Jaro Education all set for IPO

Jaro Education, an online course provider, is set to submit its initial public offering (IPO) documents next month with the aim of raising Rs 600 crore from the market.

The IPO will consist of new shares worth Rs 330 crore and an offer-for-sale of Rs 270 crore by the founder, Sanjay Salunkhe, who holds almost 95 percent ownership in the company, while the remaining shares are held by employees.

Based in Mumbai, Jaro Education collaborates with prestigious institutions like IIMs, IITs, and top universities. The funds generated from the new shares will be used for marketing new programs, implementing a freemium model, and covering other operational expenses.

For managing the public issue, Jaro Education has appointed Nuvama Wealth, Motilal Oswal Financial Services, and Systematix. The company confirmed its IPO plans and the selection of bankers when contacted by Moneycontrol.

Established in 2009 by Sanjay Salunkhe, Jaro Education has been profitable since its inception and is self-funded. In the fiscal year 2023, its revenue increased by 47 percent to Rs 122 crore, and the operating profit grew by 37 percent to Rs 26 crore over the past year.