Crizac shares made its debut on the stock exchanges with a decent listing on Wednesday, opening at Rs 281.05 on the NSE. This was a gain of 14.71% over its issue price of Rs 245 per share.
The stock opened slightly lower at Rs 280 on the Bombay Stock Exchange (BSE) showing a 14.29% premium on its Dalal Street debut.
Although the listing was positive, it came slightly below market expectations.
In the unofficial grey market ahead of its listing, Crizac shares were commanding a premium of around Rs 40 to Rs 42 per share. This indicated a likely listing gain of about 16% to 17%, higher than the actual premium seen on the first day of trading.
The initial public offering (IPO) of Crizac was open for bidding between July 2 and July 4. The price band for the issue was fixed between Rs 233 and Rs 245 per share.
The minimum lot size for investors was 61 shares. The IPO was entirely an offer-for-sale (OFS) of 3,51,02,040 equity shares, with the company raising Rs 860 crore in total through the issue.
Investor interest in the IPO was strong, with the issue subscribed 59.82 times overall.
The IPO received more than 19.21 lakh applications, showing strong retail and institutional participation. The portion set aside for qualified institutional buyers (QIBs) was subscribed 134.35 times. Non-institutional investors (NIIs) subscribed 76.15 times, while the retail portion was subscribed 10.24 times.
Crizac, which was incorporated in 2011 and is based in Kolkata, operates as a business-to-business (B2B) education platform. It provides international student recruitment services to global institutions of higher education. The company mainly works with institutions based in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand. It helps connect these institutions with education agents across India and other countries.
Brokerage firms were mostly positive about the company’s IPO and advised investors to subscribe. Analysts said the company’s strong position in the international education market, growing demand for overseas education, and well-established institutional relationships were key strengths.
Equirus Capital served as the sole book-running lead manager for the IPO, and MUFG Intime India (Link Intime) acted as the registrar for the issue.
– Ends