Crizac IPO Review

Crizac is one of the leading education platforms, offering international student recruitment solutions to higher education institutions in the United States, United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand.

The Promoter, Dr. Vikash Agarwal was previously associated with Gateway Abroad Ltd. as its director in 2005 and was also a director of the Material Subsidiary i.e., Crizac Ltd. which is in the same line of business as the Company. Dr. Vikash Agarwal has over 20 years of experience in education consultancy industry. The Promoters i.e., Manish Agarwal and Pinky Agarwal, have been associated with the Company since 2011 and each of them have over 14 years of experience in education consultancy services.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 8,847.76 Million, ₹ 7,634.38 Million and ₹ 5,178.47 Million. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 2,481.06 Million, ₹ 2,012.16 Million and ₹ 1,521.58 Million. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,529.33 Million, ₹ 1,189.00 Million and ₹ 1,121.39 Million respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 8.74 and post-issue EPS of ₹ 8.74 for FY24. The pre-issue P/E ratio is 28.03x, while the post-issue P/E ratio is 28.03x against the Industry P/E ratio is 18x. The company's ROCE for FY24 is 40.03%, ROE for FY24 is 30.24% and RoNW is 30.24%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Crizac showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Crizac Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.