Crizac IPO Day 1: Check subscription status, GMP, allotment date & more

The initial public offering (IPO) of Crizac was off to day muted bidding from the investors during the first day of the bidding process from all the categories of the investors. The issue, which kicked off on Wednesday, July 02, shall close for bidding on Friday, July 04.

Crizac is selling its shares in the price band of Rs 233-245 apiece. Investors can apply for a minimum of 61 shares and its multiples thereafter. It is looking to raise Rs 860 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 3,51,02,040 equity shares the promoters of the company.

According to the data, the investors made bids for 49,76,258 equity shares, or 19 per cent, compared to the 2,58,36,909 equity shares offered for the subscription by 1.10 pm on Wednesday, July 02, 2025. The bidding for the issue shall continue for three-days.

The allocation for retail investors was subscribed 30 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 19 per cent. However, the quota set aside for qualified institutional bidders (QIBs) was yet to see any bids as of the same time.

Incorporated in 2011, Kolkata-based Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ).

The grey market premium (GMP) of Crizac has seen a mild rise after a series of decent listings in the last couple of days. Last heard, the company was commanding a premium of Rs 29-30 per share in the unofficial market, suggesting a 12 per cent listing gains for the investors. The GMP stood around Rs 20-22 a day ago.

Analysts mostly have a positive view on this issue. They are positive on rising demand for its services, long-term relationships, rising demand for overseas education, sound financial and cash rich nature of the business. However, pure OFS nature of the issue and geopolitical risks are the major concerns for the company.

Crizag is an established player in the student enrollment space especially in the UK and Canada backed by its proprietary technological platform. It now has plans to foray into US and other prominent markets with a wider range of services. Revenues and Ebitda of the company have grown at a CAGR of 33 per cent and 41 per cent during FY23-25, respectively, said Nirmal Bang Securities.

"It has a negative working capital and asset light model and would benefit from the growing thrust for global higher education amongst the young population amidst huge digitization demand. IPO at higher price band seems fully priced at 28 times its FY25 earnings, however, Co’s niche international education focus and higher ROE provides cushion," it added with a 'subscribe' rating.

Ahead of its IPO, Crizac raised Rs 258 crore from anchor investors as it allocated 1,05,30,612 equity shares at a price of Rs 245 apiece. It has reserved a net 50 per cent offer for qualified institutional bidders (QIBs), while non institutional investors shall have 50 per cent of allocation reserved for them. Retail investors will have 35 per cent of allocation in the net offer.

For the financial year ended on March 31, 2025, Crizac reported a net profit of Rs 152.92 crore with a revenue of Rs 884.78 crore. The company clocked a net profit of Rs 118.90 crore with a revenue of Rs 763.44 crore in the financial year 2023-24. The market capitalization of Crizac stands at Rs 4,287.07 crore.

Marwadi Financial Services assigned “Subscribe” rating to this IPO as the company has a well-entrenched relationship with a global network of institutions of higher education across diverse disciplines along with a scalable proprietary technology platform. Also, it is available at a reasonable valuation as compared to its peers, it said.

Equirus Capital is the sole book-running lead manager of the Crizac IPO, while MUFG Intime India (Link Intime) is the registrar for the issue. Allotment shall be finalized on Monday, July 07and shares of the company shall be listed on both BSE and NSE with Wednesday, July 09 as the tentative date of listing.