Crizac share price rallies another 9%, now trades 32% higher than IPO price

Crizac share price in focus today: After making a bumper debut on the Indian stock market, Crizac share price extended its momentum on Thursday, rallying another 9% to hit the day’s high of ₹334.75 apiece in intraday trade.

Crizac share price made a grand entry on the exchanges on Wednesday, listing at ₹281.05 on the NSE, a 14.71% premium over the IPO price of ₹245, and ended its first trading day even higher at ₹307.60. Adding to the excitement on debut day, Sunil Singhania’s Abakkus Asset Manager Pvt Ltd. picked up a stake in the company during the listing itself.

According to exchange data, Abakkus Asset Managers bought 36.73 lakh shares at ₹298.33 apiece, taking the total transaction value to approximately ₹109.5 crore. Taking today’s intraday high into account, Crizac share price has gained 37% over its IPO price.

The ₹860 crore IPO, open for subscription between July 2 and July 4, received an stellar response from investors, getting oversubscribed by 62.89 times. The non-institutional investor (NII) segment was subscribed 80.07 times, while the retail portion saw a subscription of 10.74 times.

The IPO was entirely an offer-for-sale (OFS), meaning the company did not receive any proceeds from the issue.

Founded in 2011, Crizac Limited operates as a B2B education platform that facilitates international student recruitment for global institutions of higher education. The company primarily connects education agents with institutions across key destinations including the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).

Crizac leverages a proprietary technology platform that enables registered agents worldwide to source student applications for global academic institutions. Over the years, the company has built a robust global presence, sourcing applications from students in more than 75 countries.

As per data for the six-month period ending September 30, 2024, and for the financial years ended March 31, 2024, 2023, and 2022, Crizac processed more than 5.95 lakh student applications. These applications were submitted to over 135 higher education institutions around the world, underscoring the scale and efficiency of its recruitment network.

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