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Crizac IPO GMP Today: Unlisted shares of Crizac Ltd are currently trading at Rs 277 over its upper IPO price of Rs 245. The GMP of Rs 32 or 13.06% indicates mild listing gains.
Crizac Ltd, a B2B education platform founded in 2011, facilitates international student recruitment for global institutions.
Crizac IPO GMP Today: The initial public offering of student recruitment solution provider Crizac opened today, Wednesday, July 2, for a three-day bidding. The mainboard IPO aims to raise Rs 860 crore. Till 5:00 pm on the first day of bidding on Wednesday, the issue received a 0.48 times subscription, garnering bids for 1,17,82,638 shares as against the 2,45,71,427 shares on offer.
The retail and NII participation stood at 0.63x and 0.65x, respectively. The QIB category received a 0.09x subscription.
Crizac Ltd, a B2B education platform founded in 2011, facilitates international student recruitment for global institutions across the UK, Canada, Ireland, Australia, and New Zealand through a network of over 7,900 agents in more than 75 countries via its proprietary tech platform.
Crizac IPO GMP Today
According to market observers, unlisted shares of Crizac Ltd are currently trading at Rs 277 over its upper IPO price of Rs 245. It means a grey market premium or GMP of Rs 32, which is 13.06% over its issue price, indicating mild listing gains for investors.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Crizac IPO Price And Lot Size
The price band of the IPO has been fixed in the range of Rs 233 to Rs 245 apiece.
Its minimum lot size is 61. It means investors will have to apply for a minimum of 61 shares or in multiple thereof.
Retail investors require a minimum capital of Rs 14,945 to apply for the IPO.
Crizac IPO: Should You Apply?
Crizac Limited, a B2B international education platform, has received largely positive reviews from brokerages for its initial public offering (IPO), with most recommending investors to subscribe to the issue. The company’s strong financials, tech-driven platform, and global presence have contributed to optimism, though a few concerns remain around regulatory risks and concentration of revenue from top institutions.
SBI Securities – Subscribe
SBI Securities sees diversification into new geographies and B2C services as key levers for future growth. “Crizac has registered a CAGR of 76% in revenue, 43% in EBITDA, and 18% in PAT over the last two years, reaching Rs 849 crore, Rs 213 crore, and Rs 153 crore, respectively,” it said.
The brokerage noted the IPO is valued at a P/E of 28 times FY25 earnings, and compared to peers, is “fairly priced”. With upcoming expansion into the US market and a push towards ancillary services, the firm recommended investors to subscribe.
Choice Broking – Subscribe
According to Choice Broking, Crizac’s demand valuation of 28x P/E and 4.8x EV/sales is reasonable. The firm highlighted Crizac’s ability to maintain profitability without external funding and its sticky client base through offerings such as university office management.
“With a growing student pool and expansion into high-potential regions like the US, Crizac is well-placed for sustainable growth,” it noted, giving a ‘subscribe’ recommendation.
Chola Securities – Subscribe for Listing Gains
Chola Securities is positive on the B2C diversification strategy, particularly student loans, visa help, and accommodation services. “The company is valued at a P/E of 28.03x and operates in a structurally growing sector driven by demographics and skill migration,” it said.
It expects potential listing gains due to the industry tailwinds and Crizac’s growth trajectory, and hence issued a ‘subscribe’ rating for listing gains.
Canara Bank Securities – Subscribe (Long-Term)
Canara Bank Securities flagged regulatory risks, such as recent international student caps in Canada, but remains positive overall. It emphasised Crizac’s strong financials with revenue and EBITDA growing at CAGRs of 76% and 43%, respectively.
“The company is priced at 28x P/E, in line with its listed peer, but slightly higher on PB. Despite this, Crizac’s wide agent and university network positions it well to benefit from growing outbound student trends,” it noted, recommending a ‘subscribe’ for long-term gains.
BP Equities – Subscribe
BP Equities cited Crizac’s leadership in UK-bound student recruitment and scalable operations as key strengths. “The valuations are reasonable considering its growth momentum and differentiated B2B positioning,” it stated. The brokerage gave a clear ‘subscribe’ rating based on Crizac’s financial performance and expansion strategy.
Ventura Securities – Subscribe for Long-Term
Ventura Securities believes Crizac is well-positioned to benefit from rising global demand for education abroad. “Its strategy includes expanding its agent network, strengthening its tech platform, and deepening relationships with institutions and agents,” the brokerage said.
It highlighted Crizac’s emphasis on long-term institutional and agent ties, and issued a ‘subscribe for long-term’ call, especially considering its broad international presence.
SMIFS – Subscribe
SMIFS called Crizac’s model differentiated and resilient, supported by a growing institutional base and expanding global agent ecosystem. “The combination of a scalable tech platform and favorable industry dynamics makes for a compelling long-term opportunity,” it noted, assigning a ‘subscribe’ rating.
Arihant Capital – Neutral
Arihant Capital took a slightly more cautious stance, assigning a ‘neutral’ rating despite acknowledging Crizac’s strengths. It pointed to the concentration of revenue, with over 70% coming from the top 10 institutions in FY25, as a possible risk.
However, it appreciated the company’s strong partnerships with over 20 of its top 30 institutions, and noted that marketing and admissions services add “engagement and stickiness” to its offering.
Crizac IPO Allotment And Listing Dates
As the IPO will close on July 4, its basis of allotment will be finalised on July 7.
Its listing will take place on both BSE and NSE on July 9.
Crizac IPO: Other Info
The IPO is entirely an offer for sale (OFS) of equity shares worth Rs 860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the Red Herring Prospectus.
The OFS consists of the sale of equity shares worth Rs 723 crore by Pinky Agarwal and Rs 137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.
The company has collected Rs 258 crore from anchor investors ahead of the launch of its initial share sale for public subscription.
The company, which had proposed to raise Rs 1,000 crore in November last year, has trimmed the issue size to Rs 860 crore. It did not provide any specific reason for the downward revision in offer size.
Crizac initially filed its preliminary IPO papers with Sebi in March 2024. The regulator had returned the documents in July. Thereafter, the company refiled the papers in November, which were approved by the regulator in March this year.
The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.
The company reported a revenue from operations of Rs 849.49 crore and a profit after tax of Rs 152.93 crore in the full financial year 2025.
The company’s shares will be listed on the BSE and NSE.
Equirus Capital and Anand Rathi Advisors are the book-running lead managers, while MUFG Intime India is the registrar for the IPO.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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