Crizac made its stock market debut today. The stock listed at a premium of Rs 280 on the BSE, a gain of 14.29% over the issue price. On the NSE, Crizac shares opened at Rs 281.05, a premium of 14.71%.
Let’s take a look at the key highlights of the issue –
Crizac IPO: Offer details and subscription figures
The Rs 860 crore initial public offering was entirely an offer-for-sale (OFS) of 3.51 crore equity shares by the company’s foreign partner, with no fresh issue component.
In a simpler note, it means the proceeds will go directly to the selling shareholder and not to the company.
This mainboard issue was opened for subscription on July 2. It closed its three day bidding window on July 4.
During its three day bidding, it saw a strong response from all categories of investors. The overall subscription stood at a 62.89 times, with QIBs subscribing 141.27 times, NIIs 80.07 times, and the retail portion 10.74 times.
Crizac IPO: Anchor investment
Ahead of the IPO, Crizac raised Rs 258 crore from anchor investors on July 1 by allotting 1.05 crore shares at Rs 245 per share.
The anchor book saw participation from well-known institutions such as Societe Generale, Pinebridge Global Funds, Enam Group’s Shamyak Investment, ICICI Prudential Mutual Fund, Allianz Global Investors, 360 One Equity Opportunity Fund, and Axis Max Life Insurance, among others.
Crizac IPO: IPO structure and allocation
It followed a book-building route, with 50% of the offer reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail individual investors.
The issue was managed by Equirus Capital as the lead book-running manager, with MUFG Intime India Private Limited as the registrar.
About Crizac
The company was founded in 2011. It operates in the B2B education space, providing student recruitment solutions to higher education institutions in countries like the UK, Australia, Canada, Ireland, and New Zealand.