IPO Details
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IPO Size
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Schedule of Crizac Ltd IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
About Crizac Limited IPO
Crizac Limited IPO is an IPO of ₹1000 crores. It consists of an offer for sale of ₹1,000 crores. The shares will be allotted on a date TBA. The credit of shares to the demat account will take place on a date TBA and the initiation of refunds will take place on a date TBA.
Objective of Crizac Limited IPO
- Achieve the benefits of listing the equity shares on the stock exchanges.
- Carry out the offer for sale aggregating to ₹1000 crores by the selling shareholders.
- To enhance visibility and brand image, and provide liquidity to its shareholders and a public market for the equity shares in India.
Crizac Limited IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band (₹) | TBA |
Existing Shares to be Sold | 1000 crores |
Fresh Issue | Not Applicable |
EPS(₹) For the year ended March 31, 2023 | 6.29 |
Crizac Limited IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
NIIs Shares Offered | Not less than 15% of the Net Issue |
Retail Shares Offered | Not less than 35% of the Net issue |
QIBs Share Offered | Not more than 50% of the Net Issue |
Industry Outlook
Global higher education enrolment has been on an upswing. It reflects both the aspirations of individuals seeking advanced learning opportunities and the broader socio-economic and geopolitical trends shaping educational landscapes. There has been a remarkable surge in higher education enrolment over recent decades, from about 3.3 crores in 1970 to 25.4 crores in 2022. This has been driven by various factors including increasing demand for skilled labour in the knowledge economy, advancements in technology facilitating access to education, and efforts to achieve higher levels of educational attainment globally. This expansion is particularly evident in emerging economies where rising middle-class populations are seeking to improve their prospects through education.
Increasing globalization, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad.
Total Indian students pursuing higher education abroad totalled around 7,70,000 in 2019, increasing to about an estimated 14,80,000 by 2023. The total number of students studying abroad is expected to reach 25,00,000 by 2030, growing at a CAGR of 7.8% (2023-2030). US, UK, Australia and Canada are the top destinations Indian students flock to for higher studies.
Company Information
Crizac Limited is one of the leading education platforms offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). Since the beginning of its operations in fiscal 2011, the company has worked with its agent network to enable the students and parents to fulfil parents’ and children’s aspirations.
Crizac Limited IPO Strengths
One of the leading providers of international recruitment solutions with significant experience in catering to global institutions of higher education.
Crizac Limited is one of the leading education platforms offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). (Source: F&S Report). For the 6 month period ended September 30, 2024, and Fiscals March 31, 2024, March 31, 2023, and March 31, 2022, the company sourced applications for enrolment into global institutions of higher education from over 75 countries through their agents globally who are registered on our proprietary technology platform.
Wide-ranging network of educational agents for sourcing students for recruitment.
As of September 30, 2024, they have over 7,900 agents globally who are registered on their proprietary technology platform. They have developed an internal system to meticulously identify prospective agents, establish connections and nurture the relationships with agents. They look forward to identifying and working with agents whose objectives align with the company and foster a collaborative and symbiotic partnership. During fiscal 2024, they had 2,532 active agents in over 20 countries including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada and Egypt.
Scalable proprietary technology platform
The proprietary technology platform facilitates streamlined communication between over 7,900 agents globally, who are registered on their proprietary technology platform as on Sept 30, 2024.The company, and their global institutions of higher education provide a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility. The company’s proprietary technology platform can be accessed by their agents who are the point of contact with the students.
Risks of Crizac Limited IPO
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Crizac Limited is heavily dependent on a few global institutions of higher education for their revenue. Any loss of such global institutions of higher education may adversely impact their business, results of operations and financial conditions.
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Any change in the regulations or legislation related to visas from foreign countries could adversely affect their ability to conduct their business and impact their financial conditions.
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A significant portion of the company’s revenues are from outside India. Adverse foreign currency exchange rate fluctuations could adversely impact their business, results of operation and financial condition.
All Financial Information about Crizac Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Crizac Limited | Indiamart Intermesh Ltd | IDP Education Ltd (AUD) |
|---|---|---|---|
Revenue from Operations (in ₹crores) | 530.052 | 985.399 | 103.725 |
P/E | - | 44.17 | 29.51 |
EPS (Basic) | 6.62 | 55.18 | 0.48 |
Return on Net Worth (%) | 34.37 | 19.24 | 25.51 |
NAV per share | 19.26 | 1.88 | 1.86 |
Anchor Investor Information
The Anchor Investor Bidding Date shall be 1 Working Day prior to the Bid/Offer Opening Date.
IPO Registrar and Book Running Lead Managers
Book running lead managers:
Equirus Capital Private Limited Anand Rathi Advisors Limited
Registrar for the IPO is Link Intime India Private Limited
Business Model
The company earns its revenue through the following sources:
- Offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
- Working in close collaboration with global institutions of higher education, which has helped Crizac Limited in developing expertise and understanding of their recruitment preferences and developing bespoke strategies that reflect and highlight their unique goals and strengths.
Company Growth Trajectory
Crizac Limited is one of the largest student recruitment solutions providers from India into the United Kingdom with a market share of close to 13.0% in terms of the number of students going from India to the UK to pursue higher education in the year 2023. (Source: F&S Report).
For the 6-month period ended September 30, 2023 and fiscals March 31, 2023, March 31, 2022 and March 31, 2021, they sourced applications for enrollment into global institutions of higher education from over 72 countries through their agents globally who are registered on their proprietary technology platform. During the 6-month period that ended on September 30, 2024 and fiscals 2021, 2022 and 2023, they processed over 5.95 lakh student applications while working with over 135 global institutions of higher education.
The company also works in close collaboration with global institutions of higher education which has helped the company scale their business. Their revenue from operations has increased from ₹120.070 crores in FY2022 to ₹6,58.620 crores for the six months ended Sept 2024. Their profit after tax soared from ₹66.157 crores in FY22 to ₹115.86 crores in FY24, thus registering an overall growth of 75% in the said period.
Company Market Position
As of March 31, 2024, Crizac Limited has over 7,900 agents globally who are registered on their proprietary technology platform, and in FY 2023, they had 1,819 active agents (i.e., agents to whom their company has made payments during fiscal 2023) comprising 1,239 Active Agents in India and around 32% Active Agents i.e., 580 Active Agents in over 20 countries overseas including United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada and Egypt.
Crizac Limited Company Profit & Loss
| Parameter | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|
Total Income (₹ crores) | 29.830 | 123.299 | 318.970 | 658.620 |
Profit Before Tax (₹ crores) | 27.014 | 88.731 | 147.384 | 1,84.033 |
Net Profit (₹ crores) | 20.939 | 67.764 | 112.139 | 115.863 |
EBITDA (₹ crores) | 26.213 | 86.51 | 104.780 | 82.894 |
EPS (₹) | 1.15 | 3.78 | 6.29 | 6.62 |
Crizac Limited Cash Flow Statement
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Profit before tax | 887.31 | 1,473.84 | 1,840.33 |
Net Cash from Operating Activities (₹ crores) | 57.216 | 51.583 | 101.363 |
Net Cash from Investing Activities (₹ crores) | (46.869) | (46.081) | 66.842 |
Net Cash from Financing Activities (₹ crores) | (0.023) | (0.115) | |
Cash and Cash Equivalents (₹ crores) | 10.323 | 5.386 |
How To Check Allotment Status of Crizac Limited IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Crizac Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the Link Intime India Private Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Crizac Ltd from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
How To Apply for Crizac Ltd IPO?
Here are the steps to apply for Crizac Ltd IPO:
Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Crizac Ltd IPO FAQs
What is the Crizac Ltd IPO?
The Crizac Limited IPO has an issue size of ₹1000 crores. The IPO opens for subscription on TBA and closes on TBA.
Who is the Registrar for Crizac Limited IPO?
Link Intime India Private Limited is the registrar for this IPO.
