The Crizac IPO will open on July 2, 2025, and close on July 4, 2025. It is a Book Build Issue aiming to raise around ₹860 crores, entirely through a fresh issue of ₹860 crores, with a face value of ₹2 per share.
The price band is ₹233 to ₹245 per share, with retail quota at 35%, QIB at 50%, and HNI at 15%. The allotment date is July 7, 2025, and it is proposed to list on BSE and NSE on July 9, 2025.
The company reported revenue of ₹884.78 crores in 2025, up from ₹658.62 crores in 2024, and a profit of ₹152.93 crores in 2025, compared to ₹117.92 crores in 2024. Based on the financials, investors may consider applying to this IPO for the long term.
CRIZAC IPO Date & Price Band Details
| IPO Open Date: | July 2, 2025 |
| IPO Close Date: | July 4, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹233 to ₹245 Per Share |
| Issue Size: | Approx ₹860 Crores |
| Fresh Issue: | Approx ₹860 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
CRIZAC Company Overview, Strengths, and Risks
Crizac Limited is a prominent Indian education platform that specializes in international student recruitment solutions. They act as a B2B platform, connecting recruitment agents with global higher education institutions, primarily in the UK, Canada, the Republic of Ireland, Australia, and New Zealand.
CRIZAC Company Overview:
- Core Business: CRIZAC facilitates the admission of international students to universities and colleges. They operate as a B2B platform, working with a large network of registered agents worldwide to source student applications for their partner institutions.
- Target Markets: Their primary focus is on student recruitment from India, particularly for higher education in the UK, where they hold a significant market share (approximately 13.0% of Indian students transitioning to UK universities in 2023). They also have a strong presence in Canada, Ireland, Australia, and New Zealand.
- Technology Platform: CRIZAC leverages a proprietary technology platform to streamline the application process, manage communications, automate workflows, and provide real-time access to admission data for agents and institutions.
- Partnerships: They have long-standing relationships with over 173 global institutions of higher education, including prestigious universities in the UK.
- Agent Network: As of March 31, 2025, they boast a vast network of approximately 10,362 registered agents globally, with 3,948 active agents across 39+ countries.
- Operations: Headquartered in India with co-primary operations in London, UK. They have consultants in multiple countries to support their global reach.
- Financial Performance (as of March 31, 2025):
- Revenue: ₹849.49 crore (FY25)
- Profit After Tax (PAT): ₹152.93 crore (FY25)
- The company has shown robust financial growth, with revenue growing at a CAGR of 100.18% between Fiscal 2015 and 2025. They maintain a nearly debt-free balance sheet.
- Management: Led by experienced promoters Dr. Vikash Agarwal (Chairman & Managing Director), Mr. Manish Agarwal (Whole-time Director & CFO), and Mrs. Pinky Agarwal (Non-Executive Director), who bring extensive experience in international education.
Strengths:
- Dominant Market Position: CRIZAC holds a substantial market share in key student recruitment corridors, particularly India to the UK, demonstrating a strong competitive edge.
- Extensive & Diversified Agent Network: Their large network of registered and active agents across numerous countries provides a broad base for sourcing student applications and supports global expansion.
- Strong & Long-Term Institutional Partnerships: They have established deep and enduring relationships with over 173 global institutions, including top universities, leading to recurring revenue visibility and trust.
- Scalable Proprietary Technology Platform: The advanced, cloud-backed platform efficiently handles large volumes of applications, streamlines processes, and enhances operational efficiency and user experience for both agents and institutions. This asset-light model allows for high operational leverage.
- Experienced Management & Skilled Workforce: The company benefits from the long-standing experience of its promoters and a dedicated team with deep expertise in the international education landscape.
- Robust Financial Performance & Debt-Free Status: CRIZAC has demonstrated consistent and significant growth in revenue and profit, coupled with a healthy financial position, including being almost debt-free. This provides flexibility for future growth.
- Strong Return Ratios: Consistently high Return on Equity (ROE) and Return on Capital Employed (ROCE) indicate efficient capital utilization and strong shareholder value generation.
- Network Effect: The large network of agents attracts more institutions, and more institutions attract more agents, creating a self-reinforcing loop that strengthens their market position.
Risks:
- High Geographic Revenue Concentration: A very significant portion of their revenue (over 95% in FY25) is derived from UK-based institutions. This heavy reliance on a single geography exposes the company to country-specific risks, including changes in UK immigration policies, economic downturns, or geopolitical events.
- Revenue Concentration on Key Institutions: While having many partners, a significant portion of their revenue (over 70% in FY25) comes from their top 10 global partner institutions. Loss or non-renewal of contracts with any of these key institutions could severely impact their revenue and operations.
- Reliance on Agent Network: Their business model heavily depends on their active agent network. Any significant attrition of agents, or changes in agent commission structures, could negatively affect student application volumes.
- Contract Renewal Uncertainty: The company’s growth relies on the renewal of short-term contracts with global institutions. Failure to meet enrollment thresholds or non-renewal of these agreements could disrupt long-standing partnerships and impact revenue.
- Regulatory & Policy Changes: Changes in visa policies, immigration laws, or travel restrictions in target countries (UK, Canada, USA, Australia, New Zealand) can directly impact student mobility and, consequently, CRIZAC’s revenue generation.
- Pure Offer for Sale (OFS) IPO: The upcoming IPO is entirely an Offer for Sale, meaning no fresh funds will flow into the company. This could limit its immediate reinvestment capacity for organic or inorganic growth initiatives.
- Foreign Exchange Fluctuations: Given their international operations and revenue streams, the company is exposed to risks associated with fluctuations in foreign exchange rates.
- Intense Competition: The international student recruitment market is competitive, and the entry of new players or aggressive strategies by existing ones could put pressure on pricing and market share.
CRIZAC IPO Market Lot
The Crizac IPO has a minimum market lot of 61 shares, requiring an application amount of ₹14,945. Retail investors can apply for up to 13 lots, totaling 793 shares with an amount of ₹1,94,285.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 61 | ₹14,945 |
| Retail Maximum | 13 | 793 | ₹1,94,285 |
| S-HNI Minimum | 14 | 854 | ₹2,09,230 |
| B-HNI Minimum | 67 | 4,087 | ₹10,01,315 |
CRIZAC IPO Allotment & Listing Dates
The Crizac IPO will open on July 2 and close on July 4. The allotment is expected to be finalized on July 7, with the IPO listing on July 9. You can check Subscription Status.
| Type | Date |
|---|---|
| IPO Open Date: | July 2, 2025 |
| IPO Close Date: | July 4, 2025 |
| Basis of Allotment: | July 7, 2025 |
| Refunds: | July 8, 2025 |
| Credit to Demat Account: | July 8, 2025 |
| IPO Listing Date: | July 9, 2025 |
CRIZAC IPO: Promoters
The promoters of the company are Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal.
CRIZAC IPO Company Financial Report
The company reported revenue of ₹884.78 crores in 2025, up from ₹658.62 crores in 2024. It also reported a profit of ₹152.93 crores in 2025, compared to ₹117.92 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2024 | ₹658.62 | ₹396.96 | ₹117.92 | ₹591.03 |
| 2025 | ₹884.78 | ₹682.34 | ₹152.93 | ₹877.74 |
CRIZAC IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 30.38% |
| ROCE: | -% |
| EBITDA Margin: | 25.05% |
| PAT Margin: | 17.28% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹8.74 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 30.24% |
| Net Asset Value (NAV): | ₹28.90 |
CRIZAC IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Indiamart Intermesh Ltd | 91.84 | 27.18 | 25.20 | 363.43 | 1388.34 Cr. |
| IDP Education Ltd (AUD) | 0.48 | 7.86 | 25.51 | 1.88 | 103.73 Cr. |
Objects of the Issue – CRIZAC IPO
The primary object of the CRIZAC IPO is not to raise fresh capital for the company’s operations. Instead, it is entirely an Offer for Sale (OFS) by the existing promoters and selling shareholders.
Therefore, the main objectives of the CRIZAC IPO are:
- To achieve the benefits of listing the Equity Shares on the Stock Exchanges: This includes enhancing visibility, improving brand image, providing liquidity to the existing shareholders (promoters and other selling shareholders), and creating a public market for the equity shares in India.
- To carry out the Offer for Sale of equity shares by the selling shareholders: This allows the promoters and other selling shareholders to divest a portion of their stake in the company.
In essence, the IPO serves as an exit opportunity for some of the existing shareholders and provides the company with the prestige and advantages of being a publicly listed entity. The company itself will not receive any proceeds from this IPO.
CRIZAC IPO Review
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Crizac IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: crizac.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
CRIZAC IPO Lead Managers aka Merchant Bankers
- Equirus Capital Private Limited
- Anand Rathi Securities Limited
CRIZAC Company Address
Crizac Limited
Wing A, 3 rd Floor, Constantia Building,
11, Dr. U.N. Brahmachari Street,
Shakespeare Sarani,
Kolkata, West Bengal, 700017
Phone: +91 33 3544 1515
Email: compliance@crizac.com
Website: http://www.crizac.com/
FAQs – CRIZAC IPO
The CRIZAC IPO opens for subscription on July 2, 2025, and closes on July 4, 2025. The allotment is expected to be finalized on July 7, 2025, and the shares are scheduled to list on BSE and NSE on July 9, 2025.
The IPO price band for CRIZAC is set at ₹233 to ₹245 per equity share.
The minimum market lot for the CRIZAC IPO is 61 shares. This means a retail investor needs to apply for a minimum of 61 shares, amounting to ₹14,945 at the upper end of the price band.
As of June 29, 2025, the Grey Market Premium (GMP) for CRIZAC IPO is reported to be ₹0. This suggests an estimated listing price at par with the issue price. Please note that GMP is an unofficial indicator and can be volatile.
CRIZAC aims to raise approximately ₹860 crores through this IPO. It is entirely an Offer for Sale (OFS) by existing shareholders, meaning the company itself will not receive any proceeds from this IPO.
CRIZAC reported revenue of ₹884.78 crores and a profit of ₹152.93 crores in FY2025, demonstrating significant growth from the previous fiscal year (FY2024 revenue of ₹658.62 crores and profit of ₹117.92 crores).
The promoters of CRIZAC Limited are Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal.
Since it’s entirely an Offer for Sale, the objectives of the CRIZAC IPO are to achieve the benefits of listing the equity shares on stock exchanges (enhancing visibility, improving brand image, providing liquidity) and to allow selling shareholders to divest a portion of their stake.
CRIZAC IPO is scheduled to list on both the BSE and NSE stock exchanges.
CRIZAC’s strengths include a dominant market position in key student recruitment corridors (especially India to UK), an extensive and diversified global agent network, strong and long-term partnerships with institutions, a scalable proprietary technology platform, experienced management, robust financial performance, and a nearly debt-free status.
Key risks include high geographic revenue concentration (primarily UK), revenue concentration on a limited number of key institutions, reliance on their agent network, uncertainty in contract renewals with institutions, susceptibility to regulatory and policy changes in target countries, exposure to foreign exchange fluctuations, and the fact that it is a pure Offer for Sale IPO.
