Crizac, a prominent B2B education platform specializing in international student recruitment, has received approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). SEBI gave its observation letter on 4 March 2025. The company filed the DRHP with SEBI on 18 November 2024.
Crizac IPO Plans
The company is proposing an Offer for Sale (OFS) of equity shares worth INR 1,000 crore. The selling shareholders are promoters, Pinky Agarwal and Manish Agarwal, offering 841 crore and 159 crore shares respectively. There is no fresh issue component, so existing shareholders are selling their stake and not raising capital for the company.
Equirus Capital Private and Anand Rathi Advisors are the Book-Running Lead Managers (BRLMs) and Link Intime India is the registrar. The equity shares will be listed on both the BSE and NSE.
Crizac IPO: Strong Business and Growth
Crizac is a B2B education platform that partners with global higher education institutions and recruitment agents. It offers student recruitment solutions for universities in the UK, Canada, Ireland, Australia and New Zealand. The company has built a strong network, especially for student recruitment from India to the UK, leveraging its established relationships with higher education institutions.
In FY 2024, Crizac sourced students from over 75 countries through its proprietary technology platform from more than 135 global institutions of higher education. The company processed over 595,000 student applications in that period. That’s the scale and efficiency of the business.
Financial Performance and Key Metrics
Crizac has shown strong financials. For the six months ended 30th September 2024, the company reported revenue from operations of INR 291.24 crore. For FY 2024, the revenue was INR 530.05 crore, a growth of 93.38% over FY 2023.
The company also made profits, with a Profit After Tax (PAT) of INR 115.86 crore in FY 2024 and PAT margin of 21.86%. ROE was 34.37%, that’s good for shareholders.As of September 2024, Crizac had 7,900 agents registered on its platform.
Expanding Global Footprint
In FY 2024, the company had 2,532 active agents (who submitted applications in the fiscal year). Of these, 1,524 active agents were in India and around 40% (1,008 active agents) were spread across 25+ countries including UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt. This network has helped Crizac to expand its international footprint and serve diverse student markets globally.
Additionally, the company maintains co-primary operations in London, United Kingdom, and employs a team of 329 employees and 10 consultants across various countries, further strengthening its global operations.
Next Steps and Market Anticipation
With SEBI’s observation letter issued, Crizac IPO is one step closer to its public launch. The next phase involves finalizing the issue details, including the price band, lot size, and listing timeline. Market analysts anticipate strong investor interest, given the company’s consistent revenue growth and expanding global footprint in the higher education sector.
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two months stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024.
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