Jaro Education Secures Rs 135 Crore from Anchor Investors in Pre-IPO Funding Round
Jaro Education raised Rs 135 crore from 19 anchor investors, allocating 15.17 lakh shares at Rs 890 each. Top investors include 360 One Equity Opportunity Fund (11.11%), Societe Generale (9.63%), and LC Pharos Multi Strategy Fund (8.15%). Domestic mutual funds secured 23.33% of the allocation. The company aims to raise up to Rs 450 crore through its IPO, comprising a fresh issue of Rs 170 crore and an offer-for-sale of Rs 280 crore. The IPO is scheduled from September 23-25, with a price band of Rs 846-890 per share. Funds will be used for marketing, advertising, and debt repayment.
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Jaro Institute of Technology Management and Research Ltd., commonly known as Jaro Education, has successfully raised Rs 135 crore from anchor investors ahead of its initial public offering (IPO). This pre-IPO funding round marks a significant milestone for the company as it prepares to go public.
Anchor Investment Details
The company allotted 15.17 lakh shares to 19 anchor investors at Rs 890 per share. The allocation of shares among the top anchor investors was as follows:
| Investor | Allocation Percentage |
|---|---|
| 360 One Equity Opportunity Fund | 11.11% |
| Societe Generale | 9.63% |
| LC Pharos Multi Strategy Fund | 8.15% |
Domestic Mutual Fund Participation
Two domestic mutual funds, through five schemes, secured a significant portion of the anchor investment:
- Total allocation to domestic mutual funds: 23.33%
- Participating fund houses: Whiteoak Capital and ITI
Upcoming IPO Details
Jaro Education is gearing up for its IPO with the following key details:
- Total fundraising target: Up to Rs 450 crore
- IPO composition:
- Fresh share issue: Rs 170 crore
- Offer-for-sale: Rs 280 crore
- IPO opening date: September 23, 2023
- IPO closing date: September 25, 2023
- Price band: Rs 846 - Rs 890 per share
Utilization of Funds
The company has outlined its plans for utilizing the proceeds from the fresh issue:
- Rs 81 crore allocated for marketing and advertising activities
- Rs 45 crore earmarked for debt repayment
Important Dates
Investors and market watchers should note the following key dates:
- Share allotment date: September 26, 2023
- Listing date: September 30, 2023
- Listing venues: BSE and NSE
The successful raising of funds from anchor investors indicates strong interest in Jaro Education's public offering. As the company moves forward with its IPO, investors will be closely watching its performance in the market.
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