Crizac Limited, a prominent name in the global education consultancy space, is entering the primary markets with its Initial Public Offering (IPO). Crizac is known for offering international student recruitment solutions to top-tier higher education institutions in countries such as the United States, United Kingdom, Canada, Australia, New Zealand, and the Republic of Ireland. Its operations span across these countries, catering to a large and ever-growing segment of students aspiring for international academic exposure.

The Crizac IPO is a Book Built Issue amounting to ₹860.00 Crores, entirely an Offer for Sale (OFS) comprising 351.02 lakh equity shares. As it is an OFS, the company will not receive any proceeds from the issue, and all funds raised will go to the selling shareholders.

Crizac IPO Key Dates and Investment Details

The IPO opens for subscription on July 2, 2025, and closes on July 4, 2025. The allotment is likely to be finalized on July 7, 2025, and the shares are expected to list on both BSE and NSE on or around July 9, 2025.

The price band for the IPO is fixed at ₹223 to ₹245 per equity share. Based on the upper price band of ₹245, Crizac's market capitalisation will stand at ₹4,287.07 Crores. The lot size has been kept at 61 shares, meaning retail investors will need a minimum investment of ₹14,945, while HNIs (High-Net-Worth Individuals) must invest in at least 14 lots (854 shares), amounting to ₹2,09,230.

The book running lead managers for the Crizac IPO are Equirus Capital Private Limited and Anand Rathi Advisors Limited, while MUFG Intime India Private Limited (formerly Link Intime) is appointed as the registrar for the issue.

Crizac IPO GMP and Subscription Status

As of now, the Grey Market Premium (GMP) for the Crizac IPO stands at ₹0, suggesting no speculative premium in the unregulated grey market. The GMP is not a reliable investment metric, as it merely reflects unofficial demand and supply and may not align with actual listing prices. Moreover, grey market trading is not officially endorsed and should be viewed only for informational purposes.

The Crizac IPO subscription will begin on July 2, hence, real-time subscription figures are currently unavailable. Investors are advised to monitor official BSE and NSE updates for accurate and timely subscription data.

Allotment Status: How to Check Crizac IPO Allotment

Investors looking to verify their allotment status can do so by following these steps after July 7, 2025:

• Visit the Registrar’s official website (MUFG Intime India Private Limited)

• Select Crizac Limited IPO from the drop-down list

• Enter Application Number, PAN, or DP Client ID

• Submit and check your allotment status

This simple process ensures that applicants are aware of their investment allocation before listing.

Objective of the IPO

Since the entire Crizac IPO is an Offer for Sale, Crizac Limited will not receive any proceeds. Instead, the selling shareholders will be liquidating part of their holdings, offering potential investors a chance to acquire equity in an established and growing international education platform.

Crizac’s Business and Promoter Background

Crizac operates in a highly scalable and dynamic space, facilitating student recruitment for global universities. Their services include guiding prospective students, preparing documentation, helping with visas, and connecting them to institutions in some of the most popular destinations for international education.

The business is promoted by Dr. Vikash Agarwal, who has over 20 years of experience in the education consultancy industry. He has previously worked with Gateway Abroad Ltd. and is closely associated with Crizac Ltd., a material subsidiary operating in the same line of business. The co-promoters Manish Agarwal and Pinky Agarwal have each been involved in the business since 2011, contributing to Crizac’s strategic and operational growth.

Financial Performance

Crizac’s financials reflect robust and consistent growth, making it a noteworthy player in the education consultancy space.

Revenue from Operations:

• ₹5,178.47 Million in FY23

• ₹7,634.38 Million in FY24

• ₹8,847.76 Million in FY25

EBITDA:

• ₹1,521.58 Million in FY23

• ₹2,012.16 Million in FY24

• ₹2,481.06 Million in FY25

Profit After Tax (PAT):

• ₹1,121.39 Million in FY23

• ₹1,189.00 Million in FY24

• ₹1,529.33 Million in FY25

These figures indicate a steady upward trajectory, with EBITDA margins expanding and PAT improving, year after year.

Valuation and Key Ratios

Crizac’s financial performance is also validated by several key valuation metrics:

• Pre-Issue and Post-Issue EPS (FY24): ₹8.74

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

• Industry Average P/E: 18x

• ROCE: 40.03%

• ROE / RoNW: 30.24%

Though Crizac’s ROCE and ROE are very strong, the P/E valuation is relatively high when compared to the broader industry. This suggests that the IPO is fully priced, with limited headroom for immediate listing gains.

IPO Review and Recommendation

While Crizac boasts solid financials, strong promoter experience, and operates in a high-growth industry, the valuation appears stretched, and GMP stands at ₹0, indicating a lack of short-term speculative interest.

The IPO being a pure Offer for Sale also means that the company will not receive any fresh capital for expansion, R&D, or working capital, which could have otherwise created future value.

Given these factors, especially the lack of GMP and fair to high valuation, investors seeking listing gains are advised to avoid participating in the Crizac IPO. However, those with a long-term investment horizon, who understand the dynamics of the international education sector, may choose to track the stock post-listing for better entry points.

Conclusion

The Crizac IPO offers investors exposure to a growing and resilient education services segment with global operations and a diversified revenue stream. The company’s financial health, high return ratios, and experienced promoter group lend it credibility.

However, in light of its fully priced valuation, zero grey market premium, and absence of fresh capital inflow, investors focused on short-term gains may find limited value in this offering. Caution is advised, and long-term investors should evaluate further after the listing event.

Disclaimer: This article is intended for educational and informational purposes only. It does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions. All data is as of the date of publication and is subject to market changes.

The Upcoming IPOs in this week and coming weeks are Anthem Biosciences, Chemkart India, Meta Infotech, Happy Square Outsourcing Services, Cryogenic OGS, Crizac, .

The Current active IPO are Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions, Neetu Yoshi, Adcounty Media India.

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