Crizac Limited, a platform facilitating international higher education admissions for students, is preparing for its stock market debut with an ₹860 crore IPO through an offer for sale of 3.51 crore shares. The public offering will be open for subscription from July 2-4, 2025, providing investors access to the growing education technology sector.
The IPO offers an attractive investment opportunity with shares priced between ₹233-245 and a lot size of 61 shares, requiring a minimum retail investment of ₹14,213. Share allotment is scheduled for July 7, 2025, followed by listing on both BSE and NSE on July 9, 2025. This presents an opportunity to invest in an established EdTech (education technology) company positioned for expansion in the international student recruitment market with significant future growth potential.
Crizac Limited IPO is a fundraise worth ₹860 crores, an offer for sale of 3.51 crore shares. The IPO will be available for subscription from July 2, 2025, to July 4, 2025, providing an opportunity for investors looking to gain a stake in the EdTech sector.
| Crizac IPO date | July 2, 2025 - July 4, 2025 |
| Price band | ₹233 to ₹245 per share |
| Face value | ₹2 per share |
| Lot size | 61 shares |
| Issue type | Book-built issue IPO |
| Offer for Sale | 3,51,02,040 shares amounting to ₹860 crores |
| Total issue size | 3,51,02,040 shares amounting to ₹860 crores |
| Listing at | BSE, NSE |
| Share holding post issue | 17,49,82,500 shares |
| Share holding pre issue | 17,49,82,500 shares |
The Crizac Limited IPO opens for subscription on July 2, 2025, and closes on July 4, 2025, with allotment slated for July 7, 2025.
| IPO open date | July 2, 2025 (Wednesday) |
| IPO close date | July 4, 2025 (Friday) |
| Basis of allotment | July 7, 2025 (Monday) |
| Initiation of refunds | July 8, 2025 (Tuesday) |
| Credit of shares to demat account | July 8, 2025 (Tuesday) |
| Listing date on exchanges | July 9, 2025 (Wednesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on July 4, 2025 (Friday) |
Crizac Limited, incorporated in 2011, operates as a B2B education platform specializing in international student recruitment solutions for global higher education institutions across the UK, Canada, Ireland, Australia, and New Zealand. The company connects prospective students from over 75 countries with educational opportunities through its proprietary technology platform, serving as an intermediary between students, recruitment agents, and universities.
The company has built a substantial global network comprising around 7,900 registered agents on its platform, with 2,532 active agents during fiscal 2024, including 1,524 in India and 1,008 across more than 25 overseas countries. Crizac has successfully processed over 5.95 lakh student applications while partnering with over 135 global higher education institutions. As of September 2024, the company operates with 329 employees and 10 consultants across multiple countries, demonstrating its extensive reach in the international education recruitment sector.
Crizac Limited's IPO proceeds will go to the selling shareholders.
The Crizac Limited IPO showcases a healthy market capitalization of ₹4,287.07 crores. Key performance indicators, as on March 31, 2025. reflect the company's financial health, with a Return on Equity (RoE) of 30.24%, Return on Capital Employed (RoCE) of 40.03%, and Return on Net Worth (RoNW) stands at 30.24%.
The Price-to-Book Value (P/BV) is seen at 8.48. The PAT Margin is 17.28% and the EBITDA Margin is 25.05%. On an annual basis, the company's Profit After Tax (PAT) grew by 29% while the revenue increased by 16% in the financial year ending on March 31, 2025.
| Period Ended | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Assets | 879.62 | 592.91 | 304.99 |
| Revenue | 884.78 | 763.44 | 517.85 |
| Profit After Tax | 152.93 | 118.90 | 112.14 |
| EBITDA | 212.82 | 72.64 | 107.29 |
| Net Worth | 505.71 | 341.81 | 221.37 |
| Total Borrowing | 0.08 | 0.08 | 0.08 |
Amount in ₹ crores
Crizac Limited has established itself as a dominant player in the international student recruitment market with over a decade of operational experience since 2011. The company boasts an extensive global network of approximately 10,362 registered agents across 39+ countries and maintains long-standing relationships with over 173 global higher education institutions, including more than 20 top-30 institutions with partnerships exceeding 5 years. This extensive network has enabled the company to process over 7.11 lakh student applications and capture a significant 13% market share in the India-to-UK student recruitment corridor.
The company's competitive advantage is further strengthened by its scalable proprietary technology platform that streamlines communication between agents, institutions, and students, creating operational efficiency and enhanced user experience. Crizac demonstrates strong financial performance with consistent revenue growth, high return ratios (ROE and ROCE), and maintains a debt-free status, providing financial flexibility for future expansion. The company benefits from experienced management, a skilled workforce of 329+ employees, and operates in the booming overseas education market driven by rising aspirations among Indian students to study abroad.
Crizac faces significant concentration risks that pose substantial threats to its business sustainability. The company derives over 95% of its revenue from UK-based institutions and over 70% from just its top 10 partner institutions, making it extremely vulnerable to changes in UK immigration policies, economic downturns, or loss of key institutional partnerships. Additionally, the business model heavily relies on its agent network for student sourcing, and any significant agent attrition or changes in commission structures could severely impact application volumes and revenue generation.
The company operates under considerable regulatory and operational uncertainties that could disrupt its business model. Changes in visa policies, immigration laws, or travel restrictions in target countries directly impact student mobility and revenue potential. Furthermore, Crizac's partnerships are typically based on short-term contracts with renewal uncertainties and enrollment thresholds that must be met to maintain relationships. The upcoming IPO being entirely an Offer for Sale means no fresh capital will flow into the company, potentially limiting reinvestment capacity for growth initiatives. The company also faces foreign exchange risks due to international operations and intense competition in the student recruitment market.
The Crizac Limited IPO presents investors with a compelling entry point into the EdTech sector through a company making its public market debut. However, this investment opportunity requires careful analysis of the company's financial health, competitive position, and future growth prospects before committing capital. Potential investors should thoroughly evaluate whether this investment matches their financial goals and risk appetite, ensuring they make a well-informed strategic decision rather than simply pursuing an attractive market opportunity.
What is the Crizac IPO?
The Crizac Limited IPO is a main-board offering consisting of an Offer For Sale (OFS) of 3.51 crore equity shares with a face value of ₹2 per share, aiming to raise ₹860 crores. The share price is set between ₹233 and ₹245, with a minimum order quantity of 61 shares. This IPO will be open for subscription from July 2, 2025, to July 4, 2025. MUFG Intime India Private Limited (Link Intime) is the registrar while Equirus Capital Private Limited is the book-running lead manager.
When will the Crizac IPO open?
The Crizac Limited IPO will open for subscription on July 2, 2025, and will close on July 4, 2025.
When is the Crizac IPO listing date?
The tentative listing date for the Crizac Limited IPO is Wednesday, July 9, 2025.
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