Crizac gains 34% in two days of listing; Abakkus Asset buys 2.1% equity

Crizac share price hit all time high in trade, jumping 8.6 per cent in trade at ₹334.15 per share on BSE

Crizac share price registered an all-time high on BSE, at ₹334.15 per share, a day after listing on the bourses. The stock extended rally for the second session and was up nearly 34 per cent.

 

At 11:07 AM, Crizac shares were up 7.72 per cent at ₹331.2 per share on the BSE. In comparison, the BSE Sensex was down 0.34 per cent at 83,248.68. The company's market capitalisation stood at ₹5,759.55 crore. The stock got listed at ₹281.05 per share and its initial public offer (IPO) issue price was at ₹245 per share.

What led to rally in Crizac a day after listing?

The buying on the counter came after ace investor Sunil Singhania's Abakkus Asset Manager bought 3.67 lakh shares (2.1 per cent stake) at ₹298.33 per share of the company on the National Stock Exchange (NSE). The transaction was worth ₹1,095,876,110.

 

Abakkus is an asset management firm primarily investing in listed Indian equities. 

Crizac IPO listing

Shares of education-related services provider Crizac made a positive debut on Dalal Street on Wednesday, following the completion of their initial public offering (IPO). Crizac shares listed at ₹280 per share, reflecting a premium of ₹35 or 14.29 per cent over the issue price of ₹245 per share.

 

On the NSE, Crizac shares listed at a slightly higher premium of ₹36.05 or 14.71 per cent, at ₹281.05 per share.

 

The public issue of Crizac comprised an entirely offer-for-sale (OFS) by Manish Agarwal and Pinky Agarwal, who divested up to 35.2 million equity shares, estimated to be valued at around ₹860 crore.

 

Crizac IPO was open for subscription from July 2 to July 4, at a price band of ₹233–₹245 per equity share, with a lot size of 61 shares. The public issue garnered strong demand among investors, getting oversubscribed by 59.82 times. This was led by Qualified Institutional Buyers (QIBs), who oversubscribed the category reserved for them by a whopping 134.35 times, according to NSE data.

 

About Crizac

Crizac is based in India, with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya. It is a B2B education platform for agents and global institutions of higher education, offering international student recruitment solutions to global institutions.