Crizac IPO: Last day to subscribe
The Crizac issue will close for public subscription today. The IPO from the B2B education platform for agents and global institutions of higher education enters the final day on a strong note, as it has been subscribed 2.75 times.
The initial public offering, with a price band of ₹233-245, received bids for 7.09 crore shares, against 2.58 crore shares on offer. The IPO targets ₹860 crore that is entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwal. Investors can bid for a minimum of 61 equity shares and in multiples of 61 equity shares thereafter.
The offer is being made through the book-building process, wherein not more than 50 per cent of the new issue will be available for qualified institutional buyers (QIBs), up to 15 per cent will be available for non-institutional investors, and 35 per cent for retail investors. NIIs turned more aggressive on day, as their reserved quota saw subscription of 6.28 times, followed by the retail investor portion that was subscribed 2.72 times. The quota for QIBs has been subscribed 0.15 times so far.
As part of the IPO process, Crizac has garnered ₹258 crore from anchor investors by allocating 1,05,30,612 shares at ₹245 a share.
Some of the marquee Institutions that participated in the anchor include Societe Generale, Pinebridge Global Funds, Shamyak Investment Private Limited (Enam Group), Aryabhata India Fund (Abaccus Group), ICICI Prudential MF, Allianz Global Investors Fund, Carnelian Bharat Amritkaal Fund, 360 One Equity Opportunity Fund, Motilal Oswal MF, Bandhan MF, Axis Max Life Insurance and Kotak Mahindra Life Insurance.
Global institutions of higher education that Crizac has worked with include the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University and Swansea University.
Crizac is based in India with co-primary operations in London. In addition, it has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants.
Equirus Capital Pvt Ltd and Anand Rathi Advisors Ltd are the book-running lead managers, and MUFG Intime India Private Ltd is the registrar of the issue.
Published on July 4, 2025
