Crizac IPO Opens for Subscription: Check Day 1 Status, GMP, Allotment, Listing Dates, Key Details Inside

The initial public offering of Crizac Ltd, a specialist in student recruitment solutions, opened for public subscription on Wednesday, July 2, 2025, marking a significant event in India's education-tech landscape. The public issue will remain open for subscription until July 4, 2025. The offering consists solely of an offer-for-sale (OFS) worth Rs 860 crore, with no fresh equity issuance.

Crizac IPO Day 1 Status: Latest GMP

IPO of Crizac Ltd as of 10:11 AM on the first day of bidding, the response has been subdued. The issue was subscribed 0.01 times overall, reflecting cautious investor participation in the early hours. The retail individual investor (RII) portion saw 0.02 times subscription, indicating some early interest from small investors. However, the non-institutional investor (NII) and qualified institutional buyer (QIB) categories had yet to see any meaningful bids.

As of 10.23 am on July 2, each Crizac share is commanding a premium of Rs 21 over the upper end of the IPO price band. This grey market premium (GMP) suggests moderate investor interest and positive sentiment ahead of the company's stock market debut.

Competitive Price Band and Investor Limits

The IPO is priced between Rs 233 and Rs 245 per share, with a minimum application lot of 61 shares.

Crizac IPO Calendar: Allotment, Refunds and Listing Dates

Crizac Allotment Date - Monday, 7 July 2025
The allotment of shares for the Crizac Ltd IPO is expected to be completed on Monday, July 7, 2025. On this date, investors will be informed about the number of shares allocated to them based on the subscription demand and IPO rules.

Refund Process - Tuesday, 8 July 2025
For applicants who did not receive share allotments, the refund process will begin on Tuesday, July 8, 2025. The funds will be returned to the respective bank accounts or payment sources used during the application.

Dematerialisation of Shares - 8 July 2025
Successful investors will see the allotted shares credited to their Demat accounts on the same day as the refunds on Tuesday, July 8, 2025.

Crizac Listing Date - Wednesday, 9 July 2025
Crizac Ltd is scheduled to make its stock market debut on Wednesday, July 9, 2025, with listings on both the NSE and BSE. This will mark the official start of public trading of Crizac shares.

Crizac Revised Issue Size and Strategic Shift
Initially, Crizac was planning to raise Rs 1,000 crore through its IPO. However, the company later revised the issue size to Rs 860 crore, without providing a specific reason.

Originally targeting a Rs 1,000 crore raise, Crizac scaled down to Rs 860 crore shortly before filing its draft red herring prospectus. The company serves as a B2B education platform, offering international student recruitment services to universities across the UK, Ireland, Australia, Canada, and New Zealand.

As part of the OFS, promoters Pinky Agarwal and Manish Agarwal are selling shares valued at Rs 723 crore and Rs 137 crore, respectively. This strategic divestment signals their intention to unlock value ahead of the public listing.

India's Marquee Investors Back Anchor Round ahead of IPO

Prior to the public issue, Crizac secured Rs 258 crore in its anchor round, attracting heavyweight institutional participation. Investors include ICICI Mutual Fund, Motilal Oswal Mutual Fund, 360 ONE Asset, Bandhan MF, Axis Max Life Insurance, Societe Generale, Kotak Mahindra Life Insurance, Hong Kong-based PineBridge Investments, Allianz Global Investors, and Carnelian Capital. The company allotted over 1.05 crore shares to 19 anchor investors at Rs 245 per share, the upper end of its price band.

The issue is led by Anand Rathi Advisors and Equirus Capital as book-running lead managers, while MUFG Intime has been appointed as the registrar.