Kolkata-based education services provider Crizac Limited has raised Rs. 258 crore through its anchor investor round ahead of its initial public offering (IPO) scheduled for July 2025. The company, which is offering a full offer-for-sale (OFS) issue of Rs. 860 crore, allocated over 1.05 crore equity shares at Rs. 245 apiece to a roster of marquee institutional investors. With a grey market premium (GMP) of Rs. 12 per share as of July 1, expectations for the listing remain optimistic. However, since the IPO is entirely an OFS, Crizac itself will not receive any proceeds from the public issue.
Strong Institutional Backing in Anchor Placement
Crizac Limited completed its anchor book allocation on July 1, 2025, raising Rs. 258 crore by issuing 1,05,30,612 equity shares to institutional investors at an issue price of Rs. 245 per share, each with a face value of Rs. 2. The anchor round has set a positive tone for the upcoming IPO, attracting interest from several top-tier domestic and international institutions.
Key anchor participants include Societe Generale, Pinebridge Global Funds, Motilal Oswal Mutual Fund, Axis Max Life Insurance, Bandhan Mutual Fund, Kotak Mahindra Life Insurance, and 360 One Equity Opportunity Fund. Notably, Shamyak Investment Private Limited took the largest allocation at 13.95%, followed by Aryabhata India Fund with 10.85%, and ICICI Prudential Mutual Fund and Allianz Global Investors Fund at 8.14% each.
According to the BSE filing, three domestic mutual funds participated across five schemes, reflecting confidence in Crizac’s business fundamentals and growth trajectory.
IPO Structure and Price Band Details
The Crizac IPO is structured as a pure offer-for-sale, with promoters Pinky Agarwal and Manish Agarwal divesting equity shares worth Rs. 860 crore. Consequently, the company itself will not receive any capital inflow from the issue.
The price band for the IPO is set between Rs. 233 and Rs. 245 per share, with a lot size of 61 shares. The IPO is being managed by Equirus Capital Private Limited, which is serving as the book-running lead manager, while MUFG Intime India Private Limited (formerly Link Intime) has been appointed as the registrar to the issue.
The allocation structure for the public offering follows standard regulatory guidelines: up to 50% of shares are reserved for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and a minimum of 35% is earmarked for retail investors.
Grey Market Premium Suggests Moderate Listing Gains
Investor sentiment around the Crizac IPO has remained cautiously optimistic. As of July 1, 2025, the grey market premium stood at Rs. 12 per share. Based on the upper band pricing of Rs. 245, the implied listing price in the grey market is around Rs. 257 per share—indicating a potential listing premium of 4.9%.
The rise in GMP following the announcement of anchor investments signals a positive perception among investors, especially given the depth and quality of the anchor book. However, as with all grey market trends, actual listing outcomes remain subject to broader market dynamics.
Strategic Implications and Investor Outlook
While the absence of a fresh issue means Crizac Limited will not receive funds for expansion or operations, the IPO does represent a significant liquidity event for the promoters. The interest shown by institutional investors suggests a strong degree of faith in the company’s current valuation and business potential.
From a retail investor standpoint, the moderate GMP and robust anchor participation may signal a relatively stable listing, though upside potential could be limited in the short term. Given the nature of the offering, long-term value creation would hinge on post-listing performance, governance standards, and earnings visibility.
Conclusion: A High-Confidence Exit for Promoters, A Measured Opportunity for Investors
Crizac Limited’s Rs. 258 crore anchor round has set the stage for a well-subscribed IPO, backed by notable institutional names and a disciplined pricing strategy. As the company enters public markets via an offer-for-sale route, the transaction underscores the continued investor appetite for education-centric businesses. With no new capital entering the firm, the focus post-listing will shift to operational delivery and market perception—critical factors for sustaining valuation momentum in the quarters ahead.
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