The initial public offering of Crizac Ltd. will open on July 2 and close on July 4. The price band for the IPO is set at Rs 233 to Rs 245 per share.
The proposed IPO is entirely an offer for sale worth up to Rs 860 crore, with no fresh issue component. The face value of each share is Rs 2. Investors can bid for a minimum of 61 shares, and then in multiples thereof. The promoters off-loading their stake are Pinky Agarwal and Manish Agarwal.
Equirus Capital Pvt. and Anand Rathi Advisors Ltd. are the book-running lead managers to the issue. MUFG Intime India Pvt. is the registrar.
IPO Details
Issue opens: July 2.
Issue closes: July 4.
Anchor investor bidding: July 1.
Issue price band: Rs 233 to Rs 245.
Lot size: Minimum 61 shares and in multiples thereafter.
Total issue size: Rs 860 crore (3,51,02,040 shares).
Type: Offer for sale.
Tentative listing date: July 9.
Business
Crizac offers international student recruitment solutions to global institutions of higher education in the UK, Canada, New Zealand, Australia and the Republic of Ireland.
The firm, incorporated in 2011, has partnered with various leading universities in the UK and holds a market share of 13% based on the number of Indian students pursuing higher education in the UK in 2023, the draft papers said, quoting a F&S report.
The Kolkata-based firm has processed over 5.95 lakh student applications and collaborated with over 135 global universities. The company, as of September, has over 7,900 registered agents in various countries including the UK, Nepal, Bangladesh and Egypt, among others.
Use Of Proceeds
The company will not receive any proceeds of the offer for sale by the selling shareholders. The entire proceeds from the public offer will be received by promoters who are off-loading their stake.
Anchor Investment
Crizac Ltd. raised Rs 258 crore from anchor investors on Tuesday ahead of its initial public offering. The company allotted 1.05 crore shares at Rs 245 apiece to 19 anchor investors.
Shamyak Investment Pvt. got the highest allocation of 13.95%. Aryabhata Global Assets Funds Icav- Aryabhata India Funds got the second highest allotment of 10.84%. ICICI Prudential Flexicap Fund and Allianz Global Investors Fund-Allianz India Equity got 8.14% stake each in the company.
Three domestic mutual funds have applied through five schemes. ICICI Prudential, Bandhan Balanced and Motilal Oswal were among the fund houses in this category, the student recruitment solution provider said in an exchange filing.
Financial Performance
The company's revenue from operations for the financial year 2025 stood at Rs 849.49 crore, significantly up from Rs 530.05 crore that the company clocked in during the previous year.
The profit for the period stood at Rs 152.93 crore, marking a significant uptick from the profit in the year ago period, Rs 117.92 crore.
The total expenses for the fiscal 2025 stood at Rs 682.33 for this year while the expenses were lower at Rs 396.96 during the year-ago period.
Key Risks
Heavily dependent on few global institutions of higher education.
Heavily dependent on the service of our agents.
Dependent on our continued collaboration with global institutions.
Revenue concentration on certain geographical locations.
Any change in the regulations or legislations in relation to Visa from foreign countries or restriction on travel.
Crizac IPO GMP
The grey market premium for Crizac's IPO stood at Rs 21 as of 6:37 a.m. on July 2, according to Chittorgarh. That implies listing at premium of Rs 266.
GMP or grey market price is not an official indicator and is based on market speculation.
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