Mandeep Auto Industries Limited IPO...
16 Jul, 2025
Crizac Limited IPO
The IPO of Crizac Limited will be open to the general public on July 2, 2025 and the closing date is July 4, 2025. A clean offer for sale (OFS) of 35.1 million equity shares is being made in order to raise about 860 crores. A minimum lot size of 61 shares will be required, and the issue price range will be between 233 and 245 per share. On July 9, 2025, it is anticipated that the IPO shares will be listed on the BSE and NSE. The IPO allotment is broken down into 50 percent for Qualified Institutional Buyers (QIBs), 35 percent for retail and 15% for non-institutional investors.
Company Background
Crizac Limited is an educational platform that provides global student recruitment services and it was incorporated in 2011. It links agents and foreign higher education institutions mostly in the UK, Canada, Ireland, Australia and New Zealand. The company has been performing well financially and has registered revenue of 884.78 crore and net profit of 152.93 crore in FY25.
Operations & Product Range
Facility & Production:
Over 7,900 agents are registered on Crizac's unique platform, and 2,532 of them are working in India and over 25 other countries, including Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada, and Egypt. The company has managed more than 595,000 student applications in partnership with more than 135 institutions around the world. It has a lean workforce of 329 employees and 10 international consultants with presence in countries such as Cameroon, China, Ghana and Kenya.
Brands & Market Presence:
The positioning of the Crizac brand is as a global student recruitment solution provider, specializing in higher education institutions in major English-speaking countries. Its network of agents and platform is the backbone of its market presence, facilitating international student mobility and recruitment.
Revenue Channels
Crizac earns its revenue mainly through commissions and fees paid by educational institutions in the provision of student recruitment services. The company is expanding its agent network and the volume of student applications processed, which is leading to growth. It has experienced a growth of 35.3% in revenue, as its revenue rose to 884.78 crore in FY25 as compared to 658.62 crore in FY24 and its PAT margin is quite high at 17.28%.
Management & Shareholding
Promoters & Shareholding:
Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal are the promoters of Crizac. Promoters held a 100 percent stake before the IPO. In order to reduce their holdings, Pinky Agarwal and Manish Agarwal are selling 723 crore and 137 crore shares, respectively, following the IPO.
Board Members:
Dr. Vikash Agarwal, Mr. Manish Agarwal and Mrs. Pinky Agarwal are members of the board of Crizac Limited. Mr. Rakesh Kumar Agrawal, Mr. Anuj Saraswat and Ms. Payal Bafna are the Independent Directors. They jointly manage the strategic and governance roles of the company.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Crizac Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Crizac Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 2, 2025 to July 4, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹233 to ₹245 per share |
| Lot Size | 61 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Net Offered to Public | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 17,49,82,500 shares |
| Share Holding Post Issue | 17,49,82,500 shares |
Crizac Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Jul 2, 2025 |
| IPO Close Date | Fri, Jul 4, 2025 |
| Tentative Allotment | Mon, Jul 7, 2025 |
| Initiation of Refunds | Tue, Jul 8, 2025 |
| Credit of Shares to Demat | Tue, Jul 8, 2025 |
| Tentative Listing Date | Wed, Jul 9, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 4, 2025 |
Crizac Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 61 | ₹14,945 |
| Retail (Max) | 13 | 793 | ₹1,94,285 |
| S-HNI (Min) | 14 | 854 | ₹2,09,230 |
| S-HNI (Max) | 66 | 4,026 | ₹9,86,370 |
| B-HNI (Min) | 67 | 4,087 | ₹10,01,315 |
Crizac Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | - |
Competitive Strength:
- ● Well-established international presence and a large network of agents in various countries.
- ● Stable revenue and profit growth and a strong EBITDA margin of 25.05%.
- ● Return on equity (ROE) of 30.24% and return on capital employed (ROCE) of 40.03%.
- ● A lean working model that has a concentrated workforce and global consultants.
- ● Established relationships with over 135 international institutions of higher learning.
Crizac Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 879.62 | 884.78 | 152.93 | 505.71 | 0.08 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 592.91 | 763.44 | 119 | 342 | 0.08 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 304.99 | 517.85 | 112.14 | 221.37 | 0.08 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.24% |
| ROCE | 40.03% |
| RoNW | 30.24% |
| PAT Margin | 17.28% |
| EBITDA Margin | 25.05% |
| Price to Book Value | 8.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.74 | |
| P/E (x) | 28.03 |
IPO Objectives
Since the IPO is an Offer for Sale, Crizac will not receive any proceeds from the issue. The objective is primarily to provide an exit opportunity to existing shareholders, including promoters, and to enable public listing for enhanced market visibility and liquidity.
Conclusion
The IPO of Crizac Limited will offer the chance to invest in a B2B global education platform, which is well-established with good financials and possesses an expanding international presence. The focus on developing its agent network and servicing top education establishments qualifies it for further development. But since the IPO is a pure OFS, the company will not directly enjoy the money raised.
RHP:
DRHP:
Read more :
Frequently asked Questions (FAQs )
-
1. What is the Crizac IPO's lot size and pricing range?
The price range will be between 233 and 245 per share, with a lot size of at least 61 shares.
-
2. What is the amount that Crizac expects to raise in the IPO?
In an Offer for Sale, the IPO seeks to raise about 860 crore.
-
3. Will Crizac get any money out of the IPO?
No, it is a pure Offer for Sale and thus the company will not get any proceeds.
-
4. What are the main sources of revenue of Crizac?
Its main sources of revenue are commissions and fees on international student recruitment services.
-
5. Who are the marketers of Crizac?
Its promoters include Dr. Vikash Agarwal, Pinky Agarwal and Manish Agarwal.
