Crizac Ltd. IPO Details
| Detail | Description |
|---|---|
| Offer Type | Maiden book building route secondary IPO (Offer for Sale – OFS) |
| Offer Size | ₹860.00 crore |
| Price Band | ₹233 – ₹245 per equity share |
| Face Value per Share | ₹2 |
| Issue Open Date | July 02, 2025 |
| Issue Close Date | July 04, 2025 |
| Minimum Application | 61 shares |
| Listing Exchanges | BSE and NSE |
| Post-IPO Capital Share | Issue constitutes 20.06% of the post-IPO paid-up equity capital |
Company Overview: Crizac Limited
Crizac Limited, incorporated in 2011, operates as a B2B education platform connecting agents with global institutions for higher education. The company focuses on international student recruitment solutions for institutions primarily located in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ). Student recruitment solutions from India into the United Kingdom are highlighted as a core strength due to strong relationships with UK institutions. Domestically, 60% of the company’s revenue comes from the Indian market, with 40% from the global market.
Crizac functions through its proprietary technology platform, which streamlines the application process and provides a comprehensive “one-stop” window for efficiency and accessibility. This platform also enables the company to analyze and track applications across various parameters, including the number of applications per institution and application stages. In December 2023, Crizac purchased its core application-management software from its group entity, Crizac Technologies Pvt Ltd, for ₹1,035.60 million (₹104 crore). The company has two overseas subsidiaries: Crizac Ltd in the UK.
Crizac is a 14-year-old B2B technology platform provider focused on the higher education industry. It connects global universities with agents (counsellors who source international students) and earns a referral fee from universities for enrolled students.
As of March 31, 2025, Crizac had 2,948 active agents across 25 countries, with 60% of these agents located in India. The company caters to 173 universities primarily in the UK, Canada, Ireland, Australia, and New Zealand, with 95% of its revenue derived from UK universities.
Key Financial Metrics (Proforma Consolidated)
| Particulars (₹ million) | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| Revenue from Operations | 8,494.91 | 6,348.66 | 4,729.74 |
| Profit for the Year | 1,529.33 | 1,189.00 | 1,121.39 |
| Net Worth | 5,057.06 | 3,418.12 | 2,213.66 |
| Net Asset Value per Share (₹) | 28.90 | 19.53 | 12.65 |
| Total Borrowings | 0.83 | 0.83 | 0.83 |
| EBITDA | 2,128.22 | 726.44 | 1,072.85 |
| EBITDA Margin (%) | 25.05% | 11.44% | 22.68% |
| Return on Equity (RoE) (%) | 30.24% | 34.79% | 50.66% |
| PAT Margin (%) | 17.28% | 15.57% | 21.65% |
Operational Highlights : Crizac Limited IPO
| Metric | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| No. of Student Applications Processed | 275,897 | 262,502 | 172,939 |
| No. of Active Agents | 3,948 | 2,532 | 1,819 |
| No. of Global Institutions Catered | 173 | 124 | 111 |
Revenue by Geographical Location
| Country | Fiscal 2025 (₹ million) | Fiscal 2024 (₹ million) | Fiscal 2023 (₹ million) |
|---|---|---|---|
| The United Kingdom | 8,080.21 (95.12%) | 6,102.80 (96.13%) | 4,560.43 (96.42%) |
| Canada | 93.02 (1.09%) | 158.12 (2.49%) | 126.04 (2.66%) |
| Republic of Ireland | 272.80 | 48.67 | 17.45 |
| Others | 48.87 | 39.06 | 25.82 |
Key Information on Promoters and Subsidiaries
| Category | Details |
|---|---|
| Promoters | Dr. Vikash Agarwal (Chairman & Managing Director), Pinky Agarwal (Non-Executive Director), and Manish Agarwal (Chief Financial Officer & Whole Time Director). Dr. Vikash Agarwal and Manish Agarwal are brothers. |
| Subsidiaries | Crizac UK and UCOL FZE. Crizac UK became a wholly-owned subsidiary on November 20, 2023, via a Share Purchase Agreement with Dr. Vikash Agarwal. UCOL FZE was incorporated March 18, 2025, but is not yet operational. |
| Financial Reporting Note | Proforma consolidated financial information retroactively reflects Crizac UK acquisition as if from April 1, 2022, for comparability across fiscal years. |
Anchor Investors:
Crizac Limited raised a total of ₹258 crore from 19 anchor investors on July 1, 2025, by allotting 1,05,30,612 shares at ₹245 per share ahead of its IPO. The top 15 anchor investors included prominent institutions such as Societe Generale, Pinebridge Global Funds, Shamyak Investment (Enam Group), Aryabhata India Fund (Abakkus Group), ICICI Prudential Mutual Fund, Allianz Global Investors Fund, Carnelian Bharat Amritkaal Fund, 360 ONE Equity Opportunity Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Axis Max Life Insurance, and Kotak Mahindra Life Insurance.
Salient Points
- As of March 31, 2025, Crizac had approximately 10,362 Registered Agents globally on its platform and had catered to 173 global institutions in FY25, processing 275,897 student applications in that fiscal year. This marks an increase from FY24, where it served 124 institutions and processed 262,502 applications with 2,532 active agents. The company sourced applications from over 75 countries through its agents globally.
- The company has demonstrated strong financial performance, reporting a revenue CAGR of over 34% for FY23–FY25 and reaching ₹849 crore in FY25, with healthy EBITDA and PAT margins at 25% and 18%, respectively.
- Its proprietary technology platform supports efficient application management for over 7,900 agents in more than 75 countries, enabling scalable growth and operational efficiency.
- Crizac is also expanding into ancillary services such as student loans, visa assistance, and accommodation, and is planning to enter the US market, which could unlock further growth opportunities
Comparison with Listed Peers (as of June 10, 2025) as per RHP
| Company Name | Face Value (₹) | Revenue f(₹ million) | EPS Basic (₹) | EPS Diluted (₹) | NAV (₹ per share) | P/E (x) | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Crizac Ltd (Restated) | 2.00 | 8,494.91 | 8.74 | 8.74 | 28.76 | 28 | 30.38% |
| Indiamart Intermesh Ltd | 10.00 | 13,883.44 | 91.84 | 91.59 | 363.43 | 27.18 | 25.20% |
| IDP Education Ltd (AUD)* | 1.01 | 1,037.25 | 0.48 | 0.48 | 1.88 | 7.86 | 25.51% |
*IDP Education Ltd. financial data is for the year ended June 30, 2024, while others are for March 31, 2025. Also in tru sens Crizac Ltd does not have any listed like-to-like industry peers in India.
Opinion:
Iam likely to apply for the IPO. valuations look reasonable (PE FY 25 – 28.03x) given the company’s growth trajectory and sector prospects
- This post is exploratory and educational purposes only.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.