Following a vibrant run of IPOs in May and June 2025, India’s primary markets continue to showcase healthy momentum. Retail investor appetite remains strong, with companies from diverse sectors tapping the capital markets. Riding this wave, Crizac Ltd., a global student recruitment solutions provider, is opening its public issue on July 2, 2025.
Here’s a comprehensive look at Crizac Ltd., its IPO structure, business fundamentals, and sectoral trends.
About Crizac Ltd.
Incorporated in 2011, Crizac Ltd. operates a B2B education platform that facilitates international student recruitment for institutions of higher education across the UK, Canada, Ireland, Australia, and New Zealand.
As of September 2024, Crizac had over 7,900 registered agents on its proprietary platform, with 2,532 active agents across India and 25+ global markets, including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt. These agents helped the company process over 5.95 lakh student applications, collaborating with over 135 global institutions.
The company operates with a lean, experienced workforce of 329 employees and 10 international consultants, with presence in countries like Cameroon, China, Ghana, and Kenya.
Crizac Ltd. IPO Details
Crizac’s IPO is a pure Offer for Sale (OFS), aiming to raise ₹860 crore through the sale of 3.51 crore shares. The company will not receive any proceeds from the issue.
Important IPO Timeline
| Event | Date |
| IPO Open Date | July 2, 2025 |
| IPO Close Date | July 4, 2025 |
| Allotment Date (Tentative) | July 7, 2025 |
| Initiation of Refunds | July 8, 2025 |
| Credit of Shares to Demat | July 8, 2025 |
| Listing Date (Tentative) | July 9, 2025 |
| UPI Mandate Cut-off | 5 PM on July 4, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹2 per share |
| Price Band | ₹233 to ₹245 per share |
| Lot Size | 61 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Net Offered to Public | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Offer Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding (Pre-Issue) | 17,49,82,500 shares |
| Shareholding (Post-Issue) | 17,49,82,500 shares |
Lot Size of Crizac Ltd. IPO
| Application Type | Lots | Shares | Amount |
| Retail (Min) | 1 | 61 | ₹14,945 |
| Retail (Max) | 13 | 793 | ₹1,94,285 |
| S-HNI (Min) | 14 | 854 | ₹2,09,230 |
| S-HNI (Max) | 66 | 4,026 | ₹9,86,370 |
| B-HNI (Min) | 67 | 4,087 | ₹10,01,315 |
Crizac Ltd. Financials
Crizac has demonstrated strong financial performance over the years, with consistent revenue and PAT growth. The company reported a 29% increase in PAT and 16% revenue growth between FY24 and FY25.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Equity (ROE): 30.24%
- Return on Capital Employed (ROCE): 40.03%
- Return on Net Worth (RoNW): 30.24%
- Profit After Tax (PAT) Margin: 17.28%
- EBITDA Margin: 25.05%
- Price-to-Book Value: 8.48
- Pre-IPO Earnings Per Share (EPS): ₹8.74
- Pre-IPO Price-to-Earnings (P/E) Ratio: 28.03
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 879.62 | 592.91 | 304.99 |
| Revenue (₹ Cr) | 884.78 | 763.44 | 517.85 |
| Profit After Tax (₹ Cr) | 152.93 | 118.90 | 112.14 |
| EBITDA (₹ Cr) | 212.82 | 72.64 | 107.29 |
| Net Worth (₹ Cr) | 505.71 | 341.81 | 221.37 |
| Total Borrowing (₹ Cr) | 0.08 | 0.08 | 0.08 |
Crizac Ltd.: Industry Outlook
- The global international education market is witnessing robust growth as more students seek overseas education in English-speaking countries.
- Countries like the UK, Canada, and Australia have seen a surge in student visa issuance and institutional partnerships.
- The rise of digital platforms and agent-based models is enabling scalable global recruitment with greater transparency.
- Crizac’s proprietary platform, widespread agent network, and partnerships with over 135 global institutions place it in a leadership position among cross-border education enablers.
- With increasing demand for tech-enabled student recruitment, Crizac is well-positioned to capitalise on global education trends.
Use of IPO Proceeds
As this IPO is a 100% Offer for Sale, the company will not receive any proceeds. The funds will go to the selling shareholders.
Conclusion
Crizac Ltd. IPO presents an intriguing opportunity for investors seeking exposure to the international education services sector. The company’s technology-driven platform, global reach, and consistent financial growth add to its appeal. Strong margins, zero debt, and robust ROE further strengthen its fundamentals.
However, as this is an Offer for Sale, no new capital is being infused into the business. Investors should assess whether the business’s future scalability and sectoral tailwinds justify the current valuation.
Crizac may attract medium- to long-term investors who are optimistic about the booming global education recruitment market.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
