Jaro Education aims to raise Rs 450 cr

New Delhi: Jaro Institute of Technology Management and Research (Jaro Education) on Thursday said it is looking to raise Rs 450 crore through its Initial Public Offering (IPO), which will open for subscription on September 23. In a public announcement, the company said it has fixed a price band of Rs 846 to Rs 890 per share for its maiden public offering.

The company’s IPO --comprises a fresh issue of shares worth Rs 170 crore and an Offer for Sale (OFS) of shares valued Rs 280 crore by promoter Sanjay Namdeo Salunkhe -- is scheduled to conclude on September 25.

Of the fresh issuance, Rs 81 crore has been earmarked for marketing, brand building and advertising activities, Rs 45 crore for payment of debt and the rest for general corporate purposes.