Jaro Institute of Technology Management and Research Limited’s initial public offering (IPO) has seen significant demand, being oversubscribed by 2.16 times as of Thursday morning, the final day of a three-day subscription period. The IPO attracted bids for 80.57 lakh shares against the 37.23 lakh shares on offer.
Retail individual investors (RIIs) demonstrated the strongest participation, resulting in a 2.21 times oversubscription. In this category, bids totaled 41.16 lakh shares against a reserved 18.61 lakh shares. Non-institutional investors also showed substantial interest, oversubscribing their portion by 4.04 times, with bids amounting to 32.20 lakh shares compared to the allocated 7.97 lakh shares. Particularly, investors bidding between ₹2-10 lakh showcased a noteworthy appetite, achieving a 4.40 times oversubscription within this segment.
Conversely, qualified institutional buyers (QIBs) exhibited a more subdued response, subscribing only 0.68 times their allotted shares. This category received bids for 7.19 lakh shares against the reserved 10.63 lakh shares, with foreign institutional investors contributing 3.71 lakh shares to the overall bids.
The IPO, priced between ₹846 and ₹890 per share, aims to raise capital through the issuance of 37.23 lakh equity shares, each with a face value of ₹10. Systematix Corporate Services Limited serves as the book running lead manager, while Nuvama Wealth Management Limited and Motilal Oswal Investment Advisors Limited are acting as co-managers.
