Crizac jumps 25% on Day 1 of listing

(from left) Christopher Nagle, CEO, Crizac UK; Radha Krithivasan, BSE; Vikash Agarwal, CMD; and Manish Agarwal, CFO & Director, Crizac Ltd at their prestigious Listing ceremony, BSE at the listing ceremony

Shares of Crizac made a strong listing at the bourses by gaining 25.5 per cent on Wednesday. The stock after opening with a listing gains of 14 per cent at ₹280 on the BSE against the issue price of ₹245, closed at ₹307.45. On the NSE, the stock closed at ₹306.

Earlier, the initial public offering saw an overwhelming response from all categories of investors, with subscriptions of 59.8 times. The ₹860-crore IPO from the B2B education platform, which caters to agents and global institutions of higher education, was entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwal. 

Positive response

Both non-institutional and qualified institutional buyers became more aggressive, as their reserved quotas saw subscriptions of 76.15 times and 134.35 times, respectively. The portion reserved for retail investors was also subscribed 10.24 times.

As part of the IPO process, Crizac had garnered ₹258 crore from anchor investors by allocating 1,05,30,612 shares at ₹245 a share, ahead of the issue opening.

Some of the marquee Institutions that participated in the anchor include Societe Generale, Pinebridge Global Funds, Shamyak Investment Private Ltd (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 of 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 9, 2025