Crizac IPO: Issue booked 29x on day 3 so far, Check latest GMP, allotment date & more

The initial public offering (IPO) of Crizac saw a strong bidding from the investors during the third and final day of the bidding process, thanks to HNI and institutional push. The issue was overall booked 46 per cent on day one, while ended day two with nearly 3 times bidding. 

Crizac, the Kolkata-based B2B education platform, has embarked on its IP) journey, offering shares in a price band of Rs 233-245 each. Investors can apply for a minimum of 61 shares and in multiples thereafter. The company aims to raise Rs 860 crore entirely through an offer-for-sale (OFS) of up to 3,51,02,040 equity shares by its promoters.

According to the data, the investors made bids for 74,34,92,644 equity shares, or 28.80 times, compared to the 2,58,36,909 equity shares offered for the subscription by 02.55 pm on Friday, July 04, 2025. The bidding for the issue, which kicked off on Wednesday, July 02, concludes today.

The allocation for retail investors was subscribed 7.67 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 6175 times. However, the quota set aside for qualified institutional bidders (QIBs) was subscribe 40.98 times as of the same time.

Incorporated in 2011, Crizac provides international student recruitment solutions to global institutions in regions such as the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. The IPO has seen interest in the grey market, with the latest grey market premium (GMP) at Rs 29-30 per share, indicating potential listing gains of around 12%.

Ahead of the IPO, Crizac secured Rs 258 crore from anchor investors by allocating 1,05,30,612 equity shares at Rs 245 apiece. Notably, 50% of the net offer is reserved for qualified institutional bidders (QIBs), while retail investors are allocated 35%, and the remaining 15% is reserved for non-institutional investors. Equirus Capital is the sole book-running lead manager for the issue, with MUFG Intime India appointed as the registrar.

For the financial year ending March 31, 2025, Crizac reported a net profit of Rs 152.92 crore, alongside a revenue of Rs 884.78 crore. This marks an increase from the previous year's figures of Rs 118.90 crore in net profit and Rs 763.44 crore in revenue. The company's market capitalisation currently stands at Rs 4,287.07 crore.

Analysts have expressed a largely positive view on Crizac's IPO, citing the rising demand for its services, strong long-term relationships, and the increasing trend in overseas education. However, the pure OFS nature of the issue and geopolitical risks present concerns. Despite these, the company's sound financial health and cash-rich status provide a solid foundation.

Crizac is valued at P/E of 28 times on FY25 EPS. The company has no listed peers for valuation comparison. Crizac has grown its revenue, Ebitda and PAT PAT at a CAGR of 76 per cent, 42.5 per cent, 17.9 per cent over FY23-25, said Indsec Research with a 'subscribe' rating.

The IPO opened for subscription on July 4, with the basis of allotment expected by July 7. The initiation of refunds and credit of shares to demat accounts are also scheduled around this period. Investors can anticipate the listing of Crizac's shares on both BSE and NSE by July 9.

It offers exposure to the fast-growing global student recruitment sector, backed by strong institutional partnerships, a wide agent network and a tech-driven platform. Its expansion into high-potential markets and B2C services presents promising growth opportunities, said SMC Global. However, high dependence on a few institutions and agents poses key risks, it added with a 'subscribe for long-term rating.

Key dates to remember for this IPO include the opening on July 4 and the closing on July 6. The cut-off time for UPI mandate confirmation is also on July 6. Investors are advised to monitor these dates closely to ensure their participation in this promising investment opportunity.