The Initial Public Offer (IPO) of Crizac Ltd, a student recruitment solutions provider, received 2.75 times subscription on the second day of bidding on Thursday. According to the National Stock Exchange data, the Rs 860-crore initial share sale got bids for 7,09,51,174 shares against 2,58,36,909 shares on offer.
Category-wise subscription
The non-institutional category investors fetched 6.28 times subscription, while the Retail Individual Investors (RIIs) category got subscribed 2.71 times. The Qualified Institutional Buyers (QIBs) portion received 15 per cent subscription.
Crizac’s IPO is entirely an offer for sale (OFS) of equity shares worth Rs 860 crore by promoters with no fresh issue component, as per the red herring prospectus. The price band in the IPO is fixed at Rs 233-245 per share.
Earlier on Tuesday, Crizac said it has garnered Rs 258 crore from anchor investors. The initial public offering (IPO) will conclude on Friday.
Who are the promoters of Crizac?
The OFS consists of the sale of equity shares by Crizac’s promoters, Pinky Agarwal and Manish Agarwal, worth Rs 723 crore and Rs 137 crore, respectively. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. The company, which had proposed to raise Rs 1,000 crore in November last year, has trimmed the issue size to Rs 860 crore. It did not provide any specific reason for the downward revision in the offer size.
The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.The company’s shares will be listed on the BSE and NSE.Equirus Capital and Anand Rathi Advisors are the book-running lead managers for the IPO