Crizac Limited IPO is an ₹860 crore issue, coming entirely as an offer for sale (OFS). This means the company won’t be raising fresh capital, but its promoters are unlocking value by selling part of their stake. The IPO has generated strong buzz among investors thanks to Crizac’s unique position in the education-tech space, connecting global institutions with agents across multiple countries.
The IPO opens for subscription on July 2, 2025, and closes on July 4, 2025. Allotment is likely to be finalized on Monday, July 7, 2025, with a tentative listing date of Wednesday, July 9, 2025, on both BSE and NSE.
The price band and lot size are expected to be announced soon. The issue is managed by Equirus Capital and Anand Rathi Securities, with MUFG Intime (Link Intime) as the registrar.
About Crizac IPO and Its Business Model
Crizac Limited is a Kolkata-headquartered education technology company that plays a pivotal role in the international student recruitment ecosystem. The company operates a B2B platform designed to connect overseas universities and educational institutions with a vast network of recruitment agents and counselors across multiple countries.
Founded by Pinky Agarwal and Manish Agarwal, Crizac began its journey to simplify and digitize how students apply to study abroad. The company’s model is built around its ability to streamline the admission process for universities and students by working with trusted agents who guide students in their home countries.
Crizac operates through its technology-enabled platform, which manages everything from application submissions and documentation to tracking, offers, and visa assistance. The company primarily serves universities in the UK, Canada, Australia, and New Zealand, while its agent network spans India, Nigeria, Bangladesh, Kenya, Vietnam, and many other regions.
What Crizac Does (Business Model)
At its core, Crizac earns commissions and fees from partner universities for each successful student recruitment. The company does not work directly with students — instead, it empowers local agents who act as intermediaries, ensuring students get personalized guidance in their country.
- Crizac provides:
- An online platform for managing student applications
- Training and certification for agents
- Support services like visa documentation, interview prep, and pre-departure advice
The company does not charge students directly, making it attractive for students who want to go abroad but seek help via trusted local agents.
Where Crizac Operates
- Crizac has built strong partnerships in the UK, its largest destination market, handling a significant portion of Indian student recruitment for British universities. It also works actively in Australia, Canada, New Zealand, and is expanding reach into Europe.
- Its agent network is spread across 75+ countries, with a particularly strong presence in South Asia, Africa, and Southeast Asia.
Revenue and Growth Crizac Limited IPO
- Crizac’s revenue comes from universities’ success fees (paid for each student placed). In FY24, the company reported revenue of around ₹530 crore, nearly doubling its FY23 figure of ₹274 crore. Profit after tax stood at ₹116 crore in FY24, up sharply from earlier years.
Crizac Limited Unique Strengths
- Crizac controls an estimated 13% market share of students from India going to the UK for higher education.
- The company benefits from long-term tie-ups with 135+ universities and institutions.
- Its tech-driven platform gives it a competitive edge, enabling faster processing and better tracking.
- A focus on agent enablement and compliance ensures high-quality applications — a major reason universities prefer working with Crizac.
Crizac Limited Promoters and Leadership
- The company was founded and is led by Pinky Agarwal (Managing Director) and Manish Agarwal (Executive Director). Together, they have over two decades of experience in international student recruitment and education services.
What Makes Crizac Different?
- Unlike many agencies that focus on individual student leads, Crizac works at scale by powering a trusted agent network. Its ability to handle high application volumes efficiently, coupled with strong university partnerships, has positioned it as a leader in this niche.
Crizac IPO Strengths, Market Share & Partnerships
| Aspect | Details |
|---|---|
| Issue Size | ₹860 crore (Book-building, 100% Offer for Sale) |
| Face Value | ₹2 per share |
| Price Band | ₹233 to ₹245 per share |
| Lot Size | 61 shares |
| Book-running Lead Managers | Equirus Capital Pvt Ltd, Anand Rathi Securities Ltd |
| Registrar | MUFG Intime India Pvt Ltd (Link Intime) |
| Event | Date |
|---|---|
| IPO Opens for Subscription | July 2, 2025 |
| IPO Closes | July 4, 2025 |
| Basis of Allotment Finalized | July 7, 2025 |
| Refunds Initiated | July 8, 2025 |
| Shares Credited to Demat | July 8, 2025 |
| Listing Date | July 9, 2025 (BSE & NSE) |
Crizac IPO Lot Size
| Category | Lot Size (Shares) | Minimum Investment |
|---|---|---|
| Retail | 61 shares (1 lot) | ₹14,213 – ₹14,945 |
| Retail (Max) | 793 shares (13 lots) or more | ₹1,94,285 |
| Small HNIs | 854 shares (14 lot) | ₹2,09,230 |
| Small HNIs (Max) | 4,026 shares (66 lot) | ₹9,86,370 |
| Big HNIs | 4,087 shares (67 lot) | ₹10,01,315 |
Crizac IPO Financials – Revenue, PAT, and ROE FY25
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 879.62 | 592.91 | 304.99 |
| Revenue | 884.78 | 763.44 | 517.85 |
| Profit After Tax (PAT) | 152.93 | 118.90 | 112.14 |
| EBITDA | 212.82 | 72.64 | 107.29 |
| Net Worth | 505.71 | 341.81 | 221.37 |
| Total Borrowing | 0.08 | 0.08 | 0.08 |
Key Performance Indicator (KPI)
| KPI | FY24 | FY25 (Est.) |
|---|---|---|
| EBITDA Margin (%) | 9.5% | 24.0%+ |
| PAT Margin (%) | 15.6% | 17.3% |
| Return on Equity (ROE) | 35% | 30% |
| Return on Capital Employed (ROCE) | 41% | 38% |
| Debt-to-Equity Ratio (%) | 0.01% | 0.01% |