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Crizac shares list at 14% premium on bourse, miss IPO GMP forecast
On the National Stock Exchange (NSE), Crizac shares listed at a slightly higher premium of ₹36.05 or 14.71 per cent, at ₹281.05 per share.
Crizac IPO listing came in slightly lower than the grey market estimates. Ahead of their debut, the unlisted shares were changing hands at around ₹286.50 each, implying a grey market premium (GMP) of ₹41.50 or approximately 16.94 per cent over the IPO issue price, according to sources tracking unofficial market activity.
Crizac IPO details
The public issue of Crizac comprised an entirely offer-for-sale (OFS) by Manish Agarwal and Pinky Agarwal, who divested up to 35.2 million equity shares, estimated to be valued at around ₹860 crore.
Crizac IPO was open for subscription from July 2 to July 4, at a price band of ₹233–₹245 per equity share, with a lot size of 61 shares. The public issue garnered strong demand among investors, getting oversubscribed by 59.82 times. This was led by Qualified Institutional Buyers (QIBs), who oversubscribed the category reserved for them by a whopping 134.35 times, according to NSE data.
The basis of allotment for Crizac IPO shares was finalised on July 7, with the company setting the issue price at ₹245 per share.
Crizac, in its Red Herring Prospectus (RHP), said that it 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 RHP reads.
About Crizac
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. It is a B2B education platform for agents and global institutions of higher education, offering international student recruitment solutions to global institutions.
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