Crizac IPO Opens with Mild Listing Gains Expected
The Crizac IPO opened today for a three-day bidding period. It is priced between Rs 233 and Rs 245 per share. The aim is to raise Rs 860 crore. As of 1:14 pm, the issue received a 0.21 times subscription, with 51,59,014 shares bid for against 2,45,71,427 shares on offer.
Key Highlights:
- Grey Market Premium (GMP): Rs 29 or 11.84% over the upper price band, indicating mild listing gains for investors
- Subscription Status: 0.21 times subscription overall, with retail and NII participation at 0.33x and 0.21x, respectively
- Lot Size: Minimum 61 shares or multiples thereof, requiring a minimum capital of Rs 14,945 for retail investors
Brokerage Recommendations:
- SBI Securities: Subscribe, citing diversification into new geographies and B2C services as growth levers
- Choice Broking: Subscribe, highlighting reasonable valuation and potential for sustainable growth
- Chola Securities: Subscribe for listing gains, expecting industry tailwinds to boost growth
- Canara Bank Securities: Subscribe for long-term gains, emphasizing strong financials and wide agent network
- Arihant: Neutral, citing revenue concentration risk from top institutions
IPO Details:
- IPO Listing: July 9 on BSE and NSE
- Basis of Allotment: Finalized on July 7
- Offer for Sale (OFS): Entirely by promoters Pinky Agarwal and Manish Agarwal, with no fresh issue component
- Proceeds: Crizac won’t receive any proceeds, as it’s an OFS
