Crizac's Rs 860-cr IPO gets subscribed 59.82 times

The initial public offer of student recruitment solutions provider Crizac Ltd got subscribed 59.82 times on the closing day of bidding on Friday.

The Rs 860-crore initial share sale received bids for 154,56,79,488 shares against 2,58,36,909 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) got subscribed a whopping 134.35 times while the quota for non-institutional investors fetched 76.15 times subscription. Retail Individual Investors (RIIs) part received 10.24 times subscription.

Crizac on Tuesday said it has garnered Rs 258 crore from anchor investors.

The price band has been fixed at Rs 233-245 per share for the initial public offering (IPO).

The IPO is entirely an offer for sale (OFS) of equity shares worth Rs 860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the red herring prospectus.

The OFS consists sale of equity shares worth Rs 723 crore by Pinky Agarwal and Rs 137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

The company, which had proposed to raise Rs 1,000 crore in November last year, has trimmed the issue size to Rs 860 crore. It did not provide any specific reason for the downward revision in the offer size.

The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.

The company's shares will be listed on the BSE and NSE.

Equirus Capital and Anand Rathi Advisors are the book running lead managers for the IPO.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)