IPO Details
RHP/DRHPIssue Date
02 Jul - 4 Jul'25
Investment/lot
₹ 14945
Price Range
233 - 245
Lot Size
61
IPO Size
₹ 860 cr
IPO Listing Details
Listing On
9 Jul'25
Issue Price
245
Listed Price
--
Retail Gain/Listing Gain
--
Schedule of Crizac Ltd IPO
Start date
02/07/2025
End date
04/07/2025
Allotment of bids
07/07/2025
Refund Initiation
08/07/2025
Listing on exchange
09/07/2025
Crizac IPO Subscription Status
(Day-3: 4th July 2025 2:45pm)
| Date | QIB | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
Day 1 Jul 2, 2025 | 0.09 | 0.65 | 0.59 | 0.77 | 0.63 | 0.48 |
Day 2 Jul 3, 2025 | 0.16 | 6.61 | 6.31 | 7.21 | 2.86 | 2.89 |
Day 3 Jul 4, 2025 | 35.29 | 61.10 | 71.40 | 40.50 | 7.87 | 27.11 |
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.
Crizac IPO Review: Should You Invest in This B2B Education Platform Worth ₹860 Crore?
Kotak Securities
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Crizac IPO Valuation
Crizac IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional Investors | Not less than 15% of the offer |
Retail Individual Investors | Not less than 35% of the offer |
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.
Crizac Limited IPO Strengths
Experience of Catering to Global Institutions of Higher Education
Since commencement of its operations in Fiscal 2011, Crizac Ltd has built significant experience in the recruitment solutions for global institutions of higher education. It has enabled it to develop a deep expertise and understanding of the markets and cultures in which it operates, which is demonstrated by it processing over 7.11 lakh student applications while working with over 173 global institutions of higher education during Fiscals 2025, 2024 and 2023.
Well Entrenched Relationship with Global Network of Institutions of Higher Education
Out of the top 30 global institutions of higher learning, based on the company’s revenue from operations, Fiscal 2025, Fiscal 2024 and Fiscal 2023, it has had a long-standing relationship of over 5 years with more than 20 global institutions of higher learning.
Wide Ranging Network of Educational Agents for Sourcing Students for Recruitment
As of March 31, 2025, the company had around 10,362 registered agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents.
It seeks to identify and work with agents whose objectives align with it and foster a collaborative and symbiotic partnership. During Fiscal 2025, it had 3,948 active agents in over 39 countries overseas including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt.
Scalable Proprietary Technology Platform
One of the key features of its service offerings is its strong focus on technology. Its proprietary technology platform facilitates streamlined communication between its around 10,362 Registered agents globally, who are registered on its proprietary technology platform. The company and its global institutions of higher education provides a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility.
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.
All Financial Information about Crizac IPO
Comparison with peers
| Company | Revenue from Operations (in ₹crore) | EPS in ₹ | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|---|
Crizac Ltd | 849.491 | 8.74 | 30.38 | 28.76 |
Indiamart Intermesh Ltd | 1388.344 | 91.84 | 25.20 | 363.43 |
IDP Education Ltd | 103.725 | 0.48 | 25.51 | 1.88 |
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.
Crizac Company IPO Profit & Loss
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Total Income (in ₹crore) | 884.776 | 658.620 | 318.970 |
Profit Before Tax (in ₹crore) | 202.440 | 186.783 | 147.384 |
Profit After Tax (in ₹crore) | 152.933 | 117.921 | 110.109 |
EBITDA (in ₹crore) | 212.822 | 71.659 | 104.780 |
EPS in ₹ | 8.74 | 6.74 | 6.29 |
Crizac IPO Balance Sheet
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Profit Before Tax (in ₹ crore) | 202.440 | 186.783 | 147.384 |
Net Cash from / (Used in) Operating Activities (in ₹crore) | 187.274 | 101.363 | 51.582 |
Net Cash Used in Investing Activities (in ₹crore) | (148.656) | (66.842) | (46.080) |
Net Cash Used in Financing Activities (in ₹crore) | (0.011) | (0.011) | (0.115) |
Cash and Cash Equivalents at the End of the Year (in ₹crore) | 88.827 | 50.220 | 15.710 |
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.
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 minimum lot size required for Crizac Ltd IPO?
The minimum lot size is 61 shares and the investment required is ₹14945.
What is the price band of the Crizac Ltd IPO?
The price band of Crizac Ltd IPO is ₹233 to ₹245.
Where can I read more about Crizac Ltd business?
You can read more about Crizac Ltd and its IPO from the company’s red herring prospectus (RHP) here.
What is the Crizac Ltd IPO?
The IPO of Crizac Ltd consists of an offer for sale aggregating up to ₹860 crores.
When will the IPO of Crizac Ltd go live?
The IPO of Crizac Ltd will open for subscription on July 2, 2025. It will close on July 4, 2025.
From where can I read more about Crizac Ltd and its IPO?
You can read more about Crizac Ltd from the company’s red herring prospectus here.
