Crizac invites bids for ₹860 crore IPO: GMP 8%, should you subscribe?

Crizac IPO: The initial public offering (IPO) of B2B education platform Crizac will open for public subscription today, July 2, 2025. At the upper price band, the company aims to raise ₹860 crore. 

 

Ahead of the opening of the issue, Crizac has raised ₹258 crore from anchor investors. The company allocated 10.53 million equity shares at the upper price band of ₹245 per share with a face value of ₹2 per share, according to the exchange filing.

 

Societe Generale, Pinebridge Global Funds, Shamyak Investment (Enam Group), Aryabhata India Fund (Abaccus Group), ICICI Prudential MF, Allianz Global Investors Fund, Carnelian Bharat Amritkaal Fund, 360 One Equity Opportunity Fund, Motilal Oswal MF, Bandhan MF, Axis Max Life Insurance and Kotak Mahindra Life Insurance were the institutions that participated in the anchor.

Crizac IPO grey market premium (GMP)

The unlisted shares of Crizac were trading at ₹266 in the grey market, up ₹21 or 8.5 per cent from the upper end price, according to sources tracking unofficial market activities.

Here are the key details of the Crizac IPO:

Crizac IPO is a book-built issue comprising an offer-for-sale (OFS) of 35.1 million shares aggregating to ₹860 crore.

Crizac IPO lot size, price band

Crizac IPO is available at a price band of ₹233-245 per share, with a lot size of 61 shares. Accordingly, investors can bid for a minimum of one lot or 61 shares of Crizac and in multiples thereof.

 

The minimum amount required by a retail investor to bid for the IPO is ₹14,945 at the upper end price. A retail investor can bid for a maximum of 13 lots or 793 shares, amounting to ₹1,94,285.

Crizac IPO allotment date, listing date

The three-day subscription window to bid for the issue will conclude on Friday, July 4, 2025. Following the closure of the subscription window, the basis of allotment of shares is likely to take place on Monday, July 7, 2025.

 

Shares of Crizac are scheduled to make their D-street debut on Wednesday, July 9, 2025, by listing on the BSE and NSE.

Crizac IPO registrar, lead manager

MUFG Intime India, formerly Link Intime, is the registrar for the issue. Equirus Capital and Anand Rathi Advisors are the book-running lead managers.

Crizac IPO objective

The company will not receive any proceeds from the offer for sale by selling shareholders.

Should you subscribe to the Crizac IPO?

Deven Choksey Research - Neutral

According to analysts at Deven Choksey Research, the Crizac IPO is priced at 28.0 FY25 EPS (earnings per share), which appears fairly valued, compared with the global peer group median valuation of 23.4x FY25 EPS. 

 

The brokerage has assigned a "Neutral" rating to the issue. 

 

"Crizac operates in a very fragmented industry consisting of many informal players. Over the years, it has built a niche in providing services to students opting for international education. Within a short period, it has built a presence in the UK and UAE, aiding in market reach and service delivery," the brokerage said in a note.  

Geojit Investments - Subscribe

Analysts at Geojit Investments recommend investors to subscribe to the issue from medium to long term perspective citing fair valuations and growth visibility. 

  "At the upper price band of ₹245, Crizac’s FY25 P/E ratio of 28x appears fairly priced. The company has built a strong foothold in the international higher education consultancy sector, supported by enduring partnerships with prestigious global institutions," the brokerage said. 

 

In addition, with strategic plans to expand into the US market and diversify into B2C services, Crizac is well-positioned to drive revenue growth and improve profitability.

About Crizac

Kolkata-based Crizac is a B2B (business-to-business) education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ). The company provides a range of services to overseas universities, including student outreach, application processing, and branding support.  Its operations are structured to facilitate interaction between students in India and educational institutions abroad through a combination of local presence and digital tools, and through an international footprint, enabling coordination with partner institutions.