Crizac IPO GMP drops to 11%; issue subscribed 2x on day 2

The initial public offering (IPO) of Crizac Limited was subscribed 2.01 times by 2:54 pm on the second day of bidding, Thursday, July 3.

The issue received bids for 5.18 crore shares against the 2.58 crore shares on offer. Demand was led by non-institutional investors (NIIs), who subscribed 3.99 times their allocated quota, followed by retail investors at 2.23 times. The qualified institutional buyers (QIB) portion was subscribed to 12%.

In the grey market, Crizac shares were trading at a premium of Rs 28–30, down from Rs 36–39 earlier in the day. This reflects a grey market premium (GMP) of around 11%, compared to 15% earlier in the session. However, the premium is still higher than the 9% GMP on Day 1 of the bidding process.


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.

About Crizac

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%.

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.

Analyst View

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.

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)