Crizac IPO Listing: Shares debut at 15% premium over issue price on July 9

Shares of B2B education platform Crizac Ltd. made a decent Dalal Street debut on Wednesday, July 9,  amid the rising volatility in the stock markets. The stock was listed at ₹281.05 on NSE, a premium of 14.71% over the issue price of ₹245 per share.Similarly, the stock kicked off its maiden trading session with a premium of 14% over the given issue price at ₹280 on BSE.

The listing has been on the expected lines. Even the grey market participants were trading Crizac IPO

shares at around 17% premium. The grey market is an unofficial platform for trading in IPO shares till the listing. Investors generally look at grey market to know the possible listing price of IPO.
The issue was subscribed 59.81 times during July 2-4, with major support from qualified institutional buyers who bought 134.35 times the allotted quota. Non-institutional investors, and retail investors picked 76.15 times and 10.21 times the portions set aside for them.The company raised ₹860 crore through its IPO, which was entirely an offer for sale by promoters Pinky Agarwal and Manish Agarwal.

Currently, the promoters hold a 80.48% stake in the company.

Shareholding	Pre	Post
Promoters	80.48%	60.42%
Promoter Group	19.52%	19.52%
Promoter Total	100%	79.94%
Public	0	20.06%
TOTAL	100%	100%

The company will not receive any proceeds from the issue and entire proceeds shall go to the selling shareholders.
Company overview

Incorporated in 2011, Crizac Limited is a B2B education platform specialising in international student recruitment solutions for institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand.

The company facilitates global outreach for universities by sourcing student applications from over 75 countries through a wide network of agents.

In in interaction with CNBC-TV18 on July 2, the management said they have plans to add on others services like student loans, housing etc. “There is negligible investment required to add new services to the platform.”

They are looking to add other geographies such as USA, Ireland and Dubai.

Going forward, margins are expected to be around 25% levels.

For the fiscal ended on March 31, 2025, Crizac posted a net profit of ₹153 crore with a revenue of ₹885 crore. It reported a net profit of ₹118.90 crore with a revenue of ₹763 crore in FY24.

Equirus Capital was the book-running lead manager of the Crizac IPO, while MUFG Intime India (Link Intime) was the registrar.