The Rs 860 crore Crizac IPO, which saw overwhelming investor interest across categories, finalised its allotment on July 7. The book-built issue was entirely an offer for sale (OFS), with promoters offloading 3.51 crore shares. Bidding for the IPO opened on July 2 and concluded on July 4.
Crizac set its price band at Rs 245 per share. The IPO was subscribed a 62.89 times overall. Qualified Institutional Buyers (QIBs) led the charge with a massive 141.27 times subscription, while Non-Institutional Investors (NIIs) followed at 80.07 times. The retail portion was also solid, getting booked 10.74 times.
The company is expected to debut on the stock exchanges BSE and NSE on Wednesday, July 9. Equirus Capital Private Limited is the book-running lead manager for the issue, and MUFG Intime India (formerly Link Intime) is handling the registrar duties.
CRIZAC limited IPO Allotment Status Live
CRIZAC IPO Allotment Live: Bajaj Broking on the IPO
“For the last three fiscals, the company has (on a proforman consolidated basis) posted an average EPS of Rs. 7.70 and an average RoNW of 35.16 %. The issue is priced at a P/BV of 8.52 based on its NAV of Rs. 28.76 as of December 31, 2024, as well as on post-IPO NAV. If we attribute FY25 earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 28.03. Based on FY24 earnings, the P/E stands at 36.35,” said Bajaj Broking in an IPO note.
CRIZAC IPO Allotment Live: Key players of the issue
Equirus Capital is leading the Crizac IPO as the book-running manager, overseeing the issue’s execution and investor outreach. Supporting the process on the backend is MUFG Intime (formerly known as Link Intime), acting as the registrar responsible for handling share allotments, refunds, and related investor services.
CRIZAC IPO Allotment Live: Grey market trend
During the IPO period, Crizac’s shares were active in the grey market, where the grey market premium (GMP) reportedly touched Rs 42 on the final day of bidding. This hinted at expectations of a listing price above the issue’s upper band of Rs 245.
As of the latest, the shares of company is trading at a premium of Rs 43. This indicates currently of an estimated listing price of Rs Rs 288, which is 17.55% above the upper price band of 245.
However, it is important to note that GMP is not official and does not guarantee listing performance, as it may change based on broader market sentiment. Investors who applied for the IPO can check their allotment status online through the registrar’s website or via the BSE/NSE portals after July 7. With the listing date set for July 9, all eyes are now on how the stock debuts.
CRIZAC IPO Allotment Live: Business overview and financial snapshot
Crizac operates in the business-to-business (B2B) international student recruitment space, where it connects education agents with universities and colleges across countries like the UK, Canada, Ireland, Australia, and New Zealand.
As of September 2024, the company had a global network of over 7,900 agents. On the financial front, Crizac has reported a compound annual growth rate (CAGR) of 76% in revenue over the past three years. For the financial year 2024–25, the company posted revenue of Rs 849 crore.
CRIZAC IPO Allotment Live: Investor Response and subscription breakdown
Crizac’s IPO saw strong demand from investors across all categories. The public issue was subscribed 59.82 times overall. The Qualified Institutional Buyers (QIBs) subscribed 134.35 times. The Non-Institutional Investors (NII) category saw a subscription of 76.15 times, while retail investors subscribed 10.24 times.
Ahead of the main issue, Crizac raised Rs 258 crore from anchor investors, including institutions like ICICI Prudential Mutual Fund, Axis Max Life Insurance, and Pinebridge Global Funds.
Crizac launched its Rs 860 crore initial public offering (IPO) as a book-built issue, entirely structured as an Offer for Sale (OFS). This means the company itself will not receive any proceeds from the issue-only existing shareholders are selling their stakes. A total of 3.51 crore equity shares were put on offer. The IPO opened for bidding on July 2, and closed on July 4.
The allotment status is expected to be finalised today July 7, with refunds and credit of shares to Demat accounts scheduled for July 8. The stock is expected to list on both the NSE and BSE on July 9. The price band was set between Rs 233 to Rs 245 per share, and retail investors were required to apply for a minimum of 61 shares per lot, amounting to an investment of Rs 14,945 at the upper price band.