Education Platform Crizac Gets SEBI Nod For Rs 1,000-Crore IPO
The OFS consists a sale of equity shares of up to Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal.
Student recruitment solutions provider Crizac Ltd. received final observation from the Securities and Exchange Board of India on Tuesday to raise funds through an initial public offering.
The IPO of the Kolkata-based company, which refiled the draft papers with the capital markets regulator on Nov. 18, consists of solely an offer for sale of up to Rs 1,000 crore by promoters with a face value of Rs 2 per equity share, according to the draft red herring prospectus.
The OFS consists a sale of equity shares of up to Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees.
The company will not receive any proceeds of the OFS by the selling shareholders. Each of the selling shareholders will be entitled to the respective proportion of the proceeds of the OFS after deducting their portion of the offer-related expenses and the applicable taxes, according to the DRHP.
Shares of these firms are proposed to be listed on the BSE and the National Stock Exchange. Equirus Capital Pvt. and Anand Rathi Advisors Ltd. are the book-running lead managers, and Link Intime India Pvt. is the registrar of the issue.
Crizac is a business-to-business education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Ireland, Australia and New Zealand.
The company facilitated enrollment applications from over 75 countries through its registered agents on its technology platform during the six months ended Sept. 30, 2023, and in the previous three financial years.
It processed more than 5.95 lakh student applications and collaborated with over 135 global universities. As of Sept. 30, 2024, the company had over 7,900 registered agents globally, including 2,532 active agents in fiscal 2024, with a significant presence in India and various countries like the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada and Egypt.
It also has co-primary operations in London. In addition to extensive operations and employees in India, it has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya.
