Crizac Limited, a Kolkata-based B2B education platform, launched its ₹860 crore initial public offering (IPO) on July 2, 2025, targeting investors in India’s dynamic primary market.
The IPO, entirely an offer-for-sale (OFS) of 3.51 crore equity shares, is priced at ₹233–245 per share and aims to capitalize on the growing demand for international education.
With a grey market premium (GMP) of ₹21, signaling an 8.5% listing gain, Crizac’s debut has sparked interest among retail and institutional investors.
This article dives into the IPO’s details, financial performance, risks, and whether it’s a smart bet for Indian investors, tailored for those seeking informed financial decisions.
Crizac IPO
The Crizac IPO, open from July 2 to July 4, 2025, is a book-built issue with a lot size of 61 shares, requiring a minimum retail investment of ₹14,945 at the upper price band of ₹245.
The IPO is an OFS, meaning no fresh capital will flow into the company; proceeds will go to promoters Pinky Agarwal (₹723 crore) and Manish Agarwal (₹137 crore).
The company raised ₹258 crore from anchor investors, including ICICI Prudential, Motilal Oswal, and Societe Generale, on July 1, 2025.
Shares are set to list on the BSE and NSE on July 9, 2025, with allotment expected by July 7, 2025. Equirus Capital and Anand Rathi Advisors are the book-running lead managers, and MUFG Intime India is the registrar.
| IPO Detail | Information |
|---|---|
| Issue Size | ₹860 crore (3.51 crore shares, 100% OFS) |
| Price Band | ₹233–245 per share |
| Lot Size | 61 shares (₹14,945 minimum for retail) |
| Subscription Dates | July 2–4, 2025 |
| Allotment Date | July 7, 2025 (tentative) |
| Listing Date | July 9, 2025 (BSE, NSE) |
| GMP (July 2) | ₹21 (8.5% premium, estimated listing at ₹266) |
| Lead Managers | Equirus Capital, Anand Rathi Advisors |
| Registrar | MUFG Intime India Pvt. Ltd. |
This table provides an interactive overview of the IPO’s key details, helping investors quickly assess its structure.
Crizac’s Business Model
Founded in 2011, Crizac operates a B2B platform connecting global universities in the UK, Canada, Ireland, Australia, and New Zealand with student recruitment agents.
It has processed over 7.11 lakh student applications from 75+ countries, leveraging a network of 10,362 registered agents (3,948 active in FY25) and partnerships with 173+ institutions.
Its proprietary technology platform streamlines student outreach, application processing, and branding support, with a strong focus on recruiting Indian students for UK universities, where it holds a 13% market share (2023, per F&S report).
Crizac’s asset-light model and global footprint, including subsidiaries like Crizac UK, position it to tap the growing international education market, projected to reach 2.5 million Indian students by 2030.
Financial Performance
Crizac has shown robust growth, with revenue soaring from ₹274 crore in FY23 to ₹849.49 crore in FY25, a compound annual growth rate (CAGR) of 76%. Profit after tax (PAT) rose from ₹110 crore to ₹152.93 crore, with FY25 earnings per share (EPS) at ₹8.74 and net margins of 18%. The company operates debt-free, boasting strong cash flows and a return on net worth (RoNW) of 30.38%.
Its price-to-earnings (P/E) ratio of 28x FY25 earnings and price-to-book (P/BV) ratio of 8.52x (net asset value ₹28.76) suggest a moderate valuation compared to peers like Indiamart Intermesh (P/E 27.18) and IDP Education (P/E 7.86).
| Financial Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 274.00 | 634.87 | 849.49 |
| PAT (₹ Cr) | 110.00 | 118.90 | 152.93 |
| EPS (₹) | – | – | 8.74 |
| Net Margin (%) | – | – | 18.00 |
| RoNW (%) | – | – | 30.38 |
This table illustrates Crizac’s financial growth, offering an interactive view of its performance.
Subscription Status and GMP
On Day 1 (July 2, 2025, by 12:39 AM IST), the IPO was subscribed 0.16 times overall, with the retail portion at 0.26 times and the non-institutional investor (NII) segment at 0.16 times.
The qualified institutional buyer (QIB) category saw no subscriptions, typical for early bidding. The grey market premium (GMP) stood at ₹21, indicating an estimated listing price of ₹266 (8.5% premium over ₹245).
However, GMP fluctuated, with some sources reporting ₹0 pre-opening, reflecting volatility and cautious investor sentiment. Investors should note that GMP is speculative and not a reliable indicator of listing performance.
Investment Rationale
Analysts are cautiously optimistic about Crizac’s IPO. Canara Bank Securities recommends a “subscribe” rating, citing its 76% revenue CAGR, 43% EBITDA CAGR (₹104 crore in FY23 to ₹212 crore in FY25), and debt-free status.
Gaurav Goel of Fynocrat Technologies highlights its moderate valuation (P/E 28x, P/BV 8.52x) and scalable model but warns of risks like concentrated revenue streams and no fresh capital infusion.
Deven Choksey Research rates it “Neutral,” noting fair pricing at 28x FY25 EPS compared to a peer median of 23.4x, while Geojit Investments suggests subscribing for medium- to long-term gains due to Crizac’s global partnerships and expansion plans into the US and B2C services.
| Analyst | Rating | Key Points |
|---|---|---|
| Canara Bank Securities | Subscribe | Strong financials, 76% revenue CAGR, debt-free |
| Gaurav Goel (Fynocrat) | Subscribe | Moderate valuation, scalable model, but revenue concentration risk |
| Deven Choksey Research | Neutral | Fairly priced at 28x EPS, fragmented industry |
| Geojit Investments | Subscribe | Strong UK market share, US expansion potential |
This table summarizes analyst views, aiding investors in decision-making.
Quick Summary
For those short on time, here’s a concise overview of the Crizac IPO:
- Issue Details: ₹860 crore OFS, ₹233–245 price band, 61-share lot, open July 2–4, 2025.
- Business: B2B platform connecting 10,362 agents to 173+ global universities, focusing on UK student recruitment.
- Financials: ₹849.49 crore revenue, ₹152.93 crore PAT in FY25; 76% revenue CAGR (FY23–25).
- GMP: ₹21 (8.5% premium, estimated listing at ₹266).
- Subscription (Day 1): 0.16x overall, 0.26x retail, 0.16x NII, 0x QIB.
- Risks: No fresh capital, visa policy risks in UK/Canada, revenue concentration.
- Analyst View: Subscribe for long-term gains (Canara, Geojit); Neutral (Deven Choksey).
- Action: Apply via UPI/ASBA through Zerodha, Upstox, or banks; check allotment on July 7.
This summary captures the essentials for quick decision-making.
Risks and Challenges
Despite its growth, Crizac faces risks. Its revenue is heavily reliant on the UK and Canada, where tightened visa norms could impact student inflows, as noted by analysts.
The absence of fresh capital from the IPO limits growth funding, with all proceeds going to promoters. The international education sector is fragmented, with informal players posing competitive threats.
Additionally, the 28x P/E valuation, while moderate, isn’t a bargain compared to peers like IDP Education (7.86x). Investors should weigh these factors against Crizac’s strong fundamentals and global expansion plans.
How to Apply
Investors can apply through:
- Online: Use UPI/ASBA via brokers like Zerodha, Upstox, or 5Paisa, or net banking with banks like HDFC or SBI.
- Steps: Log into your broker’s platform, select Crizac IPO, enter UPI ID, bid for 61 shares (or multiples), and approve the mandate via UPI app.
- Retail Investment: Minimum ₹14,945 (61 shares at ₹245); maximum 13 lots (793 shares, ₹194,285).
- HNI Investment: Minimum 14 lots (854 shares, ₹209,230).
Check allotment status on July 7, 2025, via the registrar’s website (MUFG Intime) or BSE/NSE platforms.
Market Sentiment and X Insights
Posts on X reflect mixed sentiment. @ETMarkets and @livemint highlighted the ₹258 crore anchor raise and ₹860 crore issue size, signaling institutional interest.
@Tanmay_31_ noted the 28x FY25 P/E and 79.94% post-issue promoter holding, suggesting confidence but high valuation. @kotaksecurities praised Crizac’s 7.11 lakh application processing and 16% FY24–25 revenue growth.
However, @Paryan_Sharma pointed to low Day 1 subscription (0.16x), indicating cautious retail participation. Investors should treat X posts as sentiment indicators, not definitive advice.
Why Consider Crizac IPO?
Crizac’s strengths include its debt-free status, 76% revenue CAGR, and a scalable tech platform tapping a growing market. Its 13% UK market share and partnerships with 173+ institutions signal strong positioning.
However, the lack of fresh capital and visa policy risks in key markets warrant caution. The IPO’s moderate valuation and 8.5% GMP suggest modest listing gains, appealing to long-term investors.
Retail investors should apply at the cutoff price (₹245) to mitigate oversubscription risks, as advised by Chittorgarh.com.
Crizac’s ₹860 crore IPO, launched on July 2, 2025, offers a unique opportunity to invest in a B2B education platform with strong financials and global reach.
While its 76% revenue growth and debt-free status are compelling, risks like visa regulations and no fresh capital infusion require careful consideration.
With a GMP of ₹21 and analyst endorsements for long-term gains, the IPO suits investors with a medium- to long-term horizon. Apply via UPI/ASBA by July 4 and stay updated with metroskope.in for the latest market insights.
