| Photo Credit:
iStock.com
Shares of Crizac will be listed on the bourses today. The IPO saw an overwhelming response from all categories of investors, with subscriptions reaching 59.8 times. The initial public offering of Crizac, with a price band of ₹233-245, received bids for 154.57 crore shares, against 2.58 crore shares on offer.
The company fixed the issue price at ₹245. According to analysts, the stock may list with a premium of 15-20 per cent.
The ₹860-crore IPO from the B2B education platform, which caters to agents and global institutions of higher education, was entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwal.
Both non-institutional and qualified institutional buyers became more aggressive, as their reserved quotas saw subscriptions of 76.15 times and 134.35 times, respectively. The portion reserved for retail investors was also subscribed 10.24 times.
As part of the IPO process, Crizac had garnered ₹258 crore from anchor investors by allocating 1,05,30,612 shares at ₹245 a share, ahead of the issue opening.
Some of the marquee Institutions that participated in the anchor include Societe Generale, Pinebridge Global Funds, Shamyak Investment Private Limited (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.
Global institutions of higher education that Crizac has worked with include the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University and Swansea University.
Crizac is based in India with co-primary operations in London. In addition, it has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of March 31, 2025, it had a team of 368 employees and 12 consultants.
Equirus Capital Pvt Ltd and Anand Rathi Advisors Ltd are the book-running lead managers, and MUFG Intime India Private Ltd is the registrar of the issue.
Published on July 9, 2025
