Pine Labs Files for Rs 2,600 Crore IPO...
27 Jun, 2025
Crizac Limited, a major B2B educational portal that focuses on international student recruitment, has set the price band of its forthcoming initial public offer (IPO) at Rs 233 to 245 per equity share of face value Rs 2. The IPO subscription will commence on July 2, 2025, and will close on July 4, 2025 and the allocation to anchor investors will be on July 1.
The IPO is an OFS (Offer for Sale) of 3.51 crore shares worth around Rs 860 crore. No new equity will be issued and promoters Pinky Agarwal and Manish Agarwal will sell shares worth Rs 723 crore and Rs 137 crore respectively. As a result, Crizac will not get anything out of the public offering; money will go directly to the selling shareholders.
The issue has set aside a maximum of 50 percent of shares to qualified institutional buyers (QIBs), at least 15 percent to non-institutional investors (NIIs), and at least 35 percent to retail investors. The lot size is set at 61 shares and applications will be received in multiples of 61. Allotment will be completed on July 7 and refunds will be made, and shares will be credited to demat accounts on July 8. On July 9, 2025, Crizac shares will be listed on the BSE and NSE.
Crizac is a business-to-business platform that was founded in 2011 and is headquartered in Kolkata, India. The company facilitates the global student recruitment of higher education institutions in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand. The company links universities with a global network of about 7,900 agents including 1,524 active agents in India and over 1,000 agents in over 25 countries including the UK, Nigeria, Pakistan, Bangladesh and Canada.
During the fiscal year 2025, Crizac recorded a strong financial performance as the revenue increased to Rs 849.49 crore compared to Rs 634.87 crore in the previous year. The net profit also rose to Rs 152.93 crore as compared to Rs 118.90 crore due to robust operations and demand in the international education services.
The business model of Crizac is to enable student applications and enrolments, which it has done in the last few years by processing over 7.11 lakh applications in more than 75 countries. Its major competitors in the listed space are Indiamart Intermesh Ltd and IDP Education Ltd, with price-to-earnings ratios of 27.18 and 7.86 respectively, which can be used to benchmark valuation.
The Rs 860 crore IPO of Crizac is a milestone in the history of the firm as it is moving out of the status of a privately held firm to a publicly traded company. The offering offers promoters an exit strategy and enables investors to have a share in the expanding international education services industry. The strong financial history and a wide network of agents in the world market establish the company in a good position to grow in the competitive market.
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