The Rs 5.35-crore IPO of Jointeca Education Solutions has opened for subscription today. The company has fixed an issue price at Rs 15 per share; for which the bids can be made for minimum 8000 shares and in multiples of 8000 shares thereafter.

Public issue of 35,68,700 equity shares will close on August 21. Out of total issue size 5,04,000 equity shares will be reserved for subscription by market makers.

Jointeca offers educational ERP solutions through its product GuruSeva and its business is concentrated mainly in the Northern Region of India. Company provides services to all kinds of educational institutions and also offers online education through website portal www.shiklo.in.

Issue proceeds are proposed to be used for expanding product Guruseva (educational ERP solution) under BOOT model through cloud computing solutions, establishing and expanding infrastructure for B2B educational portal www.shiklo.in, and the promotion and branding expenses for setting up robust sales network for products.

Equity shares are going to be listed on the BSE SME platform.

Ajcon Global Services Limited is the book running lead manager to the issue.