Crizac Limited has officially announced the opening of its Initial Public Offering (IPO), scheduled from Wednesday, July 2 to Friday, July 4, 2025. The price band has been fixed at ₹233 to ₹245 per equity share with a face value of ₹2 each. This IPO is a pure offer for sale, with equity shares amounting to ₹723 crore by Pinky Agarwal and ₹137 crore by Manish Agarwal, aggregating to a total issue size of ₹860 crore at both ends of the price band.
Founded as a B2B education platform, Crizac Limited connects international student recruitment agents with higher education institutions across the UK, Canada, Ireland, Australia, and New Zealand. With over 7.11 lakh student applications processed over the last three fiscal years, Crizac currently partners with 173+ global institutions. The company has 2,237 active agents in India and another 1,711 agents operating across 39 countries including the UK, Nigeria, Pakistan, Nepal, Bangladesh, Sri Lanka, Vietnam, and Kenya.
Among Crizac’s noteworthy collaborations are leading institutions such as the University of Birmingham, Coventry University, Nottingham Trent University, Swansea University, and Glasgow Caledonian University. Headquartered in India with co-primary operations in London, Crizac also has an on-ground presence through consultants in countries such as Cameroon, China, Ghana, and Kenya. As of March 31, 2025, the company employed 368 staff and 12 consultants globally.
Driven by strong operational performance, Crizac’s revenue from operations grew by 33.81%, increasing from ₹634.87 crore in FY2024 to ₹849.49 crore in FY2025. Its profit after tax also surged by 28.62%, rising from ₹118.90 crore to ₹152.93 crore during the same period, primarily owing to increased commissions from universities.
The IPO is being conducted via the book-building process. Not more than 50% of the offer is allocated to qualified institutional buyers (QIBs), not less than 15% to non-institutional investors (NIIs), and not less than 35% is reserved for retail individual investors (RIIs). Investors can place bids for a minimum of 61 equity shares and in multiples thereof.
Equirus Capital Private Limited and Anand Rathi Advisors Limited are the book-running lead managers for the IPO, while MUFG Intime India Private Limited is serving as the registrar to the issue
