Also Read: Crizac IPO: should you Subscribe Or Not?

The rate band for the IPO has been set in between Rs 233 and Rs 245 per share.

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Crizac Ltd., a service provider of trainee recruitment services to education companies, released its initial public offering on July 2 to raise over Rs 850 crore.

The mainboard problem opened to a weak demand from investors on Wednesday. The IPO was subscribed only 46% on the very first day of bidding.

Despite the muted reaction so far, the grey market premium for the public issue acquired 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 current GMP suggests a listing rate of Rs 276 each at a premium of 12.65%, compared to the ceiling of the price band.

The GMP has basically doubled because the IPO opened for membership on Wednesday. It was Rs 21 on July 2 and later on climbed to Rs 32 before ending day 1 at Rs 39 per share.

Note: GMP does not represent main information and is based on speculation.

Also Read: Crizac IPO: Should You Subscribe Or Not?

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About Crizac IPO

The Crizac IPO is a book-building issue worth Rs 860 crore. It consists of a totally offer-for-sale of 3.51 crore shares. The price band for the IPO has actually been set in between Rs 233 and Rs 245 per share.

Retail financiers can take part in the IPO by bidding for a single lot size of 61 shares, requiring a financial investment of Rs 14,213. Small Non-Institutional Investors require to bid for 14 lots, amounting to a financial investment of Rs 2,09,230. Big Non-Institutional Investors can participate by bidding for at least 67 lots, amounting to a minimum financial investment of Rs 10,01,315.

Of the 3,51,02,039 shares available, 70,20,407 (20.00%) are designated 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 financiers.

Investors can buy 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 exact same day.

Shares of Crizac are tentatively set up to be listed on the BSE and NSE on July 9.

Equirus Capital Pvt. is the book-running lead supervisor of the Crizac IPO. MUFG Intime India Pvt. is the registrar for the problem.

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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 company of providing student recruitment solutions to global organizations of higher education in countries such as the UK, Australia and Canada. It was incorporated in 2011.

Disclaimer: Investments in initial public offerings undergo market dangers. Please from financial advisors and check out the red herring prospectus completely before positioning bids.