Crizac Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹233 - ₹245
- Lot size
- 61 shares
- Issue amount
- ₹860 cr
- Total subscription
- 59.84×
- Opens
- 2 Jul 2025
- Closes
- 4 Jul 2025
- Allotment
- 7 Jul 2025
- Listing
- 9 Jul 2025
Offer at a glance
Issue overview
- Issue size
- 3,51,02,041 shares
- Face value
- ₹2 per share
- Minimum investment
- ₹14,213
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹860 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,945
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,74,98,250
- Shares after issue
- 1,74,98,250
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 61 | ₹14,945 |
| sHNI | 14 | 854 | ₹2,09,230 |
| bHNI | 67 | 4,087 | ₹10,01,315 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,01,405 | 21,68,914 |
| HNIs(10L +) | 4,110 | 3,82,045 |
| HNIs (2-10L) | 2,055 | 1,11,663 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 172 | 24,297.87 |
| RETAIL | 301 | 3,241.44 |
| HNIs 2+ | 43 | 2,336.33 |
| HNIs 10+ | 86 | 7,993.53 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 |
|---|---|---|
| EPS | 8.74 | 6.74 |
| ROE | 30.38 | 34.74 |
| ROCE | 40.03 | 54.92 |
| RONW | 0 | 0 |
| PRE IPO(PE) | 28.03 | 0 |
| POST IPO(PE) | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Crizac Limited, established in 2011, is a business-to-business education platform that connects student recruitment agents with universities and colleges in countries like the UK, Canada, Ireland, Australia, and New Zealand. The company helps international students apply to these institutions through a network of agents who use its own online platform. Between April 2022 and September 2024, Crizac helped process over 5.95 lakh student applications for more than 135 global institutions. These applications came from students in over 75 countries, submitted through agents registered on its platform. By September 2024, the company had around 7,900 registered agents worldwide, with 2,532 of them actively sending student applications during the financial year 2024. Out of these, 1,524 were based in India, and the remaining 40% (around 1,008 agents) were spread across more than 25 countries, including the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Ghana, Kenya, Vietnam, Canada, and Egypt. Crizac also has consultants in countries like Cameroon, China, Ghana, and Kenya. As of September 30, 2024, the team included 329 employees and 10 consultants, all with strong experience in the international education sector
Strengths
- Widespread Global Operations: Handled 7+ lakh student applications (FY23–FY25) from 75+ countries; partnered with 173+ institutes across UK, Ireland, Canada, ANZ, and USA.
- Strong Ties with Institutions: 20+ of top 30 partners linked for over 5 years; also provides services like marketing and managing admission offices.
- Large & Active Agent Network: 10,362+ registered and 3,948 active agents in 39+ countries; supports broad student outreach worldwide.
Risk factors
- High Dependency on Key Clients: Relies on a few major global institutions; losing any could affect revenue and growth.
- Heavy Reliance on Agents: Business depends on agents; reduced performance or loss of key ones may impact student applications.
- Relationship-Based Business Model: Success relies on strong long-term ties with institutions; weakening these could hurt future opportunities.
Promoters
Dr. Vikash Agarwal
Pinky Agarwal
Manish Agarwal
Registrar & documents
Lead manager
Equirus Capital Private Limited, Anand Rathi Securities Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Wing A, 3 rd Floor, Constantia Building, 11, Dr. U.N. Brahmachari Street, Shakespeare Sarani, Kolkata, West Bengal, 700017
+91 33 3544 1515
[email protected]Company website ↗Understanding CRIZAC IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.