasoned market perspective, Jaro Institute IPO offers a rare combination of growth and stability. Its early mover advantage, strong brand recognition, and scalable online delivery system position it for sustainable long-term performance. While short-term listing gains look attractive, the true value lies in long-term participation, riding the wave of digital education expansion in India.
In essence, for investors seeking exposure to a high-growth education play with strong fundamentals, Jaro Institute IPO warrants serious consideration, balancing short-term listing strategies with a long-term investment lens.
Jaro Institute IPO – FAQs
What is the Jaro Institute IPO?
Jaro Institute IPO is a book-built issue of ₹450 crore, comprising a fresh issue of ₹170 crore and an offer for sale of ₹280 crore, aimed at funding business expansion and debt repayment.
When does the IPO open and close?
The IPO opens on September 23, 2025, and closes on September 25, 2025.
What is the price band and lot size?
The price band is ₹846 – ₹890 per share. Retail investors can apply in lots of 16 shares, with a minimum investment of ₹14,240 (upper price).
Where will the IPO be listed?
The IPO will be listed on BSE and NSE, with a tentative listing date of September 30, 2025.
Who are the promoters of Jaro Institute?
The promoters are Sanjay Namdeo Salunkhe and Balkrishna Namdeo Salunkhe, holding 78.28% pre-IPO and 57.32% post-IPO.
What is the company’s business model?
Jaro Institute partners with 36 premier institutions to offer online degree and certification programs. Revenue comes from fee collection, course facilitation, and technology support, with a mix of custodian and institution-led collection models.
What are the financial highlights?
- Fiscal 2025 Revenue: ₹2,522.63 crore
- PAT: ₹516.7 crore
- EBITDA Margin: 33.13%
- ROE: 35.76%
Who are the peer companies?
While not publicly listed, peers in the online education/upskilling sector include UpGrad, Great Learning, Simplilearn, Eruditus, Talent Edge, Times Pro, Intellipaat, TalentSprint, and UNext.
What is the current market sentiment (GMP)?
As of September 19, 2025, the GMP is ₹104 above the IPO price, indicating strong market interest. Estimated listing price is around ₹994, implying ~12% listing gains.
What are the objectives of the IPO?
The company plans to use proceeds for:
- Marketing, brand building, and advertising: ₹81 crore
- Prepayment or scheduled repayment of borrowings: ₹45 crore
- General corporate purposes
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