The Crizac IPO, which opened for subscription on 2 July 2025 and closed on 4 July 2025, has garnered notable investor attention, getting subscribed 4.55 times on its final day. Despite the lack of enthusiasm in the grey market, which is currently showing a Grey Market Premium (GMP) of ₹ 0, the IPO managed to draw interest primarily from institutional investors. The allotment of shares is expected to be finalized on 7 July 2025, and the listing is scheduled for 9 July 2025 on both the NSE and BSE.

Crizac Limited, a leading education platform, provides international student recruitment solutions to higher education institutions across countries such as the United States, United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. The company has positioned itself as a strong player in the global education consultancy segment, catering to the demand for higher education abroad.

The Initial Public Offering (IPO) is a Book Built Issue amounting to ₹ 860.00 Crores, consisting entirely of an Offer for Sale (OFS) of 351.02 lakh shares. Hence, Crizac will not receive any proceeds from the IPO, as the funds will go directly to the selling shareholders.

IPO Price Band and Investment Details

The price band has been set at ₹ 223 to ₹ 245 per equity share. The lot size is 61 shares, and retail investors are required to invest a minimum of ₹ 14,945. For High-Net-Worth Individuals (HNIs), the minimum investment is 14 lots or 854 shares, amounting to ₹ 2,09,230. At the upper end of the price band, Crizac’s market capitalization is estimated to be ₹ 4,287.07 Crores.

Equirus Capital Private Limited and Anand Rathi Advisors Limited are acting as the Book Running Lead Managers (BRLMs), while MUFG Intime India Private Limited serves as the Registrar for the issue.

Grey Market Premium (GMP) Overview

Currently, Crizac IPO GMP is ₹ 0, meaning there are no listing gains expected as per grey market indicators. It is crucial to note that GMP is unofficial, unregulated, and speculative in nature. As such, it should not be used as a definitive indicator of listing performance. The grey market depends heavily on demand-supply mechanics in the unorganised segment, and no trading takes place under regulatory surveillance.

Anchor Investor Participation

Crizac Limited managed to raise ₹ 10.00 Crores from Anchor Investors prior to the opening of the IPO. These shares were allocated at ₹ 245 per share, the upper end of the price band, with a total of 4,08,212 equity shares being distributed among anchor investors. These shares are deducted from the Qualified Institutional Buyers (QIBs) category.

Live Subscription Status

As per the latest data on 4 July 2025 at 11:00 AM, the IPO was subscribed 4.55 times overall. This includes subscriptions from QIBs, Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). Institutional participation suggests strong backing, though retail sentiment remains cautious due to the absence of GMP.

Financial Performance

Crizac Limited has shown consistent growth in recent financial years:

• FY 2025 Revenue: ₹ 8,847.76 Million

• FY 2024 Revenue: ₹ 7,634.38 Million

• FY 2023 Revenue: ₹ 5,178.47 Million

The company's EBITDA has also improved significantly, standing at:

• ₹ 2,481.06 Million in FY25

• ₹ 2,012.16 Million in FY24

• ₹ 1,521.58 Million in FY23

Profit After Tax (PAT) for the past three years has been:

• ₹ 1,529.33 Million in FY25

• ₹ 1,189.00 Million in FY24

• ₹ 1,121.39 Million in FY23

This upward financial trend signals solid business fundamentals.

Valuation Metrics

Crizac's key metrics include:

• Pre-Issue EPS (FY24): ₹ 8.74

• Post-Issue EPS (FY24): ₹ 8.74

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

• Industry P/E: 18x

• ROCE (FY24): 40.03%

• ROE (FY24): 30.24%

• RoNW: 30.24%

This means that the IPO is fully priced, and there may not be substantial upside from the current valuation levels.

Promoters and Background

The company was founded by Dr. Vikash Agarwal, who was formerly a director at Gateway Abroad Ltd. He also served as director at Crizac Ltd, a material subsidiary operating in the same domain. Co-promoters Manish Agarwal and Pinky Agarwal have been associated since 2011 and carry over 14 years of experience in the education consultancy sector.

IPO Allotment Process

The Crizac IPO allotment date is Monday, 7 July 2025. Investors can check their allotment status on the registrar's website using one of the following details:

• Application Number

• PAN Number

• DP Client ID

Steps to Check Allotment:

1. Visit the IPO allotment page.

2. Select Crizac Limited IPO from the list.

3. Enter your credentials (PAN/Application Number/DP ID).

4. Click Submit to check your status.

Listing Expectations and Market Sentiment

The IPO is expected to be listed on 9 July 2025. With a GMP of ₹ 0, no clear listing gains are anticipated. While the company’s financials are solid, valuation concerns and the absence of grey market activity have led many analysts to advise caution.

Expert Review and Recommendation

While Crizac Limited shows strong fundamentals, steady revenue growth, and a well-positioned global presence, the IPO valuation appears expensive when compared to the industry average P/E. The flat GMP further indicates limited investor enthusiasm in the secondary market.

Based on these factors, experts suggest avoiding the Crizac IPO for listing gains. Long-term investors, however, may consider the stock post-listing based on its financial trajectory and market positioning.

Disclaimer:
The information provided in this IPO review is for educational and informational purposes only and does not constitute financial advice. Investors should consult with certified professionals and conduct their own due diligence. The market is subject to volatility, and past performance is not indicative of future results. Always read all related documents carefully before investing.

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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