Crizac Limited shares listed with just 15 percent premium on the IPO price. The issue received a strong response from investors but the market debut is not that impressive. Just 15 percent return on IPO investment isn't among the best of debuts on Indian markets. The company has strong potential and we could see higher levels in the coming sessions. But, considering the overall positive sentiment in the markets, Crizac has rather disappointed IPO investors.

Crizac, an education services provider, marked a successful IPO debut on Dalal Street with shares listing at premiums of 14.29% on BSE and 14.71% on NSE, slightly below grey market projections. The IPO, valued at ₹860 crore through an offer-for-sale by founders Manish Agarwal and Pinky Agarwal, saw overwhelming demand, oversubscribing by 59.82 times, led by QIBs oversubscription of 134.35 times. Crizac operates globally in education recruitment, with primary bases in India and London, and consultants in multiple countries.

Positive Market Debut

Positive Listing: Crizac shares commenced trading on Dalal Street at ₹280 on the BSE and ₹281.05 on the NSE, reflecting premiums of 14.82% and 14.71% respectively over the IPO price of ₹245 per share.

Grey Market Premium and IPO Details

Grey Market Performance: Prior to listing, Crizac's unlisted shares traded at ₹286.50, indicating a grey market premium of ₹41.50 or approximately 16.94% above the IPO issue price, marginally exceeding the actual listing premiums.

IPO Structure: The IPO was entirely an offer-for-sale (OFS) by founders Manish Agarwal and Pinky Agarwal, who divested up to 35.2 million equity shares valued around ₹860 crore. It was open for subscription from July 2 to July 4, priced between ₹233 and ₹245 per share, with a lot size of 61 shares.

Investor Response

Oversubscription: The public issue received robust demand, oversubscribing by 59.82 times, with bids totaling 154.57 crore shares against the offered 2.58 crore shares. Qualified Institutional Buyers (QIBs) led the oversubscription, subscribing to their reserved category by 134.35 times, according to NSE data.

Company Overview

Global Presence: Crizac operates primarily from India, with significant operations in London and consultant networks spanning Cameroon, China, Ghana, and Kenya. It serves as a B2B platform facilitating international student recruitment for global higher education institutions.