Crizac Limited is one of India's leading education platforms focused on international student recruitment solutions for higher education institutions across major global destinations. It supports universities in the United States, United Kingdom, Canada, Ireland, Australia, and New Zealand to attract Indian students.

Crizac leverages a robust organisational culture, effective control systems, and the expertise of its employees to deliver efficient solutions for student recruitment.

Company Overview

Crizac's business model is built around partnering with universities and students:

• Helping students find and apply to top universities abroad.

• Offering end-to-end consultancy, including application support, visa guidance, and career counselling.

• Supporting universities in targeted recruitment from India and other regions.

This strategy has made Crizac a key player in India's international education consultancy industry.

IPO Details

• IPO Type: Book Built Issue (100% Offer for Sale)

• Issue Size: ₹860.00 Crores (351.02 lakh shares)

• Price Band: ₹223 to ₹245 per share

• Market Capitalisation (at ₹245): ₹4,287.07 Crores

Key Dates:

• IPO Opens: July 02, 2025

• IPO Closes: July 04, 2025

• Allotment Date: Expected July 07, 2025

• Listing Date (BSE & NSE): Tentative July 09, 2025

Investment Terms

• Lot Size: 61 shares

• Retail Minimum Investment: ₹14,945

• HNI Minimum Investment: 14 lots (854 shares) for ₹2,09,230

This structure allows smaller retail investors to participate, but also attracts HNIs looking for larger exposure in the education sector.

IPO Handling Parties

• Book Running Lead Managers: Equirus Capital Private Limited and Anand Rathi Advisors Limited

• Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

These reputed financial firms will ensure a smooth subscription, allotment, and listing process.

Promoters and Management

• Dr. Vikash Agarwal: Over 20 years in education consultancy, previously director at Gateway Abroad Ltd.

• Manish Agarwal and Pinky Agarwal: Over 14 years each in education consultancy, with active involvement since 2011.

The promoters bring deep industry knowledge, long-term relationships with universities, and operational expertise.

Business Strategy and Strength

Crizac focuses on:

• Helping Indian students access top universities globally.

• Building strong B2B partnerships with institutions abroad.

• Leveraging technology to streamline application processes.

• Expanding reach in major study-abroad markets.

This strategic positioning ensures steady demand, given India’s rising outbound student numbers.

Financial Performance

Revenue from Operations:

• FY23: ₹5,178.47 Million

• FY24: ₹7,634.38 Million

• FY25: ₹8,847.76 Million

EBITDA:

• FY23: ₹1,521.58 Million

• FY24: ₹2,012.16 Million

• FY25: ₹2,481.06 Million

Profit After Tax:

• FY23: ₹1,121.39 Million

• FY24: ₹1,189.00 Million

• FY25: ₹1,529.33 Million

Crizac shows consistent, steady growth in revenue and profits, reflecting strong market demand and operational efficiency.

Valuation Metrics

• Pre-issue EPS (FY24): ₹8.74

• Post-issue EPS: ₹8.74 (no dilution since it's OFS)

• P/E Ratio: 28.03x (both pre- and post-issue)

Industry P/E Benchmark: 18x

Return Ratios:

• ROCE: 40.03%

• ROE: 30.24%

• RoNW: 30.24%

These ratios indicate strong profitability and returns, but the P/E is higher than industry average, suggesting the IPO is fully priced.

Grey Market Premium (GMP)

• Current GMP: ₹0

• Implied Listing Gain: None anticipated

Investor Note:

• GMP is unofficial and reflects market sentiment.

• Zero GMP suggests neutral to cautious demand ahead of listing.

Competitive Advantages

• Established brand in international student recruitment.

• Strong university partnerships across six major study destinations.

• Experienced management with over two decades in education consultancy.

• Growing demand for study abroad among Indian students.

These factors support long-term growth potential despite near-term pricing challenges.

Risks and Challenges

• 100% Offer for Sale means no fresh capital for company growth.

• Valuation higher than industry P/E average may limit upside.

• Regulatory and geopolitical changes affecting international student flows.

• GMP at zero suggests no listing gain expected.

Investors should carefully consider these risks before subscribing.

Analyst Recommendation

Despite its strong fundamentals, Crizac's fully priced IPO and zero GMP mean no short-term listing gains are expected.

Recommendation:

• Avoid for listing gains, as near-term upside looks limited.

• Long-term investors with confidence in the international education sector may watch for post-listing price corrections to enter.

Conclusion

The Crizac IPO offers a chance to invest in a leading education consultancy with strong revenues and profits, but valuation concerns limit immediate upside.

Key Positives:

• Consistent revenue and profit growth.

• Experienced management with strong industry ties.

• High ROCE and ROE, indicating efficient use of capital.

Key Concerns:

• Entirely OFS with no new capital for growth.

• Valuation above industry averages.

• Zero GMP signalling flat listing prospects.

  ---

  Disclaimer:

  This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

  ---

  The Upcoming IPOs in this week and coming weeks are Asston Pharmaceuticals, CFF Fluid Control, Smarten Power Systems, Glen Industries, Travel Food Services, Anthem Biosciences, Chemkart India.

  ---

  The Current active IPO are Meta Infotech, Happy Square Outsourcing Services, Cryogenic OGS.

  ---

  Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

  ---

  Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.