✍️ Introduction:
The Crizac IPO hits the markets on July 2, bringing investors a rare opportunity to tap into India’s rising global education influence. Crizac Limited is a tech-driven B2B platform that bridges international student recruitment between agents and top universities across the UK, Canada, Ireland, Australia, and New Zealand.
With zero debt, robust margins, and over 7,900 agents registered across 25+ countries, the company’s operational footprint is impressive. But with an all-offer-for-sale IPO of ₹860 crore and a rich valuation of 28x P/E, the question arises: is this a future-ready education bet or a fully priced play?
In this review, we break down the Crizac IPO details, financial performance, business model, and valuation metrics—along with short-term listing prospects and long-term investment potential.
Crizac IPO Details
Crizac Limited is set to launch its ₹860 crore IPO, entirely via an Offer for Sale (OFS) of 3.51 crore shares. The company will not receive any proceeds from this issue. Despite that, the IPO is drawing attention due to Crizac’s asset-light, tech-enabled model in the global education ecosystem.
📋 IPO Details Table
| Particulars | Details |
|---|---|
| IPO Opening Date | July 2, 2025 |
| IPO Closing Date | July 4, 2025 |
| Price Band | ₹233 – ₹245 per share |
| Face Value | ₹2 per share |
| Issue Size | ₹860 crore (OFS only) |
| Total Shares Offered | 3,51,02,040 |
| Lot Size | 61 shares |
| Minimum Investment (Retail) | ₹14,945 (1 lot) |
| Listing On | BSE, NSE |
| IPO Type | Book Built Issue |
| Promoters | Dr. Vikash Agarwal, Pinky Agarwal, Manish Agarwal |
| Book Running Lead Managers | Equirus Capital, Anand Rathi Securities |
| Registrar | MUFG Intime India (Link Intime) |
Issue Structure
- Qualified Institutional Buyers (QIB): Up to 50% of the net offer
- Non-Institutional Investors (NII): Not less than 15%
- Retail Individual Investors: Not less than 35%
Crizac IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Opens | July 2, 2025 |
| IPO Closes | July 4, 2025 |
| Allotment Finalization | July 7, 2025 |
| Initiation of Refunds | July 8, 2025 |
| Shares Credited to Demat | July 8, 2025 |
| Listing Date | July 9, 2025 |
| UPI Mandate Confirmation | July 4, 2025 (by 5 PM) |
Crizac IPO Objective
The Crizac IPO is entirely an Offer for Sale (OFS) of ₹860 crore by existing shareholders. The company itself will not receive any proceeds from this public issue.
This means the primary purpose of the IPO is to provide an exit route for the promoters and early investors. While this does not impact the business fundamentals directly, it does indicate that the promoters are looking to partially monetize their holdings after a period of consistent growth and expansion.
Though no new capital is being infused into the company, the IPO will:
- Enhance brand visibility and credibility on a global stage
- Provide a public listing that could support future inorganic or strategic expansions
- Offer investors a rare opportunity to participate in a tech-led B2B education recruitment platform with global operations
Company Overview: Crizac Limited
Crizac Limited is a tech-enabled, B2B education platform focused on international student recruitment. Founded in 2011, the company connects a global network of education agents with universities and higher education institutions (HEIs) primarily in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand.
With operations rooted in India and a co-primary presence in the UK, Crizac helps institutions scale their international student intake through a proprietary technology platform and a wide-reaching agent network.
Global Reach and Operations
- Applications Processed (FY 2025): Over 7.11 lakh applications sourced from 75+ countries
- Institutions Partnered: Collaborates with 173+ global HEIs
- Registered Agents (FY25): 10,362
- Active Agents (FY25): 3,948 (43% overseas)
- India: 2,237 agents
- Overseas: 1,711 agents across 39 countries
Core Markets and Revenues
- The United Kingdom is Crizac’s dominant market, contributing the majority of its revenue: CountryFY25 Revenue (₹ Mn)FY24 Revenue (₹ Mn)FY23 Revenue (₹ Mn)United Kingdom8,080.216,102.804,560.43Republic of Ireland272.8048.6717.45Canada93.02158.12126.04Others48.8739.0625.82
- Top 10 HEIs account for over 70% of Crizac’s revenue, ensuring business concentration and deep-rooted relationships.
Key Services
- Student recruitment (B2B)
- Marketing and brand representation for institutions
- Admission office management for select HEIs
- Strategic advisory on enrolment and outreach
These value-added services enhance institutional stickiness, helping Crizac maintain long-term, recurring relationships.
Technology Platform Advantage
Crizac’s proprietary tech platform enables scalable operations across countries and supports:
- Agent onboarding and monitoring
- Application lifecycle management
- Institution engagement
- Data-driven performance insights
This digital infrastructure is at the heart of Crizac’s ability to manage high application volumes efficiently and globally.
Applications by Geography (Processed)
| Region | FY25 | FY24 | FY23 |
|---|---|---|---|
| India | 1,65,541 | 1,92,230 | 1,52,539 |
| Asia (excl. India) | 85,376 | 42,105 | 9,971 |
| Africa | 22,091 | 27,143 | 9,728 |
| Others | 2,889 | 1,024 | 701 |
| Total | 2,75,897 | 2,62,502 | 1,72,939 |
Workforce
As of March 31, 2025:
- Employees: 368
- Consultants: 12
- Presence in key growth markets including Cameroon, China, Ghana, Kenya, and UK
Crizac’s growth has been powered by both its asset-light, tech-first model and trusted university partnerships, making it a unique B2B player in India’s booming education export sector.
Financial Performance: Crizac Limited
Crizac Limited has delivered robust financial growth over the past three fiscal years, supported by strong operational momentum, increasing global adoption of its education platform, and deep institutional partnerships. The company’s revenue and profitability have consistently improved, showcasing scalability and operating leverage.
Key Financial Indicators (₹ in million)
| Particulars | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | ₹8,494.91 | ₹6,348.66 | ₹4,729.74 |
| Growth in Revenue (%) | 33.81% | 34.23% | 79.47% |
| Cost of Services | ₹5,992.38 | ₹4,446.36 | ₹3,076.12 |
| Cost as % of Revenue | 70.54% | 70.04% | 65.04% |
| EBITDA | ₹2,128.22 | ₹726.44 | ₹1,072.85 |
| EBITDA Margin | 25.05% | 11.44% | 22.68% |
| Profit After Tax (PAT) | ₹1,529.33 | ₹1,189.00 | ₹1,121.39 |
| PAT Margin | 17.28% | 15.57% | 21.65% |
| Return on Equity (ROE) | 30.24% | 34.79% | 50.66% |
| Net Working Capital Days | (1.80) | 21.76 | (19.96) |
Operational Highlights
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Applications Processed | 2,75,897 | 2,62,502 | 1,72,939 |
| Active Agents | 3,948 | 2,532 | 1,819 |
| Institutions of Higher Education Catered | 173 | 124 | 111 |
Growth Commentary
- Topline Growth: Crizac’s revenue has grown at a CAGR of over 35% in the last two fiscal years, reflecting rapid international scale-up.
- Profitability Surge: EBITDA more than doubled YoY in FY25 to ₹2,128.22 million, driven by enhanced efficiency, platform utilization, and economies of scale.
- Improving Margins: EBITDA margin expanded to 25.05% in FY25, significantly up from 11.44% in FY24. PAT margins also remained healthy at 17.28%.
- Efficient Working Capital Cycle: Net working capital turned negative at -1.8 days, indicating efficient receivable collection and a scalable, asset-light business model.
- High Return Metrics: Crizac posted a stellar ROE of 30.24% in FY25, showcasing exceptional capital efficiency despite no material debt.
Valuation & Peer Comparison of Crizac IPO
Crizac Limited positions itself uniquely in the tech-enabled education services space, offering a B2B platform for international student recruitment. Although there are few direct listed peers operating with a similar B2B agent-driven model, below is a comparative analysis against relevant companies in the education and digital platform space.
Key Valuation Metrics
| Company Name | EPS (₹) | NAV/Share (₹) | P/E (x) | RoNW (%) | Financials Type |
|---|---|---|---|---|---|
| Crizac Limited | 8.74 | 28.76 | 28.03* | 30.38% | Consolidated |
| IndiaMART InterMESH Ltd | 91.84 | 363.43 | 27.18 | 25.20% | Consolidated |
| IEL Education Ltd (AUD)** | 0.48 | 1.88 | 7.86 | 25.51% | Consolidated |
*Crizac P/E derived using upper band price of ₹245 and FY25 EPS of ₹8.74.
**IEL Education Ltd’s figures are in Australian Dollars (AUD), comparison is directional.
Interpretation
- Premium Justified by Growth: Crizac’s P/E of 28.03x is comparable to IndiaMART’s 27.18x, yet it posts a higher RoNW of 30.38%, signaling efficient capital deployment.
- Strong Return Ratios: With a RoNW > 30%, Crizac outperforms its listed peers, indicating better shareholder return per rupee of equity.
- Scalable Asset-Light Model: Despite a relatively modest NAV of ₹28.76, the platform-based scalability and consistent cash generation back its valuation.
- Early Growth Stage Advantage: While IndiaMART is in a more mature phase, Crizac is still in its high-growth stage, making valuation expansion plausible if momentum sustains post-listing.
Crizac’s valuation appears fair relative to listed digital marketplace and global education facilitators, especially considering its profitability, strong margins, and institutional relationships. Its ability to scale with limited capital needs and deliver high returns on equity strengthens its investment appeal.
Investment Strategy – Short Term, Long Term & Allotment Outlook
Short-Term View (Listing Gains Outlook)
Crizac Limited IPO is generating moderate-to-strong buzz in the grey market due to:
- Robust financials: 33.8% revenue growth in FY25 with PAT margin of 17.3% and EBITDA margin of 25.05%.
- High RoNW of 30.38%, signaling strong efficiency in capital utilization.
- Zero debt with scalable, asset-light tech-enabled B2B model.
- Healthy GMP trends (based on latest market chatter).
While this IPO is entirely an Offer for Sale (OFS)—which means no fresh funds go to the company—its fundamental strength and tech-enabled global model may attract significant institutional and retail interest. A listing premium of 15–25% could be possible if overall market sentiment remains supportive.
Short-term rating: ⭐⭐⭐⭐☆ (4/5)
Suggested strategy: Bid at cut-off price for full allotment eligibility. Expect healthy listing given sector tailwinds and profitability.
Long-Term View (1–3 Years)
Crizac’s growth runway looks promising:
- International education demand is rising, especially from India and Asia.
- Company’s revenue has grown at a CAGR of over 40% in the last 3 years.
- Serves 173 global educational institutions and processes nearly 2.76 lakh student applications annually.
- Operates on a proprietary technology platform with a wide global agent network of over 10,000.
Its expanding global footprint, scalable business model, and strategic focus on UK, Canada, and ANZ markets position it for strong future growth. However, risks include regulatory changes in immigration/education policies and currency exposure.
Long-term rating: ⭐⭐⭐⭐☆ (4.2/5)
Ideal for: Investors seeking exposure to global EdTech and export-oriented digital services.
Allotment Strategy Tips
Retail investors should keep these key points in mind:
| Point | Strategy |
|---|---|
| Apply at Cut-off Price | Ensure your bid qualifies for allotment in case of oversubscription. |
| Apply via UPI before 4 PM | Confirm your mandate well before the cut-off time (5 PM, July 4, 2025). |
| Consider Multiple PANs in Family | In case of heavy oversubscription, applying through eligible family members can improve odds. |
| Lot Size | 1 lot = 61 shares = ₹14,945. Max for retail is 13 lots = ₹1.94 lakh. |
👉 Open Free Demat Account with Angel One and apply for Crizac IPO hassle-free!
FAQs – Crizac IPO
1. What are the Crizac IPO dates?
The IPO opens on July 2, 2025, and closes on July 4, 2025.
2. What is the price band for the IPO?
The price band is fixed at ₹233 to ₹245 per share.
3. What is the lot size for Crizac IPO?
Minimum lot size is 61 shares. Retail investors can apply for up to 13 lots (793 shares).
4. What is the minimum investment required for retail investors?
The minimum investment is ₹14,213, but it’s safer to apply at the cutoff price which totals ₹14,945.
5. Is this a fresh issue or offer for sale?
It is 100% Offer for Sale (OFS); no fresh equity is being issued.
6. What is Crizac Limited’s business model?
Crizac is a B2B education platform enabling student recruitment from over 75 countries to global institutions, especially in the UK, Canada, Australia, and Ireland.
7. What are Crizac’s key financials?
FY25 revenue: ₹849.4 crore | PAT: ₹152.9 crore | RoE: 30.24% | Zero debt | EBITDA margin: 25.05%
8. When will allotment be finalized?
Allotment is likely to be finalized on July 7, 2025.
9. When will Crizac shares list on stock exchanges?
Tentative listing date is July 9, 2025 on both BSE and NSE.
10. Should I apply?
If you’re seeking exposure to global education tech and a scalable B2B model with strong margins, Crizac IPO looks promising for both listing gains and long-term returns.
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