Crizac IPO Draws Retail and HNI Surge; QIBs Yet to Join the Momentum
By Shishta Dutta | Updated at: Oct 15, 2025 03:26 PM IST
Mumbai, 3 July 2025: Crizac Limited’s ₹860-crore initial public offering (IPO) is gaining traction among retail and high net-worth investors (HNIs), even as institutional buyers maintain a cautious stance. By 10:15 AM on the second day of bidding, the issue had received 65% overall subscription.
Retail and HNI Investors Push Demand Up as Institutions Stay Cautious
On the second day of Crizac’s IPO, non-institutional and retail investors stepped in with strong bids. Non-institutional investors (NIIs) have nearly filled their quota, subscribing at 0.99 times, while retail investors have subscribed 83% of their portion. However, qualified institutional buyers (QIBs) have only subscribed 9%, showing limited participation thus far.
This IPO, open from July 2 to July 4, is a complete offer-for-sale (OFS) by the promoters, Pinky Agarwal and Manish Agarwal. Since no fresh equity is being issued, Crizac will not receive any proceeds from the offering.
Subscription Status (As of 10:15 AM, July 3, 2025)
| Category | Shares Reserved | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 73,81,973 | 6,57,153 | 0.09 |
| Non-Institutional Investors (NIIs) | 55,36,481 | 54,53,461 | 0.99 |
| Retail Individual Investors (RIIs) | 1,29,18,455 | 1,06,72,865 | 0.83 |
| Total | 2,58,36,909 | 1,67,83,479 | 0.65 |
High Net-Worth Investors Submit Aggressive Bids in Mid-Sized Segment
NIIs submitting bids between ₹2 lakh and ₹10 lakh have shown the strongest enthusiasm, oversubscribing their category at 1.18 times. Meanwhile, bids above ₹10 lakh saw a 0.89x subscription, indicating significant but slightly tempered interest from ultra HNIs.
Detailed NII Participation
| Sub-Category | Shares Bid For | Subscription (x) |
|---|---|---|
| NIIs (Bid > ₹10 lakh) | 32,72,772 | 0.89 |
| NIIs (Bid between ₹2 lakh and ₹10 lakh) | 21,80,689 | 1.18 |
Cut-Off Price Bids Dominate Retail Applications, Signalling Flexible Strategy
Retail participation has surpassed 1.06 crore bids so far. Notably, nearly 94.63 lakh of these applications have been made using the cut-off price option. This indicates that most individual investors are choosing pricing flexibility to maximise their chances of allotment.
Key IPO Facts: Who’s Selling, When It Closes, and Where It Lists
| Information | |
|---|---|
| IPO Size | ₹860 crore (100% Offer for Sale) |
| Promoters Selling Stake | Pinky Agarwal – ₹723 crore, Manish Agarwal – ₹137 crore |
| IPO Open Date | July 2, 2025 |
| IPO Close Date | July 4, 2025 |
| Listing Exchanges | BSE, NSE |
| Lead Managers | Equirus Capital, Anand Rathi Advisors |
| Registrar | MUFG Intime India |
| Anchor Investor Bidding | Completed on July 1, 2025 |
Market Awaits Institutional Backing as IPO Enters Final Phase
With just one day left before closing, market observers now look toward QIBs to determine whether the IPO will see full subscription across all categories. The current momentum from retail and HNI segments suggests healthy interest, but institutional buy-in will be key to sealing Crizac’s IPO success.
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