Crizac Ltd's IPO: Strong Investor Interest Fuels Oversubscription

Crizac Ltd's IPO received 2.75 times subscription by the second day of bidding. The Rs 860-crore offering saw significant demand, especially among non-institutional investors. The entirely OFS IPO didn't raise proceeds for the company. Crizac, focused on international student recruitment, slashed its initial Rs 1,000 crore goal.

Crizac Ltd, a leader in student recruitment solutions, saw substantial investor interest as its IPO was oversubscribed by 2.75 times on the second day of bidding.

The Rs 860-crore offering received robust bids, tallying 7,09,51,174 shares against the 2,58,36,909 shares on offer, according to NSE figures. The IPO's non-institutional investor category showed remarkable demand, subscribed 6.28 times, while retail investors placed 2.71 times their subscription quota. Qualified Institutional Buyers (QIBs) took a more conservative approach, subscribing to 15 percent of their allocation.

The IPO, concluding today, has a price band set between Rs 233 and Rs 245 per share. However, since the IPO is entirely an offer for sale (OFS) of Rs 860 crore by promoters Pinky Agarwal and Manish Agarwal, Crizac will not receive any proceeds. Originally targeting Rs 1,000 crore, Crizac revised this figure downward without providing explicit reasons. The company operates as a B2B education platform providing international recruitment solutions to global higher education institutions in countries like the UK and Australia.

(With inputs from agencies.)