Introduction
Crizac Limited, a Kolkata‑based B2B education‑tech firm facilitating international student recruitment, launched its maiden IPO between July 2–4, 2025. Priced at a ₹233–245 band with a face value of ₹2, this entirely offer‑for‑sale (OFS) issue raised ₹860 crore through the sale of 3.51 crore shares held by promoters and early investors .
Company Background & Business Model
Founded in 2011, Crizac operates a proprietary platform connecting universities across the UK, Canada, Ireland, Australia, and New Zealand with over 10,000 recruitment agents globally. The firm processed applications from more than 75 countries and posted a 76% revenue CAGR between FY23–FY25
This growth bolstered its reputation as a debt‑free B2B ed‑tech company with strong overseas expansion potential .
IPO Structure & Pricing
- Type: 100% Offer for Sale (no fresh issue proceeds)
- Size: 35.1 million shares (~₹860 crore)
- Price Band: ₹233 – ₹245 per share, face value ₹2
- Lot Size: 61 shares (min. investment ~₹14,900)
- Anchors: ₹258 crore raised at upper band; led by Societe Generale, PineBridge, ICICI Prudential, Allianz, Motilal Oswal & others
Subscription Trends
Day 1 (Jul 2):
- Retail: ~0.30×
- NIIs: ~0.18×
- QIBs: minimal
Day 2 (Jul 3 – mid‑day):
- Overall: ~1.08×
- Retail: ~1.25‑1.74×
- NIIs: ~1.68‑1.77×
- QIBs: ~0.09‑0.11×
Day 2 (End of Day):
Fully subscribed; NIIs (1.77×), Retail (1.31×), QIBs remained low (~10%) – final bids hit ~2.73 crore vs. 2.58 crore shares offered .
Grey Market Premium (GMP)
- Day 1 GMP: ~₹22–25 (≈10%)
- Day 2 GMP: Jumped to ₹36–39 (~15–16%), implying a listing price around ₹284
Timeline & Key Dates
| Event | Date |
|---|---|
| IPO Opens | July 2, 2025 |
| IPO Closes | July 4, 2025 |
| Allotment Finalised | Likely July 7* |
| Refunds & Demat Credit | July 8, 2025 |
| Listing on BSE/NSE | July 9, 2025 |
*Some sources put allotment on July 5, 2025, but with July 5 being Saturday, July 7 is the operational allotment date .
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Strengths & Risks
Strengths:
- Strong revenue and profit growth (FY25 revenue ₹849 crore, profit ₹153 crore vs FY24 ₹635 crore & ₹119 crore)
- Zero debt and agile business model
- High anchor investor interest boosts credibility
- Grey market sentiment indicates strong listing potential
Risks:
- Entirely OFS – Crizac gets no fresh capital for operations
- Low QIB subscription suggests caution among institutional funds
- Exposure to regulatory and geopolitical changes in major education destinations (UK, Canada)
Should You Apply?
- Long‑term investors: Positive financials and growth suggest potential; moderate premiums indicate room for post‑listing gains.
- Short‑term traders: GMP around 15–16% means possible immediate listing gains—but grey market prices can fluctuate.
- Institutional signals: Weak QIB uptake could mean limited confidence in scaling quickly.
Crizac Limited’s IPO comes at a time when the Indian market is seeing increasing investor interest in innovative and export-driven companies. The company’s consistent focus on quality and R&D makes it stand out in the international ceramic market. If the IPO performs well post-listing, it may set a benchmark for similar niche manufacturing firms in India.
Final
The Crizac IPO is a landmark debut for one of India’s fast‑growing B2B ed‑tech platforms. With its ₹860 crore OFS, attractive GMP signals, and strong retail/NII subscription, the listing on July 9 seems poised for a positive debut. However, the lack of fresh funds for Crizac, cautious institutional interest, and overseas regulatory exposure mean investors should weigh their time-horizon and risk appetite carefully.
Bottom Line:
For those targeting medium‑long term capital appreciation, Crizac’s fundamentals are promising. Short‑term seekers may still find value in the initial trading upside. Use the allotment date (July 7) and listing day (July 9) to time your decision.
Disclaimer: This blog is for informational purposes only and does not constitute financial advice. Please consult a financial advisor before investing.