Crizac IPO day 2 Live: GMP jumps! Subscription status, review, other details in 10 points. Apply or not?

Crizac IPO: The initial public offering (IPO) of Crizac Limited hit the Indian primary market on Wednesday. The public issue will remain open until 4 July 2025. The Kolkata-based education company has declared the Crizac IPO price band at ₹233 to ₹245 per equity share. The company aims to raise ₹860 crore, which is entirely reserved for the offer for sale (OFS) route. This means the net proceeds of the public offer won't go into the company's balance sheet. According to market observers, company shares are available in the grey market. One Crizac share is available at a premium of ₹39 in the grey market today, which is ₹18 higher than Wednesday's Crizac IPO GMP of ₹21.

Crizac IPO subscription status

By 5 PM on day 2 of bidding, the public offer had been subscribed 2.75 times, the retail portion 2.72 times, the NII segment 6.28 times, and the QIB portion 0.15 times.

Top 10 Crizac IPO details

1] Crizac IPO GMP today: The company's shares are available at a premium of ₹39 in the grey market today, which is ₹18 higher than Wednesday's Crizac IPO GMP of ₹21.

2] Crizac IPO price: The Kolkata-based education company has declared the Crizac IPO price band at ₹233 to ₹245 per equity share.

3] Crizac IPO date: The public offer opened on Wednesday and will remain open until 4 July 2025.

4] Crizac IPO size: The company aims to raise ₹860 crore from this initial public offering (ipo), which is reserved for the OFS.

5] Crizac IPO lot size: A bidder can apply in lots, and one lot of the public issue comprises 61 company shares.

6] Crizac IPO allotment date: The most likely date for finalising share allocation is 5 July 2025. However, as 5 July is a Saturday, a delay can occur, and the announcement of the Crizac IPO allotment can be expected on 7 July 2025.

7] Crizac IPO registrar: MUFG Intime India Private Limited (Link Intime) has been appointed the official registrar of the public issue.

8] Crizac IPO lead managers: Equirus Capital and Anand Rathi Advisors have been appointed lead managers of the company's offer.

9] Crizac IPO listing date: The most likely date for share listing is 9 July 2025.

Crizac IPO: Apply or not?

10] Crizac IPO review: Advising investors to apply for the public issue, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "Crizac share is being offered at a P/E multiple of approximately 28 times based on FY25 earnings and a Price-to-Book (P/BV) ratio of 8.52 times, calculated from its net asset value of ₹28.76 per share. These metrics place the company in a moderate valuation band, not aggressively priced, yet not undervalued. The valuation reasonably captures the company's high RoNW (30.38%), scalable and asset-light business model, and past growth performance. However, the lack of fresh capital infusion through this IPO and the company's concentrated revenue dependence could limit near-term upside."

Canara Bank Securities has also assigned a 'subscribe' tag to the pubic issue, saying, “The company has had a robust financial performance for the past three years, where revenue has grown at a CAGR of 76% from 274 Crores in FY 23 to 849 Crores in FY 25. EBITDA has grown at a CAGR of 43% from 104 Crores in FY 23 to 212 Crores in FY 25. The issue is fairly priced at 28X PE, which is the same as its only listed Indian peer, and at 9X PB, which is slightly expensive than its peer, which trades at 7X PE. Due to its vast universities and agent network, the company is well-positioned to take advantage of the global student outflow from various countries. The only concern with this business model is the regulatory risk, which was recently seen in Canada, where enrolments of international students were capped. We recommend SUBSCRIBE for the long-term gains.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.