Crizac Limited has launched its ₹860 Crore IPO through a 100 percent Offer for Sale of 351.02 lakh shares, with a subscription window from July 02, 2025 to July 04, 2025.

Allotment is expected by July 07, 2025, and listing on both BSE and NSE is tentatively scheduled for July 09, 2025.

The price band for this IPO is set between ₹223 and ₹245 per equity share, giving the company a projected market capitalisation of ₹4,287.07 Crores at the upper end.

Equirus Capital Private Limited and Anand Rathi Advisors Limited serve as the book running lead managers, while MUFG Intime India Private Limited is the registrar for the issue.

Investors can apply in lots of 61 shares, with minimum retail investment of ₹14,945 and minimum HNI investment (14 lots) of ₹2,09,230.

Company Overview and Business Model

Crizac Limited is a leading education platform specialising in international student recruitment solutions for higher education institutions across:

• United States

• United Kingdom

• Canada

• Republic of Ireland

• Australia

• New Zealand

Their business model connects global students with reputed universities, offering end-to-end services that support international enrolment.

Crizac attributes its success to:

• Robust organisational culture

• Effective control systems

• Highly skilled workforce

• Operational efficiency

This global orientation and strong service model make Crizac a significant player in the international education consultancy market.

Promoters and Management Strength

Dr. Vikash Agarwal, the company’s main promoter, has over 20 years of experience in education consultancy, previously directing Gateway Abroad Ltd. and leading Crizac since its early days.

He is joined by Manish Agarwal and Pinky Agarwal, each with 14+ years of experience in education consultancy services, ensuring:

• Strategic leadership

• Deep industry knowledge

• Hands-on operational management

The promoters are actively involved in daily operations, bringing consistency and credibility to the business.

Financial Performance and Growth Metrics

Crizac has demonstrated steady financial growth over the past three years, underlining its robust business model and global reach.

• 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 (PAT):

  • FY23: ₹1,121.39 Million

  • FY24: ₹1,189.00 Million

  • FY25: ₹1,529.33 Million

These results highlight strong topline growth, expanding margins, and consistent profitability.

Valuation and Key Financial Ratios

Crizac’s valuation details show the IPO is fully priced relative to its financial strength and industry benchmarks:

• Pre-issue EPS (FY24): ₹8.74

• Post-issue EPS (FY24): ₹8.74

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

• Industry P/E Ratio: 18x

• ROCE (FY24): 40.03%

• ROE (FY24): 30.24%

• RoNW: 30.24%

While the P/E ratio is on the higher side, profitability and capital efficiency metrics are robust, reflecting healthy financial management.

Grey Market Premium (GMP) Analysis

Currently, the Grey Market Premium (GMP) for Crizac IPO is ₹0, suggesting no anticipated listing gains based on informal market activity.

Investors should remember:

• GMP is unofficial and unregulated

• True price discovery happens post-listing

• GMP can fluctuate rapidly based on demand and supply

Market participants often caution against relying solely on GMP to make investment decisions.

Use of IPO Proceeds

This IPO is an Offer for Sale only, meaning existing shareholders will sell their stakes, and no new capital will be infused into the company for expansion or working capital.

Key implications:

• No dilution of equity for new investments

• Existing investors realise value

• Business operations remain unaffected in terms of fresh capital inflow

Competitive Advantages and Market Position

Crizac’s competitive strengths include:

• Global reach across six major education markets

• Strong brand recognition among universities and students

• Comprehensive recruitment solutions

• Experienced leadership team

This positions Crizac as a leading international education consultant with scalable growth potential.

Risks and Considerations for Investors

Investors should consider these risk factors:

• Intense competition in education consultancy

• Dependence on international student demand trends

• Regulatory changes in destination countries impacting student flow

• Exposure to currency fluctuations

Such risks underscore the need for careful due diligence before investing.

Expert Recommendations

Given the valuation multiples, financial metrics, and market trends, analysts recommend avoiding the Crizac IPO for listing gains.

However, long-term investors may watch for:

• Sustained growth in revenues

• Expansion into new markets

• Improved operational efficiency

• Potential M&A activity in education consultancy space

Conclusion

The Crizac IPO offers investors exposure to a leading international student recruitment platform with consistent growth, strong financials, and a global footprint.

While short-term listing gains seem unlikely, Crizac’s solid fundamentals and strategic market positioning make it an interesting watch for long-term investors looking to tap into the expanding global education market.

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 Crizac, Meta Infotech, Happy Square Outsourcing Services, Cryogenic OGS.

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