Crizac IPO subscribed 60 times as QIBs, NIIs bid aggressively

The ₹860-crore IPO from the B2B education platform for agents and global institutions of higher education enters was entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwa
| Photo Credit:
VENKATACHALAPATHY C

The public issue of Crizac was subscribed 59.82 times as all category of investors shown keen interest. The initial public offering of Crizac, with a price band of ₹233-245, received bids for 154.57 crore crore shares, against 2.58 crore shares on offer.

The ₹860-crore IPO from the B2B education platform for agents and global institutions of higher education enters was entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwal. 

₹860-crore IPO

Both non-institution and qualified institutional buyers turned more aggressive, as their reserved quota saw subscription of 76.15 times and 134.35 times respectively. The portion reserved for retail investors was also subscribed 10.24 times.

As part of the IPO process, Crizac had garnered ₹258 crore from anchor investors by allocating 1,05,30,612 shares at ₹245 a share, ahead of the issue opening.

Some of the marquee Institutions that participated in the anchor include 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.

Global institutions of higher education that Crizac has worked with include the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University and Swansea University.

Crizac is based in India with co-primary operations in London. In addition, it has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants. 

Equirus Capital Pvt Ltd and Anand Rathi Advisors Ltd are the book-running lead managers, and MUFG Intime India Private Ltd is the registrar of the issue.

Published on July 4, 2025