Crizac IPO Sees Slow Start with Just 12% Subscription by Midday on Opening Day

Mumbai, 2 July 2025: The much-anticipated initial public offering of Crizac Limited IPO opened to a subdued investor response on its first day, with just 12% of the total issue subscribed by 11:54 AM. Despite a significant offer size of ₹860 crore under a complete offer-for-sale (OFS), investor participation remained limited across categories.

Qualified Institutional Buyers Stay Away as Interest Stays Near Zero

Qualified Institutional Buyers (QIBs), often considered key to lending credibility to an IPO, showed negligible interest. Only 10,187 shares were bid for against the 73.81 lakh shares reserved for this segment. This translates to a subscription rate of 0.00 times, signalling that institutional investors are taking a cautious approach at this stage.

High-Value Investors Hold Back; NII Segment Subscribed Just 9%

The Non-Institutional Investors (NIIs) segment, typically comprising high-net-worth individuals, received bids for 4.78 lakh shares against an allocation of 55.36 lakh shares, amounting to just 9% subscription.

• High-value bids (above ₹10 lakh): 2.19 lakh shares subscribed, only 6% of the category.
• Moderate bids (₹2 lakh–₹10 lakh): 2.58 lakh shares bid, reaching 14% of the reserved quota.

This reserved attitude indicates hesitation among wealthy investors, possibly due to valuation concerns or market timing.

Retail Investors Show Slightly Better Enthusiasm with 20% Subscription

Retail Individual Investors (RIIs) demonstrated a relatively more optimistic response. Out of the 1.29 crore shares allocated to this category, 25.23 lakh shares were bid for, marking a 20% subscription rate. While this is still low for a first-day showing, it reflects moderate retail appetite in a market that is otherwise cautious.

No Participation from Employees and Shareholders as No Reservations Offered

There were no bids recorded under the employee and shareholder reservation categories. This was expected, as Crizac Limited had not earmarked any shares for these segments in the current IPO structure.

Total Issue Sees Minimal Movement: Only 30.12 Lakh Shares Subscribed Out of 2.58 Crore

By mid-morning, total bids across all categories amounted to just 30.12 lakh shares against the total issue size of 2.58 crore shares. This results in an overall subscription rate of 0.12 times or 12%, underscoring the cautious market sentiment toward this offering.

Key Technical Notes: UPI Mandates and Final Bid Status to Be Updated on the Last Day

The ongoing bidding process comprises both UPI and non-UPI applications. For UPI-based submissions, only mandates marked as accepted and with amounts blocked (RC100 status) are reflected in the current data. Final subscription tallies for these applications will be updated by 7:00 PM on July 4, 2025—the last day of the issue.

Crizac Limited has not yet disclosed its IPO price band, adding a layer of uncertainty that may have contributed to the tentative investor behaviour.

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