New Delhi, Jul 3 (PTI) The initial public offer of student recruitment solutions provider Crizac Ltd received 2.75 times subscription on the second day of bidding on Thursday.

The Rs 860-crore initial share sale got bids for 7,09,51,174 shares against 2,58,36,909 shares on offer, as per NSE data.

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The category for non-institutional investors fetched 6.28 times subscription while Retail Individual Investors (RIIs) part got subscribed 2.71 times. The Qualified Institutional Buyers (QIBs) portion received 15 per cent subscription.

Crizac on Tuesday said it has garnered Rs 258 crore from anchor investors.

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The initial public offering (IPO) will conclude on Friday. The price band has been fixed at Rs 233-245 per share.

The IPO is entirely an offer for sale (OFS) of equity shares worth Rs 860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the red herring prospectus.

The OFS consists sale of equity shares worth Rs 723 crore by Pinky Agarwal and Rs 137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

The company, which had proposed to raise Rs 1,000 crore in November last year, has trimmed the issue size to Rs 860 crore. It did not provide any specific reason for the downward revision in the offer size.

The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.

The company's shares will be listed on the BSE and NSE.

Equirus Capital and Anand Rathi Advisors are the book-running lead managers for the IPO.

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