Crizac IPO listing forecast: GMP hints at double-digit gains for investors

Crizac IPO listing forecast: The unlisted shares of education-related services provider Crizac were commanding a decent premium in the grey markets ahead of their debut on the bourses. Sources tracking unofficial market activities revealed that the company’s shares were changing hands at around ₹277 each, implying a grey market premium (GMP) of ₹32 or approximately 13.06 per cent over the IPO issue price of ₹245.

 

Notably, the company’s shares are slated to list on the BSE and NSE tomorrow, Wednesday, July 9. Should the current grey market trends sustain, Crizac shares may list at a premium of over 13 per cent. However, it is worth noting that the GMP is an unregulated market indicator and should not be relied upon for assessing the company’s actual market performance. 

Crizac IPO details

The public offering of Crizac, estimated to be valued at ₹860 crore, comprises an entirely offer-for-sale (OFS) by Manish Agarwal and Pinky Agarwal divesting up to 35.2 million equity shares. It was available for subscription from Wednesday, July 2, 2025, till July 4, at a price band of ₹233–245 per equity share with a lot size of 61 shares. Crizac IPO received a decent response from investors, getting oversubscribed by 59.82 times, riding on the back of qualified institutional buyers (QIBs) who oversubscribed the category reserved for them by a whopping 134.35 times, showed the NSE data.

 

The basis of allotment for Crizac IPO shares was finalised on Monday, July 7. The company has set the issue price at ₹245 per share.

 

Crizac will not receive any proceeds from the public issue. "Each of the selling shareholders will be entitled to the respective proportion of the proceeds of the Offer for Sale after deducting their portion of the offer-related expenses and the applicable taxes thereon," the company said in the Red Herring Prospectus (RHP). 

About Crizac

Crizac is a B2B 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, Republic of Ireland, Australia, and New Zealand (ANZ). As of March 31, 2025, the company has around 10,362 registered agents globally who are registered on its proprietary technology platform. During Fiscal 2025, the company also worked in close collaboration with global institutions of higher education. 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.