Jaro Institute IPO: Full Review, Growth Metrics, Peer Comparison & Listing Outlook
Jaro Education IPO opens Sep 23-25, 2025, price band ₹846-₹890/share. The company aims to raise ₹450 crore via fresh issue/RPO + OFS. FY24 revenue ~₹202-203 crore with ₹38-51 crore PAT.
Jaro Education to raise ₹450 crore via its maiden IPO (₹170 crore fresh issue + ₹280 crore OFS) with strong backers, growing revenue, and robust learner base; subscription opens Sep 23-25, 2025. Read full financials, peer comparison, pros & cons, and listing gain potential.
Company Background
- Established in 2009 by Sanjay Namdeo Salunkhe, Jaro Institute of Technology Management & Research (often called Jaro Education) is a higher education/upskilling platform.
- It offers degree programmes (MBA, MCA, etc.), certification courses, and collaborates with partner institutions, including IITs, IIMs, global business schools (for example, Swiss School of Management, University of Toronto) to provide learning both offline & online.
- It operates through learning centres / offices-cum-centres (~22 as of Mar 2025) in various major cities, plus immersive tech studios on partner campuses.
- The business model includes marketing & sales support, facilitating degree delivery via partner institutions, online + offline mix, certification/upskilling programs.
Jaro Institute IPO Details
| Item | Detail |
|---|---|
| Issue Size (Aggregate) | ₹450 crore |
| Fresh Issue | ₹170 crore |
| Offer for Sale (OFS) | ₹280 crore by promoter Sanjay Namdeo Salunkhe |
| Price Band | ₹846 to ₹890 per share, face value ₹10 each |
| IPO Open / Close Dates | September 23-25, 2025 |
| Lot Size | Minimum application 16 shares; for retail, minimum investment ~₹14,240 at upper band |
| Listing | Proposed on BSE and NSE; tentative listing date around September 30, 2025 |
| Allocation | Retail quota ~35%, QIB ~50%, HNI ~15% |
Company Financials
Here are some key financial data (restated / standalone or consolidated, as per sources) for Jaro Education:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue / Total Income | ~₹124.59 crore in FY2023 | ~₹202.57 crore in FY2024; growth ~63% YoY |
| PAT (Profit After Tax) | ~₹11.42 crore in FY2023 | ~₹38.01 crore in FY2024 |
| EBITDA | Not all sources show detailed past EBITDA, but in FY2024 and FY2023 growth is strong; FY2024 EBITDA reported various sources around ₹60-80 crore range. (InvestorGain shows EBITDA ~₹83.58 crore for FY2025) | |
| Net Worth | Restated net worth ~₹171.55 crore as per FY2025 data (for our purposes, FY2024 transition) | |
| Borrowings / Debt | ~₹51.11 crore as per FY2025 restated data; moderate debt relative to net worth. |
Note: FY2025 detailed numbers from IPO documents are partially available; many metrics refer to FY2024 / restated basis.
Comparison
Because Jaro Education is entering through IPO, direct listed peers are few, but EdTech / upskilling / offline-online hybrid education companies like Aptech, NIIT, etc., serve as benchmarks:
| Peer | Revenue / Margin Example | What Jaro Does Comparatively Well |
|---|---|---|
| Aptech | Long-established in skill development / computer education, more offline presence; margins moderate; slower growth in some years. | Jaro shows faster YoY growth (~63% in revenue between FY23 & FY24), strong profit growth (~230-300% in PAT) |
| NIIT | Similar domain, but more legacy operations; may have heavier cost structures, slower adoption of newer upskilling formats. | Jaro has newer model with immersive tech studios, focus on marketing & scalable partner institution collaboration; possibly leaner cost structure. |
| Other EdTech / Upskilling Players | Some are unlisted; many suffer losses or low profitability early on; high marketing costs; churn etc. | Jaro seems to already be profitable, showing improvement in margins, profitable growth, moderate debt. |
Pros & Cons Summary
Pros
- Strong growth in recent years: revenue & profit both growing rapidly.
- Profitable entity already; not just growth at loss, but showing earnings and positive margins.
- Diverse course offerings (268 courses), partner institutions with strong brands (IITs, IIMs, etc.), offline + tech-studio + online hybrid presence.
- Strong allocation of funds: marketing, debt repayment likely to reduce financial leverage.
Cons / Risks
- High price band (₹846-₹890) means valuation expectations are high; market will expect high performance to justify the price.
- Competition from EdTech and upskilling platforms, which may have better tech, lower cost, or scale advantages.
- Need for constant investment in marketing, tech, and delivery formats; cost pressures (sales, ad spend) may affect margins.
- Offer for Sale portion is large (₹280 crore); promoter selling may indicate part belief in current pricing; this could be perceived as reducing promoter skin-in-the-game for some investors.
- Regulatory / accreditation risk: dependence on partner institutions and regulatory compliance in education sector.
Listing Gain Expectation (Short-Term Outlook)
- Grey Market Premium (GMP) ahead of the issue is being reported around ~12% for Jaro IPO.
- Given strong growth and profitability, if subscription is good, especially from QIBs / institutions, the listing day jump may range between 10-25% under favorable market conditions.
- If the upper price band is chosen and investor sentiment is cautious, gains could be more modest (5-15%).
- If oversubscription is massive, demand pressure could push listing higher; but the cost of high valuation and expectations could temper upside.
Conclusion
Jaro Institute of Technology Management & Research (Jaro Education) IPO appears to be one of the stronger upcoming education sector IPOs. With solid financial performance (sharp revenue & profit growth), good institutional partnerships, diversified course offerings, and a scalable delivery model, it stacks up well versus many newer or loss-making EdTech companies.
For investors, the IPO offers a medium to long-term opportunity to bet on the education and upskilling boom in India. The valuation is on the higher side, so it comes with high expectations. If one is confident in continued growth, good execution, and market conditions, applying at or near the lower end of the price band may provide a better risk/return balance.
Short-term listing gains look plausible under positive subscription and sentiment, but should not be assumed too aggressively due to valuation risk. Overall, the Jaro Education IPO is worth considering for those seeking exposure to a profitable and growing education / upskilling business.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
