Jaro Institute IPO Sees Strong Demand, 13.82% Grey Market Premium on Day 2
Jaro Institute of Technology Management and Research Limited's IPO continues to attract investors on its second day. The IPO aims to raise Rs 450 crore, with a fresh issue of Rs 170 crore and an offer-for-sale of Rs 280 crore. The first day saw an 87% subscription rate, with Non-Institutional Investors leading at 1.82 times. The grey market premium stands at Rs 123 per share, indicating a potential listing price of Rs 1,013, a 13.82% premium over the upper price band. The IPO's price band is Rs 846-890 per share, closing on September 25, with an expected listing on September 30 on BSE and NSE.
*this image is generated using AI for illustrative purposes only.
The Initial Public Offering (IPO) of Jaro Institute of Technology Management and Research Limited continues to generate interest among investors, showing a robust grey market premium on its second day of subscription.
IPO Details
Jaro Institute, an edtech company founded in 2009 that offers higher education solutions, opened its IPO on September 23. The company aims to raise Rs 450.00 crore through this public offering, which comprises a fresh issue of Rs 170.00 crore and an offer-for-sale of Rs 280.00 crore.
Subscription Status
On the first day of the IPO, the issue witnessed a strong response with an 87% subscription rate. The subscription breakdown across investor categories is as follows:
| Investor Category | Subscription Rate |
|---|---|
| Qualified Institutional Buyers (QIBs) | 0.47 times |
| Non-Institutional Investors (NIIs) | 1.82 times |
| Retail Investors | 0.70 times |
Grey Market Premium
The grey market is showing significant enthusiasm for Jaro Institute's shares. As of Day 2, the grey market premium stands at Rs 123.00 per share. This indicates a potential listing price of Rs 1,013.00, representing a 13.82% premium over the upper price band of the IPO.
Price Band and Important Dates
- Price Band: Rs 846.00 - Rs 890.00 per share
- IPO Closing Date: September 25
- Allotment Date: September 26
- Expected Listing Date: September 30
- Listing Venues: BSE and NSE
Investors and market watchers will be keeping a close eye on the subscription trends in the coming days, especially given the strong grey market premium. However, it's important to note that grey market premiums are unofficial and subject to change.
As the IPO progresses, potential investors should conduct their due diligence and consider their financial goals before making investment decisions. The education technology sector has seen significant growth and transformation in recent years, making Jaro Institute's public offering an interesting development to watch in the IPO market.
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