Crizac IPO to Open on July 2nd 

Mumbai, 26 June 2025: Crizac, a major player in the B2B student recruitment domain, is all set to open its initial public offering (IPO) worth ₹860 crore on 2 July 2025, with the subscription window closing on 4 July. The anchor investor bidding round will begin a day earlier, on 1 July, as confirmed by the company.

Offer Entirely Comprises Share Sales by Promoters; No New Equity Issuance

This IPO consists entirely of an Offer for Sale (OFS), with no fresh equity shares being issued. Promoters Pinky Agarwal and Manish Agarwal are offloading their stakes in full. According to the Red Herring Prospectus (RHP) released on Wednesday:

• Pinky Agarwal is offering shares amounting to ₹723 crore
• Manish Agarwal is divesting shares worth ₹137 crore

As it is a 100% OFS, Crizac will not receive any of the proceeds from the public issue. The funds raised will go directly to the selling shareholders.

Issue Size Revised Down from ₹1,000 Cr Without Explanation

Crizac had initially planned to raise ₹1,000 crore via its IPO, as per its earlier filing in November 2024. However, the final issue size has now been scaled down to ₹860 crore, with no reasons disclosed for the reduction. Additionally, the company has not yet announced the price band for the issue.

IPO Filing History and Proposed Market Listing

The company first submitted its draft papers to SEBI in March 2024, which were returned in July. A revised draft was later filed in November 2024 and subsequently received regulatory approval in March 2025. Post-issue, Crizac’s shares are expected to be listed on both the BSE and NSE.

Kolkata-Based Crizac Reports Strong Performance and Global Reach

Headquartered in Kolkata, Crizac runs a B2B international education platform, linking student recruitment agencies with global higher education institutions. The company serves institutions located in the UK, Ireland, Australia, Canada, and New Zealand.

Crizac’s operational milestones include:

• 7.11 lakh student applications processed
• Ties with over 173 international institutions
• Applicants from 75+ countries worldwide

Robust Financials for FY25 Back IPO Ambitions

For the financial year ending 31 March 2025, Crizac posted:

• Revenue from operations: ₹849.49 crore
• Profit after tax: ₹152.93 crore

These figures reflect Crizac’s strong growth momentum and consistent profitability.

Key Entities Managing the IPO

• Book Running Lead Managers: Equirus Capital and Anand Rathi Advisors
• Registrar: MUFG Intime India

IPO Marks Major Step in EdTech Expansion Strategy

Crizac’s IPO is a significant move in the education technology sector, showcasing the company’s intent to leverage its global presence and tech-driven recruitment solutions. With a rapidly expanding network and robust performance metrics, Crizac is positioning itself for a strong market debut and future growth.

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