Crizac Limited, one of the leading global education platforms, is set to launch its Initial Public Offering (IPO) with a focus on providing international student recruitment solutions to institutions in the United States, United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand. The company partners with universities and colleges to bridge the gap between students and overseas academic opportunities through efficient, tech-enabled processes.

The Crizac IPO is a Book Built Issue amounting to ₹860.00 crore, entirely comprising an Offer for Sale (OFS) of 351.02 lakh equity shares. The IPO subscription will open on July 02, 2025, and close on July 04, 2025. The allotment date is expected to be July 07, 2025, with the listing scheduled for July 09, 2025 on both the BSE and NSE.

The price band for the Crizac IPO has been fixed at ₹223 to ₹245 per share, and the lot size is 61 shares, making the minimum retail investment ₹14,945. For High-Net-Worth Individuals (HNIs), the minimum bid is 14 lots (854 shares), amounting to an investment of ₹2,09,230.

The market capitalization of Crizac Limited at the upper end of the price band will be around ₹4,287.07 crore. The IPO is being managed by Equirus Capital Private Limited and Anand Rathi Advisors Limited as book running lead managers, with MUFG Intime India Private Limited (formerly Link Intime) acting as the registrar to the issue.

Objective of the Issue

Since the IPO is entirely an Offer for Sale, Crizac Limited will not receive any proceeds from the issue. Instead, the funds raised will go to the selling shareholders, which include existing promoters and investors liquidating part of their stake.

About the Company and Promoters

Crizac has built a solid reputation in the education consultancy industry, helping students navigate the complex landscape of international admissions. Its operations span various geographies, providing high-quality counselling and processing services that cater to student mobility across continents.

Dr. Vikash Agarwal, the main promoter, has over 20 years of experience in the education consulting space and was earlier associated with Gateway Abroad Ltd. He has played a crucial role in expanding Crizac's footprint globally. The other promoters, Mr. Manish Agarwal and Ms. Pinky Agarwal, have been associated with Crizac since 2011 and bring over 14 years of industry experience each.

Crizac's scalable, tech-driven model allows it to streamline the recruitment process and offer personalized academic pathways for aspiring students. The platform is positioned to benefit from the global rise in demand for overseas education, especially from countries like India.

Financial Performance

Crizac has posted impressive and consistent growth over the past three financial years. The company’s operational and profitability metrics highlight its sound business fundamentals:

• Revenue from Operations:

  • FY2023: ₹5,178.47 million

  • FY2024: ₹7,634.38 million

  • FY2025: ₹8,847.76 million

• EBITDA:

  • FY2023: ₹1,521.58 million

  • FY2024: ₹2,012.16 million

  • FY2025: ₹2,481.06 million

• Profit After Tax (PAT):

  • FY2023: ₹1,121.39 million

  • FY2024: ₹1,189.00 million

  • FY2025: ₹1,529.33 million

These figures demonstrate that Crizac is on a growth path with improving margins and scalability.

Key Financial Ratios and Valuation

• Pre-Issue EPS (FY24): ₹8.74

• Post-Issue EPS (FY24): ₹8.74

• Pre-Issue and Post-Issue P/E Ratio: 28.03x

• Industry P/E Ratio: 18x

• ROCE (FY24): 40.03%

• ROE and RoNW (FY24): 30.24%

While the return ratios such as ROCE and ROE are quite strong, the P/E ratio of 28.03x indicates that Crizac is fully priced when compared to the industry average of 18x. This reduces the likelihood of substantial listing gains unless sentiment shifts significantly during the IPO window.

Grey Market Premium (GMP)

As of June 27, 2025, the Grey Market Premium (GMP) for Crizac IPO is ₹0, suggesting that there is no unofficial premium in the unregulated grey market. This reflects a lack of speculative interest or price discovery based on secondary demand, although such premiums are inherently volatile and should not be the sole basis for investment decisions.

The GMP being at zero implies a neutral to low sentiment around the IPO at the current valuation, reinforcing the idea that listing day gains may be muted.

Allotment & Listing Details

• IPO Open Date: July 02, 2025

• IPO Close Date: July 04, 2025

• Allotment Date: July 07, 2025

• Tentative Listing Date: July 09, 2025

• Registrar: MUFG Intime India Pvt. Ltd.

• Lead Managers: Equirus Capital Pvt. Ltd. and Anand Rathi Advisors Ltd.

To check the Crizac IPO allotment status, investors can:

1. Visit the registrar’s website (MUFG Intime India Pvt. Ltd.)

2. Select Crizac Limited IPO from the dropdown

3. Enter your Application Number, PAN, or DP Client ID

4. Click Submit to view the status

Expert Analysis and Investment View

While Crizac Limited has shown solid financial growth, a strong promoter background, and operates in an expanding sector, the IPO valuation appears steep at a P/E ratio of 28.03x. The absence of a fresh issue component means no capital will be infused into the business, and all proceeds will go to existing shareholders, which may be a negative for new investors looking for capital expansion or business development use.

The zero GMP adds to the caution, suggesting no listing momentum in the secondary market. For those looking to make gains on listing day, this IPO may not offer the desired returns.

However, long-term investors who believe in the education sector, especially the international student recruitment space, may evaluate Crizac on its own merits and growth potential.

Final Verdict

Considering the fully priced valuation, absence of fresh capital infusion, and lack of grey market enthusiasm, analysts recommend avoiding the Crizac IPO for listing gains. The IPO may still be of interest to long-term investors who are optimistic about the international education consultancy market and the company’s established track record.

Disclaimer:
This review is meant for educational and informational purposes only and should not be construed as financial advice or a solicitation to buy or sell securities. Investors are advised to consult their financial advisors and read the final prospectus before making any investment decisions. Market risks are inherent, and past performance does not guarantee future outcomes. The article uses publicly available data and interpretations as of the publication date.

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