Crizac IPO Sees 45% Subscription on Day 1; QIB Entry Signals Improving Demand

Mumbai, 2 July 2025: Crizac Limited’s initial public offering (IPO) closed its first day of bidding with a 45% overall subscription, driven by steady participation from retail and non-institutional investors. Late in the day, Qualified Institutional Buyers (QIBs) entered the market with modest bids, indicating growing institutional interest ahead of the July 4 closing.

QIB Participation Begins, Led by Foreign Investors

Qualified Institutional Buyers, who were largely absent through most of the session, placed bids for 6.46 lakh shares by the end of the day. Notably, Foreign Institutional Investors (FIIs) accounted for 6.12 lakh of these, while others contributed 34,221 bids.

• Shares Reserved: 73,81,973
• Bids Received: 6,46,417
• Subscription: 0.09 times
• FIIs contributed 6.12 lakh bids, while others bid for 34,221 shares.

NII Response Gathers Pace, Led by High-Value Bids

Non-Institutional Investors (NIIs) showed steady traction with a 61% subscription. The majority of demand came from individuals placing bids above ₹10 lakh, indicating interest from seasoned investors.

Shares Reserved: 55,36,481

• Bids Received: 33,77,448
• Subscription: 0.61 times

Breakdown:

• Bids above ₹10 lakh:
  • Bids: 20,54,602 (0.56x)
  • Major portion from individuals (19.89 lakh bids)
• Bids between ₹2 lakh and ₹10 lakh:
  • Bids: 13,22,846 (0.72x)
  • Individuals contributed over 12.76 lakh bids

Retail Investors Lead Day 1 Subscriptions

Retail participation emerged as the strongest segment, contributing over 75 lakh bids and achieving 58% subscription of their allocated quota. Cut-off bids dominated this category, with nearly 66 lakh shares applied at the upper price band.

Shares Reserved: 1,29,18,455

• Bids Received: 75,15,383
• Subscription:0.58 times
  • Cut-off bids: 65,73,116
  • Price bids: 9,42,267

Overall Subscription Stands at 45% by the End of Day 1

The IPO, offering 2,58,36,909 equity shares, received bids for 1,15,39,248 shares by the end of July 2. While the response is building gradually, full subscription will now hinge on stronger institutional interest in the coming days.

• Total Shares Offered: 2,58,36,909
• Total Bids Received: 1,15,39,248
• Overall Subscription: 0.45 times

Employee and Shareholder Quotas Remain Inactive

No bids were registered under employee or shareholder reserved categories, as no allocations were made under these segments.

Outlook for Upcoming Sessions Hinges on Institutional Participation

 With two days remaining before the IPO closes on 4 July 2025, market attention is now focused on the scale of demand from mutual funds, domestic financial institutions, and insurance companies. The late QIB entry on Day 1 signals a potential uptick in institutional activity as investor sentiment strengthens.

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