Jaro Education plans IPO to raise Rs 600 crore
Jaro Education, which offers online courses in association with universities, has appointed bankers for an initial public offering of shares and is expected to file its initial IPO documents next month. Several edtech companies, including Upgrade, Aakash and Teamlease Edtech have announced plans to enter the public market amid a surge in IPO activities.
Mumbai-based Jaro Education, which collaborates with institutions including IIMs, IITs and top universities, plans to raise ₹600 crore through the IPO. This will comprise an issue of fresh shares worth ₹330 crore and an offer for sale of shares worth ₹270 crore by its founder and employees who together hold the entire stake.
It has hired Nuvama Wealth, Motilal Oswal and Systematix to manage the public issue.
When contacted, Jaro Education confirmed the IPO plan and the appointment of bankers. The company intends to use the proceeds from fresh issue for marketing new programmes, adding a freemium model and for operating expenses.
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