IPO Details
Bidding Dates
02 Jul '25 - 04 Jul '25
Minimum Investment
₹14,945/ 1 Lot (61 Shares)
Price Range
₹233-₹245
Maximum Investment
₹1,94,285/ 13 Lot (793 Shares)
Retail Discount
To be announced
Issue Size
₹860.00 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |Crizac IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Jul 02, 25
IPO Closing Date
Jul 04, 25
Basis of Allotment
Jul 07, 25
Initiation of Refunds
Jul 08, 25
IPO Listing Date
Jul 09, 25
Crizac IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
|
Day 1Jul 1, 2025 |
0.00 | 0.09 | 0.21 | 0.12 |
About Crizac IPO
Crizac IPO is a book-built issue worth ₹860.00 crore and consists entirely of an offer for sale of 3.51 crore equity shares. The IPO opens for public subscription on July 2, 2025, and will close on July 4, 2025. The basis of allotment is expected to be finalised by July 7, 2025.
The equity shares are proposed to be listed on both BSE and NSE, with the tentative listing date set for July 9, 2025. The price band for the Crizac IPO is fixed between ₹233 and ₹245 per share. Retail investors can apply for a minimum lot size of 61 shares, requiring an investment of ₹14,213.
To improve the chances of allotment in case of oversubscription, bidding at the cutoff price is advised, which amounts to ₹14,945. For sNII (small non-institutional investors), the minimum application size is 14 lots or 854 shares, amounting to ₹2,09,230. For bNII (big non-institutional investors), the minimum is 67 lots or 4,087 shares, totalling ₹10,01,315.
Equirus Capital and Anand Rathi are the lead managers, while Link Intime is the registrar.
Industry Outlook
- The global education market is projected to grow from USD 6 trillion in 2024 to around USD 7.4 trillion by 2030, with the higher education segment alone expected to rise from USD 1.9 trillion to USD 2.4 trillion. This growing market creates ample opportunities for education service providers like Crizac Limited.
- The number of Indian students pursuing education abroad is expected to grow at a CAGR of 7.8%, reaching 25 million by 2030. Crizac, with its strong network of global universities, especially in the UK, is well positioned to benefit from this rising demand.
- Overseas education loan disbursements have increased significantly, with PSBs alone lending over ₹75.8 billion in 2021–22, a six-fold jump from 2012–13. This financial support for students enhances the accessibility of foreign education, directly boosting Crizac’s student recruitment business.
Crizac IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- To list Crizac Limited’s equity shares on the BSE and NSE.
- To facilitate an Offer for Sale of shares worth ₹860 crore by selling shareholders.
- To enhance the company's brand visibility and public recognition in the Indian market.
- To provide liquidity to existing shareholders and create a public market for the shares.
About Crizac Limited
Crizac Limited is a B2B education platform that connects global education agents with institutions of higher learning across countries such as the United Kingdom, Canada, Australia, New Zealand, and the Republic of Ireland. The company offers international student recruitment solutions, with a strong focus on sourcing applications from India to the UK.
Its deep relationships with top universities have positioned it as a trusted partner in the global education space. Between Fiscal 2023 and Fiscal 2025, Crizac processed over 7.11 million student applications for enrolment into more than 173 global institutions.
These applications were sourced from over 75 countries through its network of agents. As of March 31, 2025, the platform had 10,362 registered agents, with 3,948 being active—43.33% of whom were based outside India in countries like Nigeria, Vietnam, Pakistan, and the UK.
Crizac has collaborated with prestigious institutions such as the University of Birmingham, University of Dundee, and Coventry University. With its headquarters in India and co-primary operations in London, the company also has consultants in countries including Ghana, China, and Kenya. As of March 2025, Crizac employed 368 professionals and 12 consultants.
Since beginning operations in Fiscal 2011, the company has scaled rapidly, achieving a compound annual growth rate of 100.18% in revenue from Fiscal 2015 to Fiscal 2025. By combining technology, a global agent network, and deep institutional partnerships, Crizac continues to grow as a leading education services provider.
How To Check the Allotment Status of Crizac IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Crizac IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Crizac IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Crizac IPO
Registered office: Wing A, 3rd Floor, Constantia Building, 11, Dr. U.N. Brahmachari Street, Shakespeare Sarani, Kolkata, West Bengal, India - 700017
Phone: +91 33 3544 1515
E-mail:compliance@crizac.com
Crizac IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50% of the Net Offer |
|
Retail Shares |
Not less than 35% of the Net Offer |
|
NII Shares |
Not less than15% of the Net Offer |
Crizac IPO Lot Size
Investors are allowed to place bids starting with a minimum of 61 equity shares and in multiples of 61 thereafter. The table below outlines the minimum and maximum investment limits for Retail Investors and High Net-worth Individuals (HNIs), both in terms of share quantity and investment amount.
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
61 |
₹14,945 |
|
Retail (Max) |
13 |
793 |
₹1,94,285 |
|
S-HNI (Min) |
14 |
854 |
₹2,09,230 |
|
S-HNI (Max) |
66 |
4,026 |
₹9,86,370 |
|
B-HNI (Min) |
67 |
4,087 |
₹10,01,315 |
Crizac IPO Promoter Holding
The promoters of the company include Dr. Vikash Agarwal, Pinky Agarwal and Manish Agarwal.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Crizac IPO
As of Monday, March 31, 2025, the estimated market capitalisation of Crizac IPO stands at ₹4,287.07 crore.
|
KPI |
Value |
|
RoE (%) |
30.24 |
|
RoCE (%) |
40.03 |
|
RoNW (%) |
30.24 |
|
Price to Book Value |
8.48 |
|
EBITDA Margin (%) |
25.05 |
|
PAT Margin(%) |
17.28 |
Crizac IPO Prospectus
Crizac IPO Registrar and Lead Managers
Crizac IPO Lead Managers
- Equirus Capital Private Limited
- Anand Rathi Securities Limited
Registrar for Crizac IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: crizac.ipo@linkintime.co.in
Crizac IPO Registrar
Financial Performance of Crizac Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operation (in ₹ million) | 8,494.91 | 5,300.52 | 2,740.98 |
| Profit/ (loss) for the year (in ₹ million) | 1,529.33 | 1,179.21 | 1,101.09 |
| Earnings per Share (₹) | 8.74 | 6.74 | 6.29 |
| Net Worth (in ₹ million) | 5,033.31 | 3,394.37 | 2,199.70 |
| Return on Equity (%) | 30.38 | 34.74 | 50.06 |
| Return on Capital Employed (RoCE) (%) | 40.03 | 54.92 | 67.74 |
| EBITDA (in ₹ million) | 2,128.22 | 716.59 | 1,047.80 |
Know before investing
Strengths
8-
Processed over 7.11 lakh student applications across 173 global institutions.
-
Operates with 10,362 registered agents, including 3,948 active agents globally.
-
Strong presence in the UK education space with long-term partnerships.
-
Covers over 75 countries through its proprietary technology platform.
-
Offers end-to-end recruitment and admission support to institutions globally.
-
Plans expansion into Ireland, Canada, ANZ, and the United States markets.
-
Diversifying services to boost revenue and attract more student applications.
-
Aims to enhance online presence and implement targeted branding strategies.
Risks
8-
Over 95% of revenue in Fiscal 2025 came from the UK market.
-
Loss of key institutions may affect business and financial stability.
-
Business depends on 3,948 active agents across 39 global countries.
-
Visa policy changes in major countries may disrupt student enrolments.
-
Revenue depends on student meeting institution-specific eligibility criteria.
-
Geopolitical tensions may reduce student inflow to partnered countries.
-
Trademark objections may affect Crizac’s brand identity and reputation.
-
Inaccurate past corporate filings may raise compliance and trust concerns.
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Crizac IPO Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Crizac Limited | 8.74 | 28.76 | - | 30.38 |
| Indiamart Intermesh Limited | 91.84 | 363.43 | 27.18 | 25.20 |
| IEL Education Limited (AUD) | 0.48 | 1.88 | 7.86 | 25.51 |
Crizac IPO FAQs
Crizac IPO is a book-built issue IPO. It runs from July 2, 2025, to July 4, 2025.
The Basis of Allotment will happen on Monday, July 7, 2025.
The IPO subscription window will open on July 2, 2025.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 61 shares.
The listing date for Crizac IPO is Wednesday, July 9, 2025.
The issue size of the Crizac IPO is up to ₹860.00 crore.
The open and close dates for Crizac IPO are from July 2, 2025, to July 4, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
MUFG Intime India Private Limited (Link Intime) is the registrar responsible for managing the IPO allotment process and handling investor queries.
Crizac IPO is proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Crizac Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Crizac IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
