Crizac IPO shares to list today; check GMP before market debut

Crizac, a B2B education platform, is set to debut on Dalal Street on Monday, with investors anticipating a favourable listing based on the grey market premium (GMP). Despite a dip in the unofficial market, the GMP suggests potential double-digit gains for the investors.

Last heard, Crizac was commanding a premium of Rs 40-42 per share, signaling a listing gain of 16-17 per cent for the investors. However, its GMP has seen a see-saw move amid the rising volatility in the broader markets. It GMP stood close to Rs 45 when the issue close but dropped to Rs 38 before the allotment was announced.

The IPO was available for bidding from July 02 to July 04, with shares priced between Rs 233-245, and a lot size of 61 shares. Crizac's IPO aimed to raise Rs 860 crore through an entirely offer-for-sale (OFS) of 3,51,02,040 equity shares.

The issue saw significant interest, being subscribed 59.82 times in total. The segment for qualified institutional buyers (QIBs) was oversubscribed 134.35 times, while non-institutional investors (NIIs) and retail investors subscribed 76.15 and 10.24 times, respectively. 

Founded in 2011, Crizac is based in Kolkata, offering international student recruitment solutions to institutions in the UK, Canada, Ireland, Australia, and New Zealand. The company's IPO aligns with its mission to expand its reach and strengthen its market position, although it was entirely an OFS, indicating no fresh capital infusion into the business. This strategic move allows existing shareholders to realize gains while maintaining the company's operational focus.

Brokerage firms had shown a positive outlook on Crizac's IPO, recommending subscriptions due to its promising prospects in the education sector. Equirus Capital led the issue as the sole book-running manager, while MUFG Intime India (Link Intime) acted as the registrar.