Crizac
Book Building issueMainboardNSE₹860 Cr issue
+14.29%
Listing gain over issue price
Issue size
₹860 Cr
1 lot at cut-off
₹14,945
Lot size
61shares
Open
02 Jul 2025
Close
04 Jul 2025
Allotment
07 Jul 2025
Listing
09 Jul 2025
Listing performance
Issue price
₹245
Listed at
₹280
Listing-day close
₹307.63
Latest price
₹138.32
Close on 23 Oct 2026
Listing gain
+14.29%
Return since issue
-43.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 02 Jul 2025 – 04 Jul 2025
- Listing date
- 09 Jul 2025
- Face value
- ₹2 per share
- Issue price
- ₹245 per share
- Lot size
- 61 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹860 Cr
- Market cap at offer price
- ₹4,287 Cr
- Promoter holding
- 100.00% → 79.94% pre-issue → post-issue
- ISIN
- INE0S4R01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- Wing A, 3 rd Floor, Constantia Building, 11, Dr.U.N.Brahmachari Street, Shakespeare Sarani, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,05,30,612 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 61 shares per lot, in multiples, at ₹245
| Application | 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,05,30,612
Anchor portion
₹258 Cr
at ₹245 per share
Valuation and performance
Valuation at offer price
₹245 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.74 | 8.74 |
| P/E (×) | 28.03 | 28.03 |
| Price to book (×) | 8.48 | — |
| Market cap | — | ₹4,287 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.24%
- ROCE
- 40.03%
- PAT margin
- 17.28%
- EBITDA margin
- 25.05%
- NAV per share
- ₹28.90
- Price to book
- 8.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Crizac
Crizac Limited is an education platform that connects aspiring students from India and other countries with global institutions of higher education through a network of agents. The company operates a proprietary technology platform that facilitates communication between approximately 10,362 registered agents globally, the company, and over 173 global institutions of higher education, primarily in the United Kingdom. The company earns revenue by processing student applications and connecting qualified students to these institutions on a commission basis. In Fiscal 2025, the company generated ₹8,494.91 million in revenue from operations with a PAT margin of 17.28%. The company acquired its Material Subsidiary, Crizac UK, in November 2023, which significantly contributes to its consolidated revenues.
Company Analysis
from RHPCrizac Limited is a B2B education platform offering international student recruitment solutions to global institutions of higher education in the UK, Canada, Ireland, Australia, and New Zealand.
Crizac Limited is an education platform that connects aspiring students from India and other countries with global institutions of higher education through a network of agents. The company operates a proprietary technology platform that facilitates communication between approximately 10,362 registered agents globally, the company, and over 173 global institutions of higher education, primarily in the United Kingdom. The company earns revenue by processing student applications and connecting qualified students to these institutions on a commission basis. In Fiscal 2025, the company generated ₹8,494.91 million in revenue from operations with a PAT margin of 17.28%. The company acquired its Material Subsidiary, Crizac UK, in November 2023, which significantly contributes to its consolidated revenues.
International student recruitmentEducation technologyBusiness process outsourcing
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.20
- Carry out the Offer for Sale of Equity Shares by the Selling Shareholders ₹8,600.00 million p.20
- Offer for Sale - no proceeds to the Company p.76
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and carry out the Offer for Sale of up to Equity Shares by the Selling Shareholders ₹ 8,600.00 million p.121
- Offer for Sale by Selling Shareholders ₹8,600.00 million p.427
Issue Structure
- Total Issue
- ₹8,600.00 million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to [●] Equity Shares aggregating up to ₹8,600.00 million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹2 each
Business Model
Commission-based revenue model: The company earns commissions from global institutions of higher education based on successful student enrollments. Revenue is generated when students meet the institution's eligibility criteria (payment of fees, completion of joining formalities, minimum enrollment period). The company also provides supplementary services including marketing, brand management, and admission office management to select institutions.
Business Segments
Processes applications from aspiring students in India and other countries seeking admission to global institutions of higher education, particularly in the UK, Canada, Ireland, Australia, and New Zealand. The company earns commissions based on successful student enrollments.
Provides marketing, brand management, and admission office management services to select global institutions of higher education.
Provides international student recruitment solutions to global institutions of higher education, connecting students from over 75 countries with institutions primarily in the United Kingdom, Republic of Ireland, and Canada
Provides international student recruitment solutions to global institutions of higher education across UK, Canada, Republic of Ireland, Australia, and New Zealand. The company sources applications for enrolment from over 75 countries through its proprietary technology platform and network of registered agents.
Provides services such as marketing, brand management and admission office management to select global institutions of higher education.
Revenue from student recruitment services by country where global institutions of higher education are located
Student applications processed from different geographic regions for enrolment in global institutions of higher education
The company provides educational consultancy services and acts as an intermediary for student recruitment to international universities, earning commission from universities for successful student placements. Revenue is recognized when performance obligations are met and approved by universities. Cost of services includes payments to agents who supply students.
International student recruitment services connecting global institutions of higher education with agents and students, generating revenue through commissions on successful student placements
Provides international student recruitment solutions to global institutions of higher education; assists in enrolling students to global institutions of higher education
SWOT Analysis
Strengths
- • Strong student recruitment platform with extensive agent network(p.20)
- • Significant growth in Indian students studying abroad(p.20)
- • Rapid expansion of registered agent network(p.42)
- • Strong revenue growth trajectory(p.22)
- • Asset-light business model with high monetary assets(p.57)
- • B2B platform with established agent and institution network(p.57)
- • Diversified geographic sourcing across 75+ countries(p.60)
- • Strong revenue growth trajectory(p.60)
- • Significant experience as international student recruitment solutions provider to global higher education institutions(p.125)
- • Established long-standing relationships with 173+ global institutions of higher education, with over 20 of top 30 having 5+ years tenure(p.125)
- • Extensive global agent network of 10,362 registered agents across 39+ countries providing diversified student sourcing(p.125)
- • Scalable proprietary technology platform enabling streamlined communication and real-time access to institution information(p.125)
- • Strong processing volume and growth: 275,897 applications processed in FY2025 with 60.27% revenue growth(p.125)
- • Profitability and self-funded growth without external capital raises, demonstrating operational efficiency(p.186)
- • Additional high-margin services including admission office management and marketing/brand management ensuring university stickiness(p.125)
- • Strong financial performance with 33.81% proforma consolidated revenue growth and 30.24% RoE in FY2025(p.131)
- • Strong India-to-UK recruitment relationships and growing market tailwind(p.193)
- • Significant experience across 7.11 lakh student applications and 173+ institutions(p.194)
- • Established long-term relationships with global institutions; 20+ of top 30 have 5+ year relationships(p.194)
- • Scalable proprietary technology platform with real-time AI/ML-driven features(p.196)
- • Wide global agent network of 10,362 registered agents across 39+ countries(p.195)
- • Consistent revenue growth of 100.18% CAGR from Fiscal 2015 to 2025(p.190)
- • Self-funded growth with no external equity or borrowings(p.199)
- • Experienced promoter with 20+ years in education consultancy(p.197)
- • Strong revenue growth trajectory(p.257)
- • Profitable operations with improving margins(p.257)
- • Strong cash generation from operations(p.258)
- • Debt-free capital structure(p.317)
- • High gross margins in educational consultancy services(p.297)
- • Strong relationships with global institutions in UK and proven recruitment track record(p.353)
- • Diverse and growing agent network across 75+ countries with active agents on proprietary technology platform(p.353)
- • Significant revenue growth with CAGR of 100.18% from Fiscal 2015 to Fiscal 2025(p.354)
- • Zero debt-equity ratio indicating strong financial stability(p.320)
- • Strong profitability with net profit margin of 18% in FY2025(p.320)
- • Established relationships with over 173 global institutions of higher education across multiple countries(p.354)
- • Strong profitability with consistent revenue growth(p.375)
- • High return on capital employed and equity(p.373)
- • Robust cash generation from operations(p.379)
- • Minimal financial leverage with negligible debt(p.389)
- • Strong liquidity position with substantial cash reserves(p.379)
Weaknesses
- • Heavy dependence on few global institutions for revenue(p.41)
- • Material Subsidiary reliance with recent acquisition(p.52)
- • Dependence on non-exclusive agent relationships(p.43)
- • High agent payment costs relative to revenue(p.43)
- • Unregistered trademarks limiting IP protection(p.49)
- • Past corporate filing inaccuracies(p.49)
- • High employee attrition rate(p.53)
- • Highly concentrated revenue geography(p.45)
- • High dependence on two selling shareholders(p.60)
- • Significant outstanding creditor dues(p.56)
- • Material subsidiary break-fee obligation(p.58)
- • Negligible insurance coverage relative to assets(p.61)
- • Related party transactions remain material(p.64)
- • Heavy reliance on a single business segment(p.60)
- • Significant exposure to trade receivables(p.60)
- • Geographic concentration of business with UK as primary revenue source, limiting diversification(p.186)
- • High cost of services as % of revenues at 70.54%, limiting margin expansion(p.131)
- • Recent acquisition (Crizac UK) integration risks with complex consolidated financial structures(p.131)
- • Dependence on agent network for student sourcing, creating vulnerability to agent churn or policy changes(p.132)
- • Extreme concentration in UK market; 95% of FY25 revenue from single destination(p.195)
- • Heavy revenue dependence on top 3 institutions; fell from 63.81% to 52.85% of revenue(p.194)
- • Rising cost of services from 65.04% to 70.54% of revenue over three years(p.192)
- • Limited business diversification; primarily dependent on admission-related services(p.202)
- • Minimal insurance coverage maintained(p.208)
- • New/unproven B2C business model and geographic expansion strategy(p.203)
- • Significant termination liability with subsidiary(p.301)
- • High dependence on few major customers(p.311)
- • Significant impairment of intangible assets(p.278)
- • Over 87% shareholding concentrated in promoters(p.288)
- • High concentration of revenue from top 10 institutions at 70.56% of total revenue(p.356)
- • Declining return on equity from 42.18% to 36.30%, indicating reduced profitability efficiency(p.320)
- • High dependence on agent commission payments representing 70.54% of revenue from operations(p.356)
- • Significant decline in return on capital employed from 95.54% to 44.58% year-on-year(p.320)
- • Decreased trade receivable turnover from 6.31 to 4.00 times indicating collection challenges(p.320)
- • Subsidiary company (Crizac UK) operating at a loss with negative equity of -202.70 million(p.330)
- • Heavy customer concentration among top global institutions(p.391)
- • Significant growth in employee costs(p.376)
- • Reliance on agent payments as primary cost structure(p.376)
Opportunities
- • Expansion into new geographic markets beyond UK(p.43)
- • Growing demand for international higher education(p.20)
- • Rapid growth in Indian outbound student mobility(p.46)
- • Expansion of agent network in emerging markets(p.42)
- • Diversification into ancillary services for institutions(p.51)
- • B2C market expansion through inorganic growth(p.56)
- • Diversification into complementary education services(p.56)
- • Growing student demand for international education(p.60)
- • Market expansion into new geographic jurisdictions(p.60)
- • Expansion into USA market where international students grew 23% YoY and India is largest source(p.186)
- • Robust growth in international student mobility with 8 million students expected by 2030 vs 6.7 million in 2023(p.159)
- • Strong India source market growth with students abroad expected to reach 2.5 million by 2030 from 1.48 million in 2023 at 7.8% CAGR(p.160)
- • Growing international education expenditure from India projected to reach USD 125 billion by 2030 vs USD 61 billion in 2023(p.160)
- • Rising middle class in India with disposable income projected to increase from USD 2.63k in 2023 to USD 4.33k by 2029 at 8.7% CAGR(p.153)
- • Expansion of UK international student enrollment with growth from 718,085 in 2023 to 759,000 in 2024 and Indian students growing from 122k to 173k(p.186)
- • Opportunity to expand beyond recruitment into ancillary services like education loans, visa assistance, and exam preparation(p.184)
- • Massive India-to-UK demand; Indian students grew 54.09% CAGR 2019-2024(p.194)
- • India/China account for ~40% of global international higher education spend(p.199)
- • Expand into higher-growth ANZ and Canada; 474k+ enrolments in ANZ in 2023-24(p.200)
- • Large untapped USA market; 11.27M inbound students and 3.3L Indian students(p.201)
- • Diversify into value-added services; accommodation, visas, loans comprise 57.5% of expense(p.202)
- • Expand agent network in China; top source country with 40%+ of global spend(p.199)
- • Growing demand for international education in India driven by rising middle class(p.200)
- • Significant overseas expansion potential(p.311)
- • Strategic acquisitions and subsidiary integration(p.260)
- • Expansion of financial services through investments(p.283)
- • Expansion into ANZ (Australia, New Zealand) markets with strong student demand from India and China(p.357)
- • Growing international student expenditure market across target geographies with US (USD 53 Bn), UK (USD 36 Bn), Canada (USD 33 Bn) and Australia (USD 18 Bn)(p.357)
- • Diversification into value-added services including financial aid, student loans, visa assistance and accommodation(p.357)
- • Expansion of geographic footprint in Ireland, Canada and establishing relationships with USA institutions(p.357)
- • Rising demand for affordable and accessible international education fueled by expanding Indian middle class(p.357)
- • Technology platform enhancement to develop B2C business model with direct student engagement(p.357)
- • International expansion through subsidiary presence(p.381)
- • Growth in higher education international student enrollment(p.385)
- • Technology investment to improve operational efficiency(p.376)
Threats
- • Visa policy changes and immigration restrictions(p.48)
- • Geopolitical tensions affecting student mobility(p.48)
- • Foreign exchange volatility(p.51)
- • Global economic slowdown affecting student demand(p.50)
- • Negative publicity affecting associated institutions(p.52)
- • Enhanced US student visa screening affecting international recruitment(p.48)
- • Concentration risk in UK market creating vulnerability(p.46)
- • Risk of visa fraud and illegal immigration accusations(p.56)
- • Intense competition in education consultancy sector(p.62)
- • Seasonality of student enrollment(p.61)
- • Payment delays from educational institutions(p.60)
- • Policy changes in key markets affecting student visas(p.70)
- • Macroeconomic and geopolitical risks(p.70)
- • Data protection and privacy compliance obligations(p.64)
- • Regulatory uncertainty across multiple jurisdictions(p.63)
- • Declining institutional credit ratings affecting borrowing costs(p.71)
- • Tightening visa regulations and increased scrutiny of international students in key destination countries like USA(p.188)
- • Geopolitical tensions affecting student mobility, such as India-Canada diplomatic tensions impacting Canadian education market(p.187)
- • Rising anti-immigration sentiment and social unrest in destination countries deterring international student enrollment(p.187)
- • Growth of local Indian universities and improved quality reducing incentive to study abroad(p.187)
- • Competition from emerging destination countries with favorable visa policies and lower costs(p.187)
- • Rise of online education and remote learning reducing appeal of traveling abroad for education(p.187)
- • Currency fluctuations impacting affordability; Indian rupee depreciation increasing costs for students(p.188)
- • Global macroeconomic slowdown with world GDP growth projected to fall to 2.8% in 2025 from 3.3% in 2024(p.149)
- • Competitive industry with established players including IDP Education, ApplyBoard, SI-UK(p.209)
- • Dependence on global institutions' admission policies and recruitment preferences(p.190)
- • Regulatory changes in destination countries could impact student inflows(p.212)
- • Exchange rate fluctuations impact rupee-denominated revenue from overseas operations(p.204)
- • Agent network quality and performance critical to business; top 10 agents = 9.93% revenue(p.196)
- • Visa policies, immigration restrictions in destination countries could reduce applications(p.202)
- • Dependence on continued university relationships and commission structures(p.268)
- • Exposure to foreign exchange fluctuations(p.316)
- • Regulatory changes in employee benefit schemes(p.319)
- • Impairment risk on investments(p.282)
- • Significant revenue concentration in UK representing 95.07% of total revenue(p.355)
- • Heavy dependence on agent commission structure creating vulnerability to agent network fluctuations(p.356)
- • International education market subject to regulatory changes and immigration policy shifts in destination countries(p.354)
- • Increased competition from other student recruitment platforms and educational consultancy services globally(p.354)
- • Cyclical nature of higher education enrollment subject to economic conditions and employment rates in source and destination countries(p.357)
- • Material subsidiary (Crizac UK) incurred exceptional expense on termination of contract of INR 739.26 million in FY2024(p.347)
- • Business seasonality creates quarterly revenue volatility(p.391)
- • Exposure to foreign exchange fluctuations(p.390)
- • Potential conflicts of interest with group companies in similar business(p.405)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Vikash Agarwal | Promoter | 2.99% | — |
| Pinky Agarwal | Promoter and Selling Shareholder | 46.93% | — |
| Manish Agarwal | Promoter and Selling Shareholder | 30.56% | — |
| Pinky Agarwal | Promoter | 46.93% | — |
| Manish Agarwal | Promoter | 30.56% | — |
| Dr. Vikash Agarwal | Promoter | 2.99% | — |
| Anita Agarwal | Promoter Group | 9.53% | — |
| Pinki Agarwal | Promoter Group | 3.99% | — |
| Kiran Jain | Promoter Group | 3.00% | — |
| Usha Agarwal | Promoter Group | 3.00% | — |
| Pinki Agarwal | Promoter | — | — |
| Anita Agarwal | Promoter | — | — |
| Kiran Jain | Promoter | — | — |
| Usha Agarwal | Promoter | — | — |
| Manish Agarwal | Promoter | — | — |
| Pinky Agarwal | Promoter | — | — |
| Dr. Vikash Agarwal | Promoter | 2.99% | — |
| Pinky Agarwal | Promoter | 46.93% | — |
| Manish Agarwal | Promoter | 30.56% | — |
| Manish Agarwal | Promoter | 30.56% | — |
| Pinky Agarwal | Promoter | 46.93% | — |
| Anita Agarwal | Promoter | 9.53% | — |
| Vikash Agarwal | Promoter | 2.99% | — |
| Pinki Agarwal | Promoter | 3.99% | — |
| Kiran Jain | Promoter | 3.00% | — |
| Usha Agarwal | Promoter | 3.00% | — |
| Vikash Agarwal | Promoter/Chairman & Managing Director | — | — |
| Manish Agarwal | Promoter/Whole Time Director & Chief Financial Officer | — | — |
| Pinky Agarwal | Selling Shareholder/Promoter | — | — |
| Manish Agarwal | Selling Shareholder/Promoter | — | — |
| Dr. Vikash Agarwal | Promoter | — | — |
| Manish Agarwal | Selling Shareholder / Promoter | — | — |
| Pinky Agarwal | Selling Shareholder / Promoter | — | — |
Leadership
Dr. Vikash Agarwal · Chairman and Managing Director
Manish Agarwal · Chief Financial Officer and Whole Time Director
Kashish Arora · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Crizac IPO FAQs
What is the lot size of Crizac IPO?
The minimum lot size of Crizac IPO is 61 shares. One lot costs ₹14,945 at the cut-off price.
When does Crizac IPO open and close?
Crizac IPO opened for subscription on 02 Jul 2025 and closed on 04 Jul 2025.
What is the listing date of Crizac IPO?
Crizac IPO listed on 09 Jul 2025.