Jaro Education's Rs 570 Crore IPO Unveiled

Jaro Education, founded by Sanjay Salunkhe, has filed for an IPO worth Rs 570 crore. The IPO features a fresh issue of shares up to Rs 170 crore and an offer for sale of Rs 400 crore. Proceeds will support marketing, debt repayment, and corporate purposes.

Jaro Institute of Technology Management and Research, also known as Jaro Education, announced its intentions to raise Rs 570 crore through an initial public offering, according to documents filed with the Securities and Exchange Board of India (SEBI) on Monday.

The IPO comprises a fresh issue of up to Rs 170 crore in shares and an Offer for Sale (OFS) component worth Rs 400 crore. Promoter Sanjay Namdeo Salunkhe will offload shares valued at Rs 400 crore via the OFS. Presently, Salunkhe holds a majority 78.2% stake in the firm, with the promoters and promoter group collectively holding 85.03%.

The company may also opt for a pre-IPO placement worth up to Rs 34 crore. Jaro Education aims to allocate Rs 81 crore from the IPO proceeds for marketing and branding initiatives, Rs 48 crore for debt repayment, and the remaining for general corporate purposes. Prominent financial advisors Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are overseeing the process.

(With inputs from agencies.)