Mumbai-based Jaro Institute of Technology, the online higher education and upskilling platform, has raised Rs 135 crore of its Rs 450-crore initial public offering, via anchor book on September 22.
The initial share sale will open for public subscription during September 23-25, with price band of Rs 846-890 per share.
Jaro Education in its filing to exchanges on Monday said it has finalised allocation of 15,16,853 equity shares to anchor investors at Rs 890 per share.
Total 15 institutional investors participated in the anchor book including asset management companies like Whiteoak Capital, and ITI Mutual Fund which invested Rs 21.49 crore for 2.41 lakh shares in Jaro Education.
Citi Group, Nomura Singapore, Abbakus Asset Manager, Singularity Equity Fund, 360 ONE, and Societe Generale also invested in the company through anchor book.
Jaro Education is raising Rs 170 crore through issuance of fresh shares, while promoter Sanjay Namdeo Salunkhe will be offloading shares worth Rs 280 crore via offer-for-sale.
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The company will spend Rs 81 crore of fresh issue proceeds for marketing, brand building and advertising activities. Further, Rs 45 crore will be used for repayment of certain outstanding borrowings, and the remaining amount for general corporate purposes.
Jaro Education that valued at nearly Rs 2,000 crore provides a diversified range of online degree programs as well as cross-disciplinary certification courses, in partnership with 36 partner institutions, including 16 Tier-1 universities and institutions (IIMs, IITs and Tier-2 universities and institutions).
The merchant bankers handling the Jaro Education IPO are Nuvama Wealth Management, and Motilal Oswal Investment Advisors.
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