Crizac IPO fully subscribed on Day 2 on NII, retail push; GMP rises to 15%
ADVERTISEMENT The offer received bids for 2.73 crore shares against 2.58 crore shares on offer. Demand was led by non-institutional investors (NIIs), who subscribed 1.77 times their allocated quota, followed by retail investors at 1.31 times. The qualified institutional buyers (QIB) segment saw a subscription of 10%.
In the grey market, Crizac shares were trading at a premium of Rs 36–39, up from Rs 22–25 on Day 1, indicating a grey market premium (GMP) of around 15%, compared to 9% earlier.
The Rs 860 crore IPO is entirely an offer-for-sale (OFS) of 3.51 crore equity shares, priced in a band of Rs 233–245 per share. The issue closes on July 4, and the listing is expected on July 9 on both BSE and NSE.
Founded in 2011, Crizac operates a B2B international education platform that connects universities in the UK, Canada, Ireland, Australia, and New Zealand with a global network of over 10,000 student recruitment agents. It sources applications from more than 75 countries via its proprietary tech platform. The company has demonstrated robust growth — revenue rose from Rs 274 crore in FY23 to Rs 849 crore in FY25, marking a CAGR of 76%. Net profit grew from Rs 110 crore to Rs 152 crore over the same period. FY25 EPS stood at Rs 8.74, with a net margin of 18%.
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Crizac is a debt-free company with strong cash flows, reflecting a healthy balance sheet. At the upper price band, the IPO is valued at a P/E of 28x and P/B of 9x based on FY25 earnings — roughly in line with its listed peer IndiaMART.
Analysts say Crizac is well-positioned to benefit from India's growing overseas education market, projected to cross 2.5 million outbound students by 2030. Its scalable B2B model, focus on Tier-1 geographies, and proprietary platform give it a unique edge.
ADVERTISEMENT However, potential investors should monitor regulatory tightening in key markets like the UK and Canada, which could impact student inflows and growth momentum.'Crizac combines digital scale, a rising global education trend, and consistent financial performance — elements that long-term investors typically prize. Subscribe for long-term gains,' said Canara Bank Securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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