With Reach in 75+ Countries Global Student Recruitment Leader Crizac Clears SEBI Hurdle For Rs 1,000 Cr IPO

The Securities and Exchange Board of India (SEBI) has given Kolkata-based Leading Student Recruitment Solution Provider Crizac Limited its final approval to raise funds through an IPO. On November 18, 2024, the company resubmitted its IPO papers to Sebi. The promoter selling shares is offering to sell up to Rs 1,000 crore through the initial public offering (IPO), which has a face value of Rs 2 per equity share. Pinky Agarwal is offering to sell equity shares for up to Rs 841 crore, while Manish Agarwal is offering equity shares for up to Rs 159 crore.

Using the book-building process, the offer is being made with a maximum of 50% of the net offer available for proportionate allocation to qualified institutional buyers, 15% available for allocation to non-institutional investors, and at least 35% available for allocation to retail individual investors.

The issue's registrar is Link Intime India Private Limited, while the book-running lead managers are Equirus Capital Private Limited and Anand Rathi Advisors Limited.
Crizac Limited is a business-to-business (B2B) education platform that provides international student recruiting services to international higher education institutions in the UK, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).

With 2,532 active agents in Fiscal 2024 and over 7900 registered agents worldwide as of September 30, 2024, the firm is well-represented in India as well as the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt. has an Indian basis. Additionally, it operates as a co-primary business in London, UK. It has consultants in several nations, including Cameroon, China, Ghana, and Kenya, in addition to its large business and workforce in India.

The company has partnerships with esteemed universities, including Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, and Swansea University. Through its appointed representatives on its technological platform, Crizac Limited processed enrolment applications from more than 75 countries during the six months that ended September 30, 2023, and during the previous three fiscal years.

In fiscal year 2023, Crizac's consolidated revenue from operations increased by 79.5% to Rs 472.97 crore from Rs 263.53 crore the year before. In addition, profit after tax increased from Rs 67.76 crore to Rs 112.14 crore, a 65.50 percent growth. In addition to Crizac, Sebi's authorisation to get up the IPO was given to Borana Weaves on March 7, as per PTI.