Crizac IPO Day 2 Update: GMP At All-Time High — Check Amount And Other Key Details
The price band for the IPO has been set between Rs 233 and Rs 245 per share.
Crizac Ltd., a provider of student recruitment solutions to education companies, launched its initial public offering on July 2 to raise over Rs 850 crore.
The mainboard issue opened to a weak demand from investors on Wednesday. The IPO was subscribed only 46% on the first day of bidding.
Despite the muted response so far, the grey market premium for the public issue gained on Wednesday.
Crizac IPO GMP Today
The latest grey market premium (GMP) for the Crizac IPO was Rs 31 per share as of 1:34 p.m. on July 3. The latest GMP indicates a listing price of Rs 276 apiece at a premium of 12.65%, compared to the upper limit of the price band.
The GMP has more or less doubled since the IPO opened for subscription on Wednesday. It was Rs 21 on July 2 and later climbed to Rs 32 before ending day 1 at Rs 39 per share.
Note: GMP does not represent official data and is based on speculation.
Also Read: Crizac IPO: Should You Subscribe Or Not?
About Crizac IPO
The Crizac IPO is a book-building issue worth Rs 860 crore. It comprises an entirely offer-for-sale of 3.51 crore shares. The price band for the IPO has been set between Rs 233 and Rs 245 per share.
Retail investors can participate in the IPO by bidding for a single lot size of 61 shares, requiring an investment of Rs 14,213. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,09,230. Big Non-Institutional Investors can participate by bidding for at least 67 lots, amounting to a minimum investment of Rs 10,01,315.
Of the 3,51,02,039 shares on offer, 70,20,407 (20.00%) are allocated to QIB, 52,65,306 (15.00%) to NII, 1,22,85,714 (35.00%) to RII and 1,05,30,612 (30.00%) to Anchor investors.
Investors can invest in the IPO till July 4. The allotment of Crizac shares is proposed to be done on July 7. Successful bidders will receive shares in their demat accounts on July 8 and refunds for non-allottees will be processed on the same day.
Shares of Crizac are tentatively scheduled to be listed on the BSE and NSE on July 9.
Equirus Capital Pvt. is the book-running lead manager of the Crizac IPO. MUFG Intime India Pvt. is the registrar for the issue.
Use Of Proceeds
The company will not get any funds from the IPO as it’s entirely an offer-for-sale.
About Crizac Ltd.
Crizac is a B2B education company. It is in the business of providing student recruitment solutions to international institutions of higher education in countries such as the UK, Australia and Canada. It was incorporated in 2011.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
