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Last Day! Crizac IPO closes today; subscription rises 5x, GMP at 9%
According to data from the National Stock Exchange (NSE), the Crizac IPO received bids for 12,40,89,128 shares against 2,58,36,909 shares on offer as of 11:03 AM on Friday, July 4. This reflects an oversubscription of 4.80 times.
Among the individual categories, non-institutional investors (NIIs) placed the highest number of bids, oversubscribing their reserved category by 13.14 times. This was followed by retail investors, who bid 3.85 times, and qualified institutional buyers (QIBs) at 0.21 times.
Crizac IPO details
The public offering of Crizac comprises an entirely Offer for Sale (OFS), with promoters Pinky Agarwal and Manish Agarwal divesting up to 35.1 million equity shares.
The IPO is priced in the range of ₹233–₹245 per share, with a lot size of 61 shares. Investors can bid for a minimum of 61 shares and in multiples thereof.
A retail investor would need a minimum of ₹14,945 to bid for one lot (61 shares), assuming the upper price band. The maximum for retail investors is 13 lots (793 shares), amounting to an investment of ₹1,94,285.
Crizac IPO grey market premium (GMP) today
On the final day of subscription, Crizac's unlisted shares were commanding a decent premium in the grey market. Sources tracking unofficial market activity revealed the shares were trading at ₹267 per share, reflecting a GMP of ₹22, or 8.98 per cent, over the upper end of the issue price.
Crizac IPO review
Analysts at the brokerage firm Geojit have recommended that investors subscribe to the Crizac IPO, while those at Deven Choksey Research have assigned a Neutral rating to the offering. READ MORE
Crizac IPO allotment date, listing date
As the IPO closes for subscription today, the basis of allotment is expected to be finalized on Monday, July 7. Shares are expected to be credited to investors' demat accounts on Tuesday, July 8.
Crizac shares are tentatively set to list on the BSE and NSE on Wednesday, July 9 (Note: previously mentioned July 2 appears to be an error, as it precedes the closing date).
Crizac IPO registrar, lead managers
MUFG Intime India (formerly Link Intime) is acting as the registrar for the IPO. Equirus Capital and Anand Rathi Advisors are serving as the book-running lead managers.
Crizac IPO objective
Crizac will not receive any proceeds from the OFS. 'Each of the selling shareholders will be entitled to their respective share of the proceeds from the Offer for Sale, after deducting offer-related expenses and applicable taxes,' the company stated in its Red Herring Prospectus (RHP).
About Crizac
Crizac is a B2B education platform that offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand (ANZ). Headquartered in India, the company has co-primary operations in London, United Kingdom, along with consultants in countries including Cameroon, China, Ghana, and Kenya.
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