Crizac IPO Off to a Flying Start—Retailers Rush In, GMP Buzzes with Listing Hopes

Image Source: ET Now

Crizac Limited’s ₹860 crore IPO kicked off with robust investor interest on July 2, 2025, closing its first day with a 48% overall subscription by 5:00 PM. The offering, which is open until July 4, is entirely an offer-for-sale by promoters Pinky and Manish Agarwal, with a price band set at ₹233–₹245 per share and a minimum lot size of 61 shares.

Key Highlights:

Subscription Status:

Overall: 0.48x (48%) subscribed by end of Day 1.
Retail Investors: Subscribed 0.63x (63% of quota).
Non-Institutional Investors (NII): Subscribed 0.65x (65% of quota).
Qualified Institutional Buyers (QIB): Subscribed 0.09x (9% of quota), with late entry from Foreign Institutional Investors (FIIs).

Grey Market Premium (GMP):

Ranged from ₹21 to ₹39 during the day, with most sources quoting ₹22–₹32.
Indicates potential listing gains of 9–13% over the upper price band, with shares trading at ₹277–₹284 in the unofficial market.

IPO Details:

Issue Size: ₹860 crore (3.51 crore shares).
Type: 100% offer-for-sale, no fresh issue.
Bidding Window: July 2–4, 2025.
Tentative Listing: July 9, 2025, on BSE and NSE.
Anchor Investors: Raised ₹258 crore from marquee global and domestic funds at ₹245 per share before public bidding.

Company Profile:

Crizac, founded in 2011, is a B2B international education platform connecting universities in the UK, Canada, Ireland, Australia, and New Zealand with over 10,000 student recruitment agents across 75+ countries.
FY25 revenue: ₹884.78 crore; FY25 profit: ₹152.93 crore.

Investor Sentiment:

Retail and high-value NII investors drove early demand, while QIB participation picked up late in the session, led by foreign funds.
The GMP signals moderate optimism for listing gains, though grey market trends can change rapidly.

Source: News18, Financial Express, IPOWatch, Economic Times, HDFC Sky, Chittorgarh, NDTV Profit, Business Today.