Crizac Limited, a leading education platform specializing in international student recruitment, has officially launched its Initial Public Offering (IPO). The Crizac IPO, a Book Built Issue worth ₹860.00 Crores, is composed entirely of an Offer for Sale (OFS) consisting of 351.02 lakh equity shares. The IPO has opened for subscription on July 2, 2025, and will close on July 4, 2025.

The price band for the Crizac IPO is fixed between ₹223 to ₹245 per share, and investors can bid in lots of 61 shares. For retail investors, the minimum investment amounts to ₹14,945, while High-Net-Worth Individuals (HNIs) must invest in a minimum of 14 lots or 854 shares, totaling ₹2,09,230.

Crizac is aiming for a market capitalisation of ₹4,287.07 Crores at the upper price band of ₹245 per equity share. The company’s listing is scheduled on both BSE and NSE with a tentative listing date set for Wednesday, July 9, 2025. The basis of allotment is expected to be finalized by Monday, July 7, 2025.

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

Crizac IPO GMP Today and Day-Wise Trend

As of the most recent update, the Grey Market Premium (GMP) of Crizac IPO is ₹0, reflecting no premium or discount over the issue price. This implies that there is currently no speculative upside in the unregulated grey market. It’s important to note that GMP does not determine the actual listing price, and it varies based on demand and supply in the unofficial market. As of June 27, 2025, the GMP stood unchanged with the expected listing price aligning exactly with the issue price.

Crizac IPO Live Subscription Status

As of 1:30 PM on July 3, 2025, the Crizac IPO has been subscribed 1.61 times on the second day of the offering. Real-time updates are available via the BSE portal, giving investors a clear view of investor interest during the subscription period. While this figure indicates moderate investor appetite, it is yet to be seen whether institutional and retail interest will pick up momentum by the final day.

Crizac IPO Anchor Investors Details

Crizac successfully raised ₹10.00 Crores through Anchor Investors, issuing 4,08,212 equity shares at the upper band price of ₹245. Anchor allocation was done in consultation with the Book Running Lead Managers. It’s important to understand that anchor allotment is part of the QIB quota, not an additional or separate portion.

How to Check Crizac IPO Allotment Status Online

The Crizac IPO allotment status will be available on the registrar’s website on July 7, 2025. Here's a step-by-step guide for investors:

• Go to the IPO allotment section on the registrar's website.

• Select Crizac Limited IPO from the dropdown list.

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

• Submit the details to view your allotment status.

This simple process helps investors verify whether they have received an allotment or not and to prepare for the upcoming listing.

Objectives of the Crizac IPO

Being an Offer for Sale, the company will not receive any proceeds from this IPO. The selling shareholders intend to liquidate part of their holdings, and hence, the capital raised will not be used for business expansion or debt reduction. Investors must evaluate the IPO accordingly, especially when the company’s valuation appears fully priced.

Crizac Company Overview and Financial Performance

Crizac is widely known for providing education consultancy services across major international destinations like the United States, United Kingdom, Canada, Australia, Ireland, and New Zealand. The platform helps universities and colleges connect with potential international students, providing end-to-end recruitment services.

The company was promoted by Dr. Vikash Agarwal, who has over 20 years of experience in the education consultancy sector. He was previously associated with Gateway Abroad Ltd.. Co-promoters Manish Agarwal and Pinky Agarwal have also been key contributors since 2011 and come with over 14 years of domain experience each.

Crizac has demonstrated strong financial growth in recent years:

• Revenue from Operations:

  • FY 2025: ₹8,847.76 Million

  • FY 2024: ₹7,634.38 Million

  • FY 2023: ₹5,178.47 Million

• EBITDA:

  • FY 2025: ₹2,481.06 Million

  • FY 2024: ₹2,012.16 Million

  • FY 2023: ₹1,521.58 Million

• Profit After Tax (PAT):

  • FY 2025: ₹1,529.33 Million

  • FY 2024: ₹1,189.00 Million

  • FY 2023: ₹1,121.39 Million

These figures indicate a robust growth trajectory, with consistent profitability and improved margins year-on-year.

Valuation Metrics and Industry Comparison

Crizac's valuation metrics provide some critical insights:

• Pre-Issue EPS (FY24): ₹8.74

• Post-Issue EPS (FY24): ₹8.74

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

• Industry Average P/E Ratio: 18x

• ROCE (FY24): 40.03%

• ROE (FY24): 30.24%

• Return on Net Worth (RoNW): 30.24%

While these returns on capital and equity are impressive, the Price to Earnings (P/E) Ratio suggests that the IPO is fully priced or slightly overvalued, especially when compared to the industry average.

Should You Subscribe to Crizac IPO?

Considering the current GMP of ₹0, the absence of listing premium, and the lack of fresh issue proceeds, investors looking for short-term listing gains may choose to avoid this IPO. Despite the company’s strong fundamentals and experienced promoters, the fully priced valuation could dampen initial returns.

For long-term investors, a more cautious approach is advised. It would be better to observe post-listing performance and evaluate Crizac’s strategy toward future growth and revenue diversification before taking a position in the secondary market.

Final Thoughts

The Crizac IPO presents a unique opportunity to invest in an education tech company with a solid international presence and established track record. However, the IPO’s nature as an Offer for Sale, its zero GMP, and a premium valuation raise caution flags, particularly for those eyeing listing gains.

Retail investors and HNIs must take these factors into account, assess their investment horizon and risk appetite, and seek professional financial advice before making a decision.

As the IPO concludes on July 4, 2025, and listing is expected on July 9, 2025, investors should stay updated with the subscription trends, market sentiment, and anchor investor movements to make informed choices.

Disclaimer: All views expressed are for educational and informational purposes only. Please consult with your financial advisor before making any investment decisions. Investments in securities markets are subject to market risks.

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The Current active IPO are Crizac, Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions.

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