Crizac IPO GMP rises to 14%; Issue subscribed nearly 60 times as on final day

The IPO of Crizac Ltd was subscribed 59.82 times as on the final day on Friday, July 4. The issue received bids for 154.6 crore shares against the 2.58 crore on offer. The Qualified Institutional Buyers (QIB) portion led the demand with subscription of 134.35 times while the Non-institutional investors (NIIs) portion led the demand with 76.15x subscription, followed by retail investors at 2.89x.

In the grey market, Crizac shares were quoting at a premium of Rs 42, up from Rs 21–22 at the start of the day, translating to a GMP of around 15%, versus 9% previously.

The Rs 860 crore IPO is entirely an offer-for-sale (OFS) of 3.51 crore shares, priced in a band of Rs 233–245. The issue closes today, with listing expected on July 9 on the BSE and NSE.


Also Read: Suzlon, Adani Ports among 10 stocks that earned upgrades in last 1 month. Check revised target price

About Crizac

Founded in 2011, Crizac runs a B2B international education platform linking universities in the UK, Canada, Ireland, Australia, and New Zealand with over 10,000 student recruitment agents globally. It sources applications from 75+ countries via its proprietary tech platform.

Crizac posted robust growth, with revenue rising from Rs 274 crore in FY23 to Rs 849 crore in FY25 (CAGR: 76%). Net profit grew from Rs 110 crore to Rs 152 crore, with an FY25 EPS of Rs 8.74 and net margin of 18%. The company is debt-free and cash-rich, with a P/E of 28x and P/B of 9x based on FY25 numbers — broadly in line with peer IndiaMART.

Also Read: 10 Nifty smallcaps with up to 29 buy calls; analysts see up to 26% upside

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.

Also Read: Defence outshines all sectors with 35% rally in 2025: What’s driving the surge and will it last?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)