Crizac’s Rs 860 crore initial public offering (IPO) is in its final leg of bidding today, July 4. The issue, which opened for subscription on July 2, is set to close at 5 pm today.
Let’s take a look at subscription figures of the issue so far to the possible listing price.
Crizac IPO: Grey market sentiment
As of the latest unofficial data, Crizac shares are trading at a grey market premium (GMP) of Rs 32 above the issue’s upper price band of Rs 245. This translates into an estimated listing price of Rs 277, about 13% higher than the IPO price.
However, it is important to remember that GMPs are not officially recognized and can change depending on broader market sentiment.
Crizac IPO: Subscription status so far
The IPO has received a strong response across investor segments. As of the latest update, the overall issue has been subscribed 7.56 times. The retail portion is subscribed 4.80 times, the qualified institutional buyers (QIB) category is at 2.81 times, while the non-institutional investors (NII) segment leads the pack with a 20.33 times subscription.
Crizac IPO: Price band, Lot size and minimum investment
The price band for the Crizac IPO has been set at Rs 233 to Rs 245 per share. The minimum application lot is 61 shares, which means that retail investors need at least Rs 14,945 to place a bid at the upper end of the price band. Investors can bid in multiples of 61 shares thereafter.
Crizac IPO: Anchor investor
Crizac raised Rs 258 crore from anchor investors a day before the IPO opened. The anchor book saw participation from names such as Shamyak Investment (Enam Group led by Akash Bhansali), Aryabhata India Fund (Abakkus Group led by Sunil Singhania), Societe Generale, ICICI Prudential Mutual Fund, Pinebridge Global Funds, Axis Max Life Insurance, and Kotak Mahindra Life Insurance, among others.
Crizac IPO: IPO lead managers
Equirus Capital is the book-running lead manager for the IPO, while MUFG Intime India (formerly Link Intime) is acting as the registrar.
Crizac IPO: About the Company
Crizac is a B2B international student recruitment platform that connects educational agents with global institutions of higher education. The company primarily operates in markets such as the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. Over the past three financial years, Crizac has processed more than 7.11 lakh student applications and works with over 173 institutions worldwide. In India, it has a network of 2,237 active agents, and around 1,711 agents across 39 international locations including Nigeria, Pakistan, Bangladesh, Sri Lanka, Ghana, Vietnam, and Egypt.