By Mohammad Haris,News18

Copyright news18

Jaro Institute IPO GMP Today: The initial public offering (IPO) of Jaro Institute Ltd, an online higher education and skilling platform, is going to be closed today, Thursday, September 25. The price has been fixed at Rs 846-890 per share. Till 11:45 am on the final day of bidding on Thursday, the Rs 450-crore IPO received a 3.86x subscription, garnering bids for 1,36,70,544 equity shares against 35,39,326 equity shares on offer.
The retail and NII participation stood at 3.73x and 8.36x, respectively. The QIB category was subscribed by 0.72x.
Jaro Institute IPO GMP Today
According to market observers, unlisted shares of Jaro Institute Ltd are currently trading at Rs 1,005 against the upper IPO price of Rs 890. It means a grey market premium or GMP of Rs 115, which is 12.92% over its issue price, indicating mild listing gains.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The IPO will be listed on both the BSE and the NSE.
Jaro Institute IPO Allotment Date & Listing Date
The allotment of the IPO will take place on Friday, September 26. Its listing will take place on September 30 on both the BSE and the NSE.
Jaro Institute IPO Details
The IPO is a book-build issue of Rs 450 crore, comprising a fresh issue of 0.19 crore shares aggregating to Rs 170.00 crores and an offer for sale of 0.31 crore shares aggregating to Rs 280.00 crore.
The price band of the IPO has been fixed at Rs 846 to Rs 890 per share . The lot size for an application is 16. The minimum amount of investment required by a retail investor is Rs 14,240 (16 shares) (based on upper price). The lot size investment for small NII is 15 lots (240 shares), amounting to Rs 2,13,600, and for big NII, it is 71 lots (1,136 shares), amounting to Rs 10,11,040.
The Company Jaro Institute IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

Objects of the Issue
Expected Amount (Rs in crore)

Marketing, brand building and advertising activities

Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company

General corporate purposes

Nuvama Wealth Management Ltd is the book-running lead manager and Bigshare Services Pvt Ltd is the registrar of the issue.