Crizac Gets Green Light From SEBI For Rs 1,000 Crore Public Offering

Student recruitment solutions provider Crizac Limited is set to launch its initial public offering (IPO) after receiving the final observation from the Securities and Exchange Board of India (SEBI). The Kolkata-based company aims to raise Rs 1,000 crore through this offering.

Crizac operates as a B2B education platform, providing international student recruitment solutions to higher education institutions in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand (ANZ).

IPO Structure And Share Sale Details

The IPO, with a face value of Rs 2 per equity share, will be an offer for sale (OFS), meaning the proceeds will go to the promoter selling shareholders rather than the company.

The offering consists entirely of a share sale by promoters Pinky Agarwal and Manish Agarwal, with no fresh issue component. According to the draft red herring prospectus (DRHP), Pinky Agarwal will offload shares worth Rs 841 crore, whereas Manish Agarwal will sell shares worth Rs 159 crore.

Since the IPO is fully an OFS, Crizac will not receive any direct proceeds from the public offering.

The IPO will be conducted through a book-building process, with share allocation as follows:

• Up to 50 per cent for Qualified Institutional Buyers (QIBs)
• At least 15 per cent for Non-Institutional Investors (NIIs)
• At least 35 per cent for Retail Individual Investors (RIIs)

Crizac initially filed for IPO approval in March 2024, but SEBI returned the draft in July 2024. The company then refiled in November 2024 and received an observation letter from SEBI on March 4, 2025.

Equirus Capital Private Limited and Anand Rathi Advisors Limited are the book-running lead managers (BRLMs) for the IPO, while Link Intime India Private Limited serves as the registrar for the issue.

Crizac's Global Presence & Institutional Partnerships

Crizac has facilitated student enrolments in over 75 countries through its network of registered agents on its technology-driven platform. As of September 30, 2024, the company had processed over 5.95 lakh student applications in partnership with more than 135 global universities. The firm has marked a strong presence in India, the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt.

Crizac is headquartered in India with co-primary operations in London, UK. Additionally, it employs consultants in multiple countries, including Cameroon, China, Ghana, and Kenya.

The company collaborates with prestigious universities, such as

• University of Birmingham
• University of Surrey
• Nottingham Trent University
• Coventry University
• De Montfort University
• University of West London
• Swansea University, and many more
• Financial Performance

Crizac has demonstrated strong financial growth in the past years. In FY23, the company's revenue surged by 79.5 per cent to Rs 472.97 crore, compared to Rs 263.53 crore in FY22. Meanwhile, profit after tax (PAT) increased 65.5 per cent, reaching Rs 112.14 crore, up from Rs 67.76 crore.