By Samannay Biswas
The IPO of Kolkata-based Crizac Limited, a business-to-business education services firm, is seeing robust demand on its final day, with the public issue subscribed 7.60 times by midday Friday. The Rs 860 crore issue, entirely an offer for sale (OFS), opened on 2 July 2025 and is priced in a band of Rs 233 to Rs 245 per equity share. Crizac鈥檚 IPO has seen particularly strong traction from non-institutional investors (NII), whose segment was subscribed 21.03 times, while the retail quota stood at 4.66 times and qualified institutional buyers (QIBs) at 2.67 times. This surge in interest coincides with a notable rise in grey market premium (GMP), which jumped to Rs 39 today, compared to Rs 21 in the previous two sessions. Analysts attribute this spike to improved investor sentiment and expectations of listing gains, despite muted activity in the broader secondary market. According to Choice Broking, the IPO appears reasonably valued with a price-to-earnings (P/E) ratio of 28x, based on projected FY25 earnings per share (EPS) of Rs 8.7. The brokerage said in a note, 鈥淐rizac鈥檚 strong track record, asset-light model, and expansion into high-potential markets like the U.S. provide long-term visibility. The company鈥檚 value-added services such as university office management have ensured client stickiness. We recommend a 鈥楽UBSCRIBE鈥 rating for the issue.鈥 Nirmal Bang has echoed this sentiment, noting Crizac’s 33 per cent CAGR in revenue and 41 per cent CAGR in EBITDA from FY23 to FY25. 鈥淭he company鈥檚 proprietary tech platform, global student outreach鈥攅specially in the UK and Canada鈥攁nd plans to scale in the U.S. are major positives. While the IPO is fully priced, its focus on international education and high ROE supports a long-term buy,鈥 the report said. Crizac, which operates in a high-growth sector driven by demand for international higher education, has stayed profitable without relying on external funding. Its client base includes institutions seeking overseas student enrolment, and the company plans to broaden its product suite across geographies. According to SBI Capital Securities, the company鈥檚 negative working capital cycle and digitally scalable operations offer additional confidence to investors. Besides Choice Broking and Nirmal Bang, the IPO has received a 鈥楤uy鈥 recommendation from several others including SMIFS, BP Wealth, Canara Bank Securities, and Cholamandalam Securities. Industry watchers suggest the grey market premium reflects positive listing expectations, but advise investors to watch post-listing performance amid volatile markets. Given its focused positioning in the global education services industry and expanding footprint, Crizac is being seen as a long-term thematic play on youth aspirations and digital transformation in higher education. The IPO closes by end of day 4 July 2025, with allotment and listing expected next week on the NSE and BSE. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world.