Crizac IPO subscribed 46% on Day 1; NII portion booked 62%, check retail quota's details

The initial share sale received bids for 1,17,61,654 shares against 2,58,36,909 shares on offer, as per NSE data.

The category for non-institutional investors fetched 62% subscription, while the quota for retail individual investors (RIIs) was subscribed 59%. The qualified institutional buyers (QIBs) portion received a 9% subscription.

Crizac on Tuesday said it garnered ₹258 crore from anchor investors.

The investors include names such as ICICI Mutual Fund (MF), Motilal Oswal MF, 360 ONE Asset, Bandhan MF, Axis Max Life Insurance, Societe Generale, Kotak Mahindra Life Insurance, Hong Kong-based PineBridge Investments, Allianz Global Investors, and Carnelian Capital, among others.

The company allotted over 1.05 crore shares to 19 entities at ₹245 per share.

Crizac IPO: Key details

The ₹860 crore IPO will conclude on July 4. The price band has been fixed at ₹233-₹245 per share.

The IPO is entirely an offer for sale (OFS) of equity shares worth ₹860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the red herring prospectus (RHP).

The OFS consists of the sale of equity shares worth ₹723 crore by Pinky Agarwal and ₹137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

The company, which had proposed to raise ₹1,000 crore in November last year, has reduced the issue size to ₹860 crore. It did not provide any specific reason for the downward revision in the offer size.

The Kolkata-based firm is a B2B education platform for agents and global institutions. It offers international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.

The company's shares will be listed on the BSE and NSE. The tentative date for listing is July 9.

Equirus Capital and Anand Rathi Advisors are the book-running lead managers for the IPO.