Crizac IPO subscribed nearly 60 times on Day 3; check latest GMP & other details

The initial public offering (IPO) of Crizac Ltd concluded with a solid subscription rate of 59.82 times on its last day of bidding. The offering on Friday witnessed bids amounting to 1,54,56,72,839 shares against the available 2,58,36,909 equity shares. The company sold its shares in the price band of Rs 233-245.

The response from investors was particularly strong among qualified institutional buyers (QIBs), who subscribed 134.35 times to their portion, followed by non-institutional investors (NIIs) at 76.15 times. Retail investors also showed decent interest, subscribing 10.24 times.

Crizac reported a significant increase in its financial performance for fiscal 2025. The company's revenue rose by 33.81 per cent, reaching Rs 849.49 crore, primarily due to increased commissions from its education consultancy services. Profit after tax (PAT) grew by 28.62 per cent, amounting to Rs 152.93 crore.

Equirus Capital Pvt Ltd and Anand Rathi Advisors Ltd were appointed as book-running lead managers, while MUFG Intime India Pvt Ltd acted as the registrar for the issue. Crizac, headquartered in India, has substantial operations in London and consultants in various countries, employing 368 people and 12 consultants as of March 31, 2025.

Crizac's operations extend across numerous nations including Cameroon, China, Ghana, and Kenya, with a strong focus on leveraging global education consultancy opportunities. This geographical diversification supports its revenue growth strategy.

The basis of allotment for the IPO is likely to be finalised by July 7, with refunds initiated and shares credited to demat accounts around the same time. Crizac's shares are expected to be listed on both BSE and NSE by July 9.

At last check, Crizac's latest grey market premium (GMP) was Rs 29 per share, suggesting potential listing gains of around 11.84 per cent.