Jaro Institute of Technology Management and Research Ltd., which operates under the brand Jaro Education, is all geared up to launch its initial public offering on Tuesday.
The educational institute will raise up to Rs 450 crore through the sale of equity, as well as the fresh issue of shares. The IPO will open on Sept. 23 and will close on Sept. 25.
The price band is set at Rs 846 to Rs 890 per share. The Rs 450-crore IPO is a combination of a fresh issue of Rs 170 crore and an offer for sale of shares worth Rs 280 crore by promoter Sanjay Namdeo Salunkhe.
Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the book-running lead managers, while Bigshare Services Pvt. is the registrar of the offer.
The allotment of shares to IPO investors will be on Sept. 26. Jaro Institute will list on the BSE and NSE on Sept. 30.
The lot size for an application is 16, which means the minimum amount of investment required by a retail investor is Rs 14,240 based on the upper price band. Small institutional investors will need to buy a minimum of 15 lots aggregating to 240 shares, which means they will need to invest Rs 2.13 lakh and big institutional investors will have to buy a minimum of 71 lots, that is an investment of at least Rs 10.11 lakh.
The company will seek investments from large institutions under the pre-IPO anchor round on Sept. 22.
Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors Ltd., and Systematix Corporate Services Ltd. are the book-running lead managers.
