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After Rs 860-crore IPO, Crizac’s share price surges on debut to list at 15% premium

The Rs 860-crore IPO of Crizac Ltd, a student recruitment solutions provider, got subscribed 60 times and closed on July 4.

The initial public offering of Crizac Ltd got subscribed 59.82 times on the closing day of bidding on Friday last week.

Crizac Ltd’s shares made a strong debut on domestic stock markets on Wednesday, with its scrip getting listed at nearly 15 per cent premium above the IPO price of Rs 245 a share both on the NSE and BSE.

Crizac’s share price rose 14.29 per cent to open at Rs 280 apiece on the BSE. On the NSE, Crizac’s shares opened at Rs 281.05 apiece, up 14.71 per cent. Crizac’s IPO price band was fixed at Rs 233 to Rs 245 per share. It also touched an intraday high of Rs 309.15 a share on the NSE.

The Rs 860-crore IPO of Crizac Ltd, a student recruitment solutions provider, got subscribed 60 times and closed on July 4. The issue received bids of 154 crore equity shares as against 2.58 crore shares offered. Retail investors’ portion was subscribed 10.24 times, with investors bidding for 13.23 crore equity shares, compared to the 1.29 crore shares offered.

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The qualified institutional buyers’ (QIBs) portion was subscribed 134.35 times and non-institutional investors’ quota was subscribed 76.15 times.

Ahead of the initial public offering, Crizac Ltd raised Rs 258 crore from anchor investors.

Some of the marquee Institutions that participated in the anchor investor fundraise included Societe Generale, Pinebridge Global Funds, Shamyak Investment Private Limited (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.