The initial public offering (IPO) of Jaro Institute of Technology Management and Research Ltd, widely known as Jaro Education, received an 87% subscription on the first day of its share sale on Tuesday.

According to data available on the NSE, the IPO received bids for 32,41,168 shares against 37,23,404 shares on offer.

Among investor categories, the quota for non-institutional investors (NIIs) was oversubscribed at 1.82 times, while the retail individual investors (RIIs) portion saw a 69% subscription. The Qualified Institutional Buyers (QIBs) category received 47% subscription on day one.

A day prior to opening the IPO, Jaro Education raised ₹135 crore from anchor investors. The public issue, with a price band of ₹846 to ₹890 per share, will close on September 25.

The IPO comprises a fresh issue of shares worth ₹170 crore and an Offer for Sale (OFS) of shares valued at ₹280 crore by promoter Sanjay Namdeo Salunkhe.

Of the net proceeds from the fresh issue, ₹81 crore has been allocated for marketing, brand building, and advertising activities, ₹45 crore for debt repayment, and the balance for general corporate purposes.

Founded in 2009 by Salunkhe, Jaro Education offers a wide range of degree and certification programmes in collaboration with prestigious institutions. As of March 2025, it operates 22 offices-cum-learning centres across major cities for offline learning and 17 immersive tech studios at IIM campuses.

It collaborates with 36 leading institutions, including IITs, IIMs, the Swiss School of Management, and the Rotman School of Management (University of Toronto), offering a portfolio of 268 courses across diverse fields.

Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are the book-running lead managers for the IPO, while Bigshare Services acts as the registrar.