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Crizac IPO opens for subscription today: should you apply for it?

Crizac IPO opens for subscription today: should you apply for it?

Kolkata based Crizac is selling its shares in the price band of Rs 233-245 apiece, which could be applied for a minimum of 61 shares and its multiples to raise Rs 890 crore between July 02-04.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Jul 2, 2025 9:33 AM IST
Crizac IPO opens for subscription today: should you apply for it?

The initial public offering (IPO) of Crizac kicks-off for subscription on Wednesday, July 02. The company is selling its shares in the range of Rs 233-245 apiece. Investors can apply for a minimum of 61 equity shares and its multiples thereafter. The issue shall close for bidding on Friday, July 04.

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The IPO of Crizac is entirely an offer-for-sale (OFS) of up to Rs 860 crore by its promoters, who are likely to offload 3,51,02,040 equity shares from their stake. The company will not receive any proceeds from the issue and entire proceeds shall go to the selling shareholders.

Incorporated in 2011, Kolkata-based Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ).

Ahead of its IPO, Crizac raised Rs 258 crore from anchor investors as it allocated 1,05,30,612 equity shares at a price of Rs 245 apeice. Its anchor book included names like 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 and more.

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The company has reserved a net 50 per cent offer for qualified institutional bidders (QIBs), while non institutional investors shall have 50 per cent of allocation reserved for them. Retail investors will have 35 per cent of allocation in the net offer.

For the financial year ended on March 31, 2025, Crizac reported a net profit of Rs 152.92 crore with a revenue of Rs 884.78 crore. The company clocked a net profit of Rs 118.90 crore with a revenue of Rs 763.44 crore in the financial year 2023-24. The market capitalization of Crizac stands at Rs 4,287.07 crore.

Equirus Capital is the sole book-running lead manager of the Crizac IPO, while MUFG Intime India (Link Intime) is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Wednesday, July 09 as the tentative date of listing. Here's what a host of brokerage firms say about the IPO of Crizac:
 

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SBI Securities

Rating: Subscribe

Crizac has a strong presence in international higher education consultancy. Over the years, It has diversified its sourcing by foraying into different geographies. Strong relationships with renowned global institutions of higher education augurs well for Crizac. Its plans to expand into the US market and enter into B2C ancillary services will aid in revenue growth and margin, said SBI Securities.

"It in the past 2 years has registered revenue, Ebitda and PAT CAGR of 76 per cent, 43 per cent and 18 per cent to Rs 849 crore, Rs 213 crore and 153 crore, respectively. The issue is valued at a P/E multiple of 28 times of its FY25 earning on post issue capital. While comparing the issue with its close peer, the IPO is fairly priced. We recommend investors to 'subscribe' the issue," it said.
 

Arihant Capital Market

Rating: Neutral

Crizac is well-positioned for growth with a strong network of over 173 global higher education institutions, including longstanding relationships with over 20 of its top 30 partners, providing revenue stability. The top 10 institutions contributed over 70 percent of revenue in fiscal 2025, reflecting deep institutional ties, said Arihant Capital Market.

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"Services in marketing, brand management, and admissions enhance engagement and stickiness. Combined with a network of over 10,000+ agents across 75 countries and a scalable tech platform, the company is poised to expand in high-potential markets, broaden revenue streams, and reinforce its leadership in international student recruitment," it said with a 'neutral' rating.
 

Choice Broking

Rating: Subscribe

Crizac is demanding a valuation of a P/E of 28 times and EV/sales of 4.8 times which seems to be reasonably valued. Its strong track record, profitability without external funding, and value-added services like university office management ensure long-term partner stickiness, said Choice Broking.

"With a large, diverse student pool and growing expansion into high-potential markets like the US, Crizac is well-positioned for sustainable growth. In a competitive space alongside players like IDP, ApplyBoard, and Leap Scholar, Crizac offers a differentiated, credible, and proven model," it added with a 'subscribe' rating for the issue.
 

Canara Bank Securities

Rating: Subscribe

Crizac has had a robust financial performance for the past three years, where revenue and Ebitda have grown at a CAGR of 76 per cent and 43 per cent to 849 crores and Rs 212 crore in FY25. The issue is priced at 28 times PE which is the same as it’s only listed Indian peer and at 9 times PB which is slightly more expensive than its peer which trades at 7 times PE, said Canara Bank Securities.

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"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. We recommend 'subscribe' for the long term gains," it said.
 

Chola Securities

Rating: Subscribe

Crizac plans to diversify into B2C segments including student loans, visa assistance, and accommodation services, unlocking new monetisation avenues. Geographic expansion into US, Canada, Australia, and New Zealand aligns with fast-growing student demand in those regions, said Chola Securities.

"Crizac operates in a structurally growing industry with a long-term outlook supported by demographics, income growth, and skill migration trends. The company is valued at a P/E multiple of 28.03 times, with its growth trajectory and reasonable valuation the IPO offers scope for potential listing gains. We have issued a 'subscribe' rating for Crizac IPO for listing gains," it said.
 

Ventura Securities

Rating: Subscribe for long-term

Crizac processes applications for students from over 75 countries, leveraging its proprietary technology platform to facilitate seamless interactions between agents, students, and global institutions. The company’s growth strategy includes deepening its agent network, expanding service offerings, and enhancing its technology platform, said Ventura Securities.

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"It focuses on building long-term relationships with both its agents and global institutions, while continuously expanding its geographical footprint to tap into emerging markets. With its extensive experience, strong agent network, and robust technology, Crizac is well-positioned to capitalize on the growing global demand for international education," it said with 'subscribe for long-term' rating.
 

SMIFS

Rating: Subscribe

Crizac's expanding institutional base, growing agent ecosystem, and scalable technology platform, combined with high growth industry tailwinds, provide a compelling case for long term value creation, said SMIFS. "We recommend 'subscribe' to the issue, given Crizac’s differentiated business model, operational resilience, and high-growth visibility in the global education market."
 

BP Equities

Rating: Subscribe

The valuations appear reasonable, considering its growth momentum, operational scalability, and leadership in UK-bound student recruitment, said BP Equities. "Given its differentiated B2B positioning and strong financial profile, we recommend a 'subscribe' rating for this issue," it added.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jul 2, 2025 9:33 AM IST
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