The Crizac IPO opened for subscription on July 2, 2025, and will remain open until July 4, 2025. The Kolkata-based education company aims to raise ₹860 crore through this initial public offering. The issue is entirely an offer for sale (OFS) of 3,51,02,040 equity shares, meaning the company will not receive any proceeds from the IPO. The funds will go to the promoters, Pinky Agarwal and Manish Agarwal, who are offloading their stake.
Price Band, Lot Size, and Investment
The IPO price band is set at ₹233 to ₹245 per equity share. Investors can bid for a minimum of 61 shares and in multiples thereof. The minimum investment required for retail investors is ₹14,213, but it is suggested to bid at the cutoff price to avoid oversubscription, which is about ₹14,945.
Grey Market Premium (GMP)
As of July 2, 2025, the Grey Market Premium (GMP) for Crizac shares was ₹21, suggesting the shares could list at ₹266, an 8.57% premium over the upper end of the price band. Some reports indicated a GMP of about 9% over the issue price. However, it's important to note that GMP is an unauthenticated market-related news and has no discernible basis.
Subscription Status
By 12:39 AM on day 1, the IPO had been subscribed 0.16 times, with the retail portion subscribed 0.26 times and the NII segment 0.16 times. As of 1:49 PM on the same day, the IPO was subscribed 0.25 times overall, with the retail category at 0.37 times, QIB at 0.00 times, and NII at 0.29 times.
Anchor Investors
Prior to the IPO opening, Crizac raised ₹258 crore from anchor investors, allocating 1,05,30,612 shares at ₹245 per share. Key participants included Societe Generale, Pinebridge Global Funds, and ICICI Prudential MF.
Listing and Allotment
The allotment for the Crizac IPO is expected to be finalized on July 7, 2025. Allotted shares will be credited to demat accounts by July 8, 2025, with refunds for unsuccessful applicants initiated on the same day. The tentative listing date for Crizac shares on BSE and NSE is July 9, 2025.
Company Overview
Crizac Limited, founded in 2011, operates a B2B international education platform connecting universities from the UK, Canada, Ireland, Australia, and New Zealand with global student recruitment agents. As of September 2024, the company had approximately 7,900 agents globally and had processed over 5.95 lakh student applications.
Financial Performance
Crizac has demonstrated robust financial performance in recent years. Revenue has grown at a CAGR of 76% from ₹274 crore in FY23 to ₹849 crore in FY25. EBITDA has grown at a CAGR of 43% from ₹104 crore in FY23 to ₹212 crore in FY25. For the financial year ended March 31, 2025, Crizac reported a net profit of ₹152.92 crore with a revenue of ₹884.78 crore.
Brokerage Recommendations
Several brokerages have given "subscribe" ratings to the Crizac IPO. Canara Bank Securities noted the company's strong financial performance and vast network. Ventura Securities highlighted Crizac's focus on Tier-1 destinations and scalable business model. Gaurav Goel, Founder & Director at Fynocrat Technologies, noted that the company is offered at a moderate valuation band.
Key Considerations
Should You Apply?
Analysts suggest investors to consider subscribing to the IPO, citing reasonable valuation, growth potential and strong financial track record.
