Jaro Institute of Technology Management & Research is set to make its stock market debut today on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), following a successful Initial Public Offering (IPO). The listing comes amid positive sentiment in the grey market, suggesting a potential upside for investors.

IPO Performance

The IPO of Jaro Institute witnessed strong demand from investors, with the issue being oversubscribed 22.06 times. The company received bids for 8.21 crore shares against the 37.23 lakh shares on offer, indicating robust investor interest in the edtech firm.

Expected Listing Price

Based on grey market trends, Jaro Institute shares are anticipated to list at a premium. The grey market premium currently stands at Rs 42, suggesting a potential listing price of Rs 932.00 per share. This represents a 4.72% premium over the upper price band of Rs 890.00 set during the IPO.

IPO Details

The Rs 450.00 crore IPO comprised two components:

• A fresh issue worth Rs 170.00 crore
• An offer-for-sale (OFS) amounting to Rs 280.00 crore

Utilization of Funds

The Mumbai-based higher education and upskilling platform has outlined its plans for the IPO proceeds:

• Rs 81.00 crore allocated for marketing activities
• Rs 45.00 crore earmarked for debt repayment

Company Background

Founded in 2009, Jaro Institute operates as an edtech firm specializing in higher education solutions. The company has positioned itself in the growing market for online education and professional upskilling.

Market Expectations

While the grey market premium suggests a positive listing, it's important for investors to note that market conditions and investor sentiment on the listing day can influence the actual opening price and performance of the shares.

As Jaro Institute makes its market debut, all eyes will be on its performance, given the recent interest in the edtech sector and the company's focus on higher education and upskilling solutions.

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:

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.