Crizac IPO Day 2: GMP Jumps as Subscription Grows – Should You Apply or Wait?

Education-tech player Crizac sees strong investor interest; fair valuations and robust growth attract long-term bulls despite revenue concentration concerns

Mumbai, July 4, 2025 — The Crizac Limited IPO entered its second day of bidding with strong momentum in the grey market and among retail and NII investors. As of Thursday evening, the Grey Market Premium (GMP) for Crizac IPO surged to ₹39, up from ₹21 on Day 1, signaling growing optimism about the listing.

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The Kolkata-based education company aims to raise ₹860 crore via an Offer for Sale (OFS), with no fresh capital infusion involved.

🔟 Key Things to Know About Crizac IPO

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1️⃣ IPO GMP Today: Premium has risen to ₹39 in the grey market, indicating a likely listing above the issue price.
2️⃣ Price Band: ₹233 to ₹245 per equity share.
3️⃣ Issue Dates: Opened on July 2, 2025, closes on July 4, 2025.
4️⃣ Issue Size: ₹860 crore via OFS.
5️⃣ Lot Size: 61 shares per lot.
6️⃣ Allotment Date: Expected by July 5 or July 7, due to the weekend.
7️⃣ Registrar: MUFG Intime India Pvt Ltd (Link Intime).
8️⃣ Lead Managers: Equirus Capital and Anand Rathi Advisors.
9️⃣ Listing Date: Tentatively set for July 9, 2025.
🔟 Subscription Status (Day 2, 5 PM):

Overall: 2.75x
Retail: 2.72x
NII (HNI): 6.28x
QIB: 0.15x

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📊 Should You Apply? Analyst Reviews

✅ Gaurav Goel, Fynocrat Technologies:

Crizac is priced at a P/E of 28x and P/BV of 8.52x based on FY25 earnings and NAV of ₹28.76.
The valuation reflects its strong Return on Net Worth (30.38%), asset-light model, and high growth.
Concerns: No fresh capital raised; heavy reliance on select geographies.
Verdict: Moderately priced, suitable for long-term investors.

✅ Canara Bank Securities:

3-year revenue CAGR: 76%, EBITDA CAGR: 43%.
Peer comparison: Fairly priced at par with listed competitors.
Strengths: Strong network, demand for international education.
Risk: Policy exposure in overseas markets (e.g., Canada).
Verdict: Subscribe for long-term gains.

💡 Final Take

Crizac’s IPO offers a compelling mix of scalability, profitability, and sector tailwinds in the global education consulting space. While the absence of fresh capital and regulatory risks merit caution, the strong GMP, robust financials, and analyst support make it a worthy consideration — especially for long-term investors looking at India’s growing edu-tech export story.

🏷️ Tags:

Crizac IPO, Crizac GMP, Stock Market IPO, Grey Market Premium, Education IPO, IPO Subscription Status, OFS IPOs, IPO Review, Crizac Listing, Crizac Financials

News Desk