Thu Jul 03 04:00:00 UTC 2025: Okay, here’s a news article summarizing the provided text about Crizac’s IPO:

**Crizac IPO Fully Subscribed on Day 2, Attracting Mixed Analyst Reviews**

**Mumbai, July 3, 2024** – The initial public offering (IPO) of Kolkata-based education company Crizac has been fully subscribed on its second day, receiving bids for 3.01 crore shares against an offer size of 2.58 crore shares by noon today. Retail investors oversubscribed their portion 1.42 times, while Non-Institutional Investors (NIIs) subscribed nearly 2 times their quota. Qualified Institutional Buyers (QIBs) booked 10 percent of their reserved portion.

The Rs 860-crore IPO, which closes on July 4th, consists entirely of an offer for sale (OFS) by existing promoters, Pinky Agarwal and Manish Agarwal. The price band for the IPO is set at Rs 233-245 per share, with a minimum investment of Rs 14,945 for 61 shares. Ahead of the listing, grey market premium (GMP) for Crizac shares stood at 15% over the IPO price, trading at Rs 282.

The company, a B2B education platform facilitating international student recruitment, raised Rs 258 crore from anchor investors on July 1st, including Allianz Global Investors, Pinebridge Global Fund, and ICICI Prudential Mutual Fund.

Analysts have offered mixed opinions on the IPO. Some recommend subscribing, highlighting Crizac’s differentiated model in a competitive market and its potential for growth in the global student recruitment sector. Geojit Financial Services recommends the public issue with a medium- to long-term investment perspective.

However, others advise caution. Bhavik Joshi of INVasset PMS suggests a “wait and watch” approach, citing the pure OFS structure, valuation concerns (28x FY25 earnings and 8.5x book value), and the business’s reliance on cyclical international student mobility. SMC Global noted risks associated with dependence on a few institutions and agents.

Bajaj Broking pointed to the company’s financials, noting a net profit of Rs 152.93 crore in FY25, resulting in a P/E ratio of 28.03 based on the post-IPO fully diluted paid-up equity.

The IPO allotments are expected to be finalized on July 7th, and the shares are scheduled to debut on the BSE and NSE on July 9th. Equirus Capital and Anand Rathi Advisors are the book-running lead managers for the IPO. Crizac will not receive any of IPO money

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