Crizac IPO

About Crizac IPO

The IPO of Crizac Ltd comprises an offer for sale of equity shares aggregating up to ₹860 crores. It has no offer for sale and is a 100% book-built issue. The price band is between ₹233 and ₹245. The lot size is 61.

The IPO opening date is July 2, 2025 and closing date is July 4, 2025. The allotment date is July 7, 2025. The credit of shares to the demat account will take place on July 8, 2025. The initiation of refunds will take place on July 8, 2025.

Objective of Crizac IPO

Crizac Ltd will not receive any proceeds of the offer for sale by the selling shareholders. Each of the selling shareholders will be entitled to the respective proportion of the proceeds of the offer for sale after deducting their portion of the offer related expenses and the applicable taxes thereon.

Industry Outlook

The overseas education market has experienced significant growth in recent years, driven by several factors. Increasing globalisation, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad. Students and parents are increasingly recognising the value of acquiring a global perspective, accessing world-class educational institutions, and experiencing diverse cultures.

The global education market, valued at approximately USD 6 trillion in 2024, is projected to expand to around $7.4 trillion by 2030. This includes the segments of Pre-K, K-12 and higher education. Higher education (post K-12 education at universities, colleges etc.) stands as one of the largest segments within this education market, presenting substantial growth prospects. The segment is expected to reach a spending level of USD 2.4 trillion by 2030, increasing from USD 1.9 trillion in 2024.

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 Indian 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 Ltd is a B2B 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, Republic of Ireland, Australia and New Zealand (ANZ).

Student recruitment solutions from India into the United Kingdom is its strength as a result of its strong relationships built over time with global institutions of higher education in the United Kingdom. It also works in close collaboration with global institutions of higher education, which has helped the company in developing expertise and understanding of their recruitment preferences and developing bespoke strategies that reflect and highlight their unique goals and strengths.

Risks of Crizac IPO

• Dependent on Few Global Institutions

The company is heavily dependent on a few global institutions of higher education for our revenue. Anyloss of such global institutions of higher education may have an adverse impact on its business, results of operations and financial conditions.

• Reliance on Service of Agents

The company is heavily dependent on the service of its agents. Loss of any or all such agents may have an adverse impact on its business, results of operations and financial conditions.

• Inability to Maintain Collaboration

The company’s success depends on its continued collaboration with global institutions of higher education. Its inability to maintain collaboration with such global institutions of higher education may have an adverse impact on its business, results of operations and financial conditions.

Anchor Investor Information

The anchor investor bid period starts on July 1, 2025.

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

A B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education, Crizac Ltd processed over 7.11 lakh student applications while working with over 173 global institutions of higher education. Some of the global institutions of higher education with whom it works include University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University and Swansea University.

Company Growth Trajectory

The revenue of operations of Crizac Ltd grew from ₹472.974 crores in FY 23 to ₹849.491 crores in FY 25. Its EBITDA margin grew from 22.68% in FY 23 to 25.05% in FY 25, while the number of student applications processed increased from 1,72,939 in FY 23 to 2,75,897 in FY 25.

Its number of active agents increased from 1819 in FY 23 to 3948 in FY 25, while the number of global institutions of higher education catered to during the period rose from 111 to 173. Experienced promoters supported by able professionals with strong domain expertise has helped the company grow over the years.

Market Position

Crizac Ltd is based in India with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants with extensive experience of the international educational landscape.

How to Check Allotment Status of Crizac IPO?

1. Visit the Registrar’s Website

• Visit the official website of MUFG Intime India Pvt Ltd
• Click on ‘Public Issues’ from ‘Investor Services’
• Select company name and enter either your PAN, application number, DP/client ID or account number
• Click on ‘Submit’ to know the status

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
• Select the Issue Name from dropdown
• Put in either your application number or PAN number
• Check the box ‘I’m not a robot’
• Click on ‘Search’ to know allotment status

3. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. You can use it to check the status of Crizac Ltd. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Company name from dropdown
• Application number
• PAN

Then click 'Submit' to know the allotment status.

How to Apply for Crizac IPO?

To apply for this 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.