IPO Details
Issue Opening Date: July 2, 2025
Issue Closing Date: July 4, 2025
Issue Size: ₹ 860 Cr (@ upper price band of ₹245)
Type: Offer for Sale – ₹ 860 Cr
Our View: Long Term Subscribe for High Risk Investors
Price Band: ₹ 233 to ₹245 per Equity Share
Lot Size: 61 Shares & multiples thereafter
Minimum Application Amount: ₹ 14,945 (61 Shares)
Maximum Application Amount: ₹ 1,94,285 (793 Shares)
Big HNI: ₹ 10,01,315 (4,087 Shares)
Company Overview
Crizac Limited is a B2B education platform that connects agents with global institutions of higher education, offering international student recruitment solutions for institutions in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. The company provides end-to-end student recruitment services — from lead generation, eligibility screening, application processing, to post-admission support — through its proprietary cloud platform.
The company runs admission office and marketing mandates for select universities. It has built strong relationships over the years, especially in recruiting students from India to the UK.
In the last three fiscals, Crizac sourced applications for enrolment from over 75 countries and processed 7.11 lakh student applications while working with over 173 global institutions. It has 10,362 registered agents on its platform, with 3,948 active agents in over 39 countries during FY25, including the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada, and Egypt.
Key Highlights
One of the prominent providers of international recruitment solutions
Strong relationships with a global network of institutions across diverse disciplines
Extensive network of educational agents for student sourcing
Scalable proprietary technology platform
Track record of financial growth and operational consistency
Objects of the Issue
Offer for Sale of Equity Shares by selling shareholders aggregating to ₹860 Cr
Achieve the benefits of listing the equity shares on the stock exchanges
The company will not receive any proceeds from the Offer for Sale.
Our View
Founded in 2011, Crizac has positioned itself as a leading B2B education platform with a focus on technology-driven recruitment solutions. In January 2024, the company acquired its core application management software from its group firm Crizac Technologies Pvt Ltd for ₹103.56 crore on arm’s length terms, backed by a valuer’s report.
In addition to recruitment services, it provides marketing, brand management, and admission office management for select institutions. Crizac benefits from sectoral growth trends and a leadership team with deep industry expertise.
Risks to consider include intense competition, regulatory changes, geographic concentration, heavy dependence on a limited number of institutions and agents, geopolitical uncertainties, and potential revenue impacts from visa policy changes.
Financials: From FY23 to FY25, revenue grew at a CAGR of 76%, EBITDA at 41%, and PAT at 18%. The company operates at an EBITDA margin of 25.05% and PAT margin of 17.28%. ROE stands at 30.38% (FY25). The IPO is priced at a P/E of 28x compared to the industry average of 18x, with competitors ranging from 7.86x (IDP Education Ltd) to 27.18x (Indiamart Intermesh Ltd).
Crizac also plans to expand into the B2C model, directly engaging with students to reduce dependency on agents. The company operates in a niche, high-growth sector but carries distinct risks, making it most suitable for investors with a higher risk appetite and long-term perspective.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ‘25 |
FY ’24 |
FY ‘23 |
| Total Income |
8,847.76 |
6,586.20 |
3,189.70 |
| Total Expenditure |
6,823.36 |
3,969.60 |
1,715.86 |
| EBITDA |
2,128.22 |
716.59 |
1,047.80 |
| Profit before Tax |
2,024.40 |
1,867.83 |
1,473.84 |
| Profit after Tax |
1,529.33 |
1,179.21 |
1,101.09 |
| E.P.S. (Diluted) |
8.74 |
6.74 |
6.29 |
| P/E (x) (Diluted) |
28 |
- |
- |
| RONW (%) |
30.38 |
34.74 |
50.06 |
PRICE CHART (@ ₹ 245) (Retail Category)
| LOT SIZE |
| Amount |
| 61 |
14,945 |
| 122 |
29,890 |
| 183 |
44,835 |
| 244 |
59,780 |
| 305 |
74,725 |
| 366 |
89,670 |
| 427 |
104,615 |
| 488 |
119,560 |
| 549 |
134,505 |
| 610 |
149,450 |
| 671 |
164,395 |
| 732 |
179,340 |
| 793 |
194,285 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
854 |
209,230 |
| Big HNI |
4,087 |
1,001,315 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
7/7/2025 |
| Initiation of refunds/unblocking ASBA Fund |
8/7/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
8/7/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
9/7/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
