Its anchor book included names such as Allianz Global Investors, Pinebridge Global Fund, Societe Generale, LC Pharos Multi Strategy Fund, Shamyak Investment, Aryabhata India Fund, Bandhan Mutual Fund, Carnelian Bharat Amritkaal Fund, among others.
Crizac IPO: What brokerages sayVentura Securities: Subscribe
Assigning a Subscribe for long-term’ rating to the IPO, Ventura Securities said the company focuses on building long-term relationships with both its agents and global institutions, while continuously expanding its geographical footprint to tap into emerging markets such as the USA and China.
The company’s growth strategy includes deepening its agent network, expanding service offerings, and enhancing its technology platform. With its extensive experience, strong agent network, and robust technology, Crizac is well-positioned to capitalise on the growing global demand for international education.
Canara Bank Securities: Subscribe
According to Canara Bank Securities, the company has had a robust financial performance for the past three years, where revenue has grown at a CAGR of 76% from ₹274 crore in FY23 to ₹849 crore in FY25. EBITDA has grown at a CAGR of 43% from ₹104 crore in FY23 to ₹212 crore in FY25.
The issue is fairly priced at 28X PE, which is same as it’s only listed Indian peer, and at 9X PB, which is slightly expensive than its peer, which trades at 7X PE.
The brokerage also said that the company is well poised to take advantage of the global students outflow from various countries due to its vast universities and agents network. The only concern with this business model is the regulatory risk, which was recently seen in Canada where enrolments of international students was capped, it said while recommending a ‘Subscribe for long-term gains’.
Crizac IPO: Price bandThe price band for the offer has been fixed at ₹233-245 per equity share. Investors can bid for a minimum of 61 equity shares and in multiples of 61 equity shares thereafter.
The IPO is entirely an offer for sale of up to ₹860 crore by promoters Pinky Agarwal and Manish Agarwal.
The company will not receive any proceeds from the issue and entire proceeds shall go to the selling shareholders.
Crizac IPO: Structure
Not more than 50% of the net offer has been set aside for qualified institutional buyers, 15% for allocation to non-institutional investors, and not less than 35% of the offer will be available for allocation to retail individual bidders.
Company overview
Incorporated in 2011, Crizac Limited is a B2B education platform specialising in international student recruitment solutions for institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand.
The company facilitates global outreach for universities by sourcing student applications from over 75 countries through a wide network of agents.
For the fiscal ended on March 31, 2025, Crizac posted a net profit of ₹153 crore with a revenue of ₹885 crore. It reported a net profit of ₹118.90 crore with a revenue of ₹763 crore in FY24.
Equirus Capital Private Limited is the book-running lead manager of the Crizac IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar.
The allotment for the Crizac IPO is expected to be finalised on July 7, while the shares will list on BSE, NSE with a tentative listing date fixed as July 9.
Also Watch | Vikash agarwalCMD of Crizac and Christopher Nagle, CEO of Crizac, discusses the IPO and growth outlook in an interview with CNBC-TV18.
