Ahead of Jaro Education IPO, promoter sells Rs 115.1-cr shares to 14 investors, including Abakkus, at valuation of nearly Rs 2,000 cr

Jaro Education IPO

Mumbai-based Jaro Institute of Technology Management and Research, the online higher education provider under the Jaro Eduction platform, has raised Rs 115.1 crore from 14 investors including Abakkus, Singularity AMC, and Subhkam Ventures last week.

This fund raising may be a step before the launch of IPO, though this entire share transfer through secondary sale is not a part of offer-for-sale proposed by promoter in the IPO.

SEBI has cleared Jaro Education IPO papers in May 2025 and the said draft papers were filed by the company in September 2024.

Jaro Institute of Technology Management and Research (JITMR) is planning to raise Rs 570 crore through its initial share sale which consists of fresh issuance of shares worth Rs 170 crore, and an offer-for-sale of Rs 400 crore worth shares by promoter and founder Sanjay Namdeo Salunkhe.

Last week on August 21 and 22, promoter Salunkhe has transferred 12,93,259 equity shares (equivalent to 6.39 percent of pre-offer paid-up equity) to 14 investors at Rs 890 per share, valued at Rs 115.1 crore, as per the notice to investors on August 23.

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Madhusudan Kela- and Yash Kela-founded Singularity AMC was the largest investor amongst them, which through Singularity Growth Opportunities Fund-II and Singularity Equity Fund-I acquired 4,49,438 shares (2.22 percent pre-offer stake) worth Rs 40 crore in Jaro Education.

Well known investor Sunil Singhania-backed Abakkus Asset Manager was the second largest buyer as Abakkus Diversified Alpha Fund picked 3,93,258 lakh shares (1.94 percent pre-offer stake) valued at Rs 35 crore. This follows Subhkam Ventures which bought 2,80,899 shares (1.39 percent stake) worth Rs 25 crore.

The remainder 0.84 percent stake or 1,69,664 shares sold by promoter were bought by other 10 investors including Reina Ramesh Jaisinghani, Nikhil Jaisinghani, Rakesh Agrawal, and Reshma Kukreja.

As per the DRHP, promoters had held 85.03 percent stake in Jaro Education, and the remainder 14.97 percent shares are owned by public shareholders.

Jaro Education, which is valued at Rs 1,970.5 crore at the recent transaction price, proposed to spend Rs 81 crore of the fresh issue proceeds for marketing, brand building and advertising activities. Further, Rs 48 crore will be used for repayment of certain borrowings, and the remainder funds for general corporate purposes.

Founded in 2009, Jaro Education, which does not have comparable peer in the listed space in India, is one of India’s leading online higher education and upskilling platform companies, having a pan-India presence with over 23 offices-cum-learning centres and providing more than 120 programs of diverse domains.

The merchant bankers managing the Jaro Education IPO are Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services.