Crizac IPO Day 2 update; check subscription status, GMP, key dates

Crizac IPO Day 2 subscription status: The non-institutional investors (NIIs) subscribed about 1.68 times the quota reserved for them

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Crizac IPO Day 2 subscription status: The initial public offering (IPO) of B2B education platform Crizac has received a lacklustre response from investors so far. The SME offering, which opened for public subscription on Wednesday, July 2, has received bids for 5,97,56,088 shares, against 2,58,36,909 on offer, leading to a subscription of 2.31 times at 4 PM on Thursday, showed NSE data.

 

The non-institutional investors (NIIs) subscribed about 4.84 times the quota reserved for them, and the retail investor portion was booked 2.47 times. However, the qualified institutional buyers (QIBs) subscribed only 14 per cent.

 

Ahead of the opening of the issue, Crizac 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)

According to sources tracking unofficial markets, the unlisted shares of Crizac were trading at ₹284, commanding a GMP of ₹39 or 15.9 per cent against the issue price of ₹245, on Thursday, in the grey market.  Track Stock Market LIVE Updates

Crizac IPO review

Analysts have shared mixed views on the Crizac IPO. According to analysts at Geojit Investments, investors should subscribe to the issue from a medium to long-term perspective, given its fair valuation and growth visibility. On the other hand, Deven Choksey Research has assigned a "Neutral" rating to the issue. READ MORE

Crizac IPO details

The company plans to raise ₹860 crore through an offer for sale (OFS) of 35.1 million equity shares. The SME IPO will close for subscription on Friday, July 4, 2025. The basis of the allotment of shares is expected to be finalised on Monday, July 7, 2025. Shares of Crizac are scheduled to be listed on the bourses, BSE and NSE, tentatively on Wednesday, July 9, 2025.

 

The company has set the price band in the range of ₹233 to ₹245 per equity share, with a lot size of 61 shares. A retail investor would require a minimum investment amount of ₹14,945 to bid for one lot and in multiples thereof. 

 

As per the red herring prospectus (RHP), the company will not receive any proceeds from the offer for sale by selling shareholders.

 

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

About Crizac

Kolkata-based Crizac is an education services company engaged in supporting international student recruitment and engagement activities. The company provides a range of services to overseas universities, including student outreach, application processing, and brand support. 

 

Crizac facilitates 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.