Crizac IPO Day 3: Issue subscribed 5x, GMP at Rs 26

Crizac Limited’s IPO is creating ripples on Dalal Street. As the issue enters its final day today (July 4, 2025), it’s drawing strong interest, not just from retail and HNI investors, but also in the grey market. The latest: Crizac’s grey market premium (GMP) has climbed to Rs 26 per share over the issue price, hinting at solid listing gains. But as always, GMP is just one part of the story.

What’s happening today?

Here’s how things stand as of now:

• GMP: Around Rs 26 per share, roughly an 11 per cent premium to the top end of the issue price (Rs 245).
• Subscription:
  • Overall: 5.02x
  • Retail: 3.95x
  • NIIs: 13.92x
  • QIBs: 0.23x

Retail and HNI investors are clearly excited. But institutional buyers? Not as much, at least so far.

Why the demand?

• Sector story: With demand for global education booming post-Covid, Crizac’s niche looks attractive.
• Solid growth numbers: Crizac’s revenue grew from Rs 274 crore in FY23 to Rs 849 crore in FY25 (estimated), with net margins around 18 per cent.
• Small issue size: The Rs 860 crore IPO (entirely offer for sale) means limited float, often a recipe for oversubscription.
• Anchor support: Big names like ICICI Prudential and Pinebridge came in as anchors, lending confidence.

What Crizac does

Crizac is a B2B education services firm based in Kolkata. Its tech-driven platform helps connect international student recruitment agents with universities across the UK, Canada, Australia, Ireland and New Zealand. With over 10,000 agents in over 75 countries, Crizac plays a key role in the global student placement game.

What it means for you

On the face of it, Crizac’s IPO has all the ingredients for a good listing pop: Strong GMP, enthusiastic retail/HNI backing and a solid growth story. But tread carefully. The low QIB participation so far and the fact that this is a full OFS (no fresh funds for the company) are factors to keep in mind. And remember, GMP is no guarantee of what happens on listing day or beyond.

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Disclaimer: This is not a stock recommendation. This story was created with the assistance of artificial intelligence and has been reviewed by human experts for accuracy and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.