Crizac Limited, a fastest-growing B2B education consultancy platform, focused on international student recruitment, is set to launch its Initial Public Offering (IPO). This public issue, entirely an Offer for Sale (OFS), will see existing shareholders divesting their stake. As the company won’t receive proceeds, the offer purely allows promoters to monetise their holdings. This article covers the IPO details, company profile, financials, strengths, risks, and concluding investment considerations for Crizac Limited’s public debut.
Table of Contents
- Crizac Limited IPO Key Details
- About Crizac Limited
- Financial Performance Highlights
- Strengths and Opportunities
- Key Risks and Concerns
- Final Verdict: Should You Apply?
- FAQs on Crizac Limited IPO
The IPO is structured as a 100% Book Built Offer and an Offer for Sale (OFS). The offer size totals up to ₹860 crore, and the proceeds will go to existing shareholders. There’s no fresh issue component, meaning the company won’t raise new funds from this listing.
Key Dates & Offer Structure:
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Offer Allocation:
- QIBs: Not more than 50%
- NIIs: Not less than 15%
- Retail Investors (RIIs): Not less than 35%
Lead Managers: Equirus Capital Private Limited & Anand Rathi Securities Ltd
Registrar: MUFG Intime India
This IPO is entirely an OFS by Pinky Agarwal (₹723 Cr. ) and Manish Agarwal (₹137 Cr.).
Wrap-up: The IPO offers existing shareholders an exit while providing public investors a chance to enter a niche, fast-growing sector.
Founded in 2011 as GA Educational Services Private Limited, the company rebranded as Crizac Limited in February 2024. Headquartered in Kolkata, Crizac is a B2B ed-tech platform that connects international universities primarily in the UK, Canada, Australia, Ireland, and New Zealand with students from countries like India. Through a network of around 10,000 agents and its proprietary online platform, it streamlines the entire admission process, including applications, document submission, and tracking. This helps universities efficiently recruit students and simplifies the study-abroad journey for applicants.
The company’s promoters include Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal. It has established global operations through subsidiaries:
- Crizac UK (2023)
- UCOL FZE Dubai (2025)
Wrap-up: Crizac operates in a niche international education consultancy domain with a growing global footprint.
Crizac has demonstrated steady financial growth over the last three years, with marked improvements in profitability, asset base, and returns.
Key Financial Metrics:
Important Note: FY25 financials include proforma consolidated numbers post Crizac UK's acquisition for comparability.
Revenue from Operations (Overall):
Crizac Limited's revenue is overwhelmingly derived from education consultancy services, specifically international student recruitment. Their business model is primarily commission-based.
- FY2025 (Consolidated): ₹849.4 crore
- FY2024 (Consolidated): ₹634.8 crore
- FY2023 (Standalone): ₹472.9 crore
The consistent growth in Revenue from Operations is directly attributed to increased commissions from universities due to higher student placements. For example, revenue grew by 33.81% from FY2024 to FY2025, specifically "driven by higher revenue from its education consultancy services due to increased commissions from universities.
Geographical Revenue Concentration
Summary of Revenue Drivers:
Crizac's financial performance is almost entirely dictated by its success in placing students into international universities, particularly those in the UK. The revenue model is asset-light and heavily reliant on commissions from these placements, with ancillary services acting as facilitators rather than independent revenue generators. This makes their revenue highly sensitive to changes in international student mobility, visa policies, and relationships with key university partners, especially in the UK.
The company benefits from multiple structural tailwinds and internal strengths that position it for long-term growth in the international education consultancy sector.
Key Strengths:
- Booming Overseas Education Market: Rising aspirations among Indian students to study abroad fuel consistent demand
- Global Subsidiaries: Presence in the UK and Dubai aids regional diversification and new market access.
- Experienced Promoters: Founders with years of operational experience in education consultancy.
- Book-Built IPO Process: Enables efficient price discovery based on institutional and retail demand.
Wrap-up: Crizac enjoys sectoral tailwinds and leadership expertise that support its expansion ambitions.
Despite solid fundamentals, investors must carefully consider the inherent risks associated with this IPO before subscribing.
Major Risks:
- No Fresh Capital Raised: As an OFS, the company won’t receive IPO proceeds.
- Geographical Concentration: High dependency on the UK, Canada, and Ireland markets.
- Visa & Regulatory Changes: Business is highly sensitive to international student visa regulations.
- No Listed Indian Peers: Absence of direct comparables complicates valuation benchmarking.
- Outstanding Dues: ₹2,605.95 million owed to 1,772 creditors as of March 31, 2025.
Wrap-up: While growth prospects remain strong, regulatory, geographic, and financial risks merit cautious consideration.
Crizac Limited’s IPO offers investors exposure to a niche, high-growth sector driven by India’s rising overseas education demand. Consistent financial performance, global expansion, and experienced promoters are definite positives. However, being an OFS, absence of peer comparables, regulatory risks, and geographical concentration call for conservative optimism. Investors with a high-risk appetite and long-term horizon can consider applying, while others should wait for post-listing price stability.
Wrap-up: A promising but risk-laden IPO best suited for risk-tolerant, long-term investors.
Q1. What are the Crizac Limited IPO opening and closing dates?
The Crizac Limited IPO opens for subscription on July 2, 2025, and closes on July 4, 2025. The Anchor Investor bidding will take place on July 1, 2025.
Q2. What is the issue size of Crizac Limited IPO?
The total issue size of the Crizac Limited IPO is ₹8,600 million. It is a 100% Offer for Sale (OFS) by existing shareholders, and no fresh issue of shares is involved.
Q3. Who are the promoters and major selling shareholders in Crizac IPO?
The company’s promoters are Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal. The major selling shareholders in this IPO are Pinky Agarwal (₹7,230 million) and Manish Agarwal (₹1,370 million).
Q4. What is the business model of Crizac Limited?
Crizac Limited specializes in education consultancy services, assisting students in pursuing higher education abroad, with a global presence via subsidiaries in the UK and Dubai.
Q5. Is Crizac Limited IPO a good investment opportunity?
Crizac Limited operates in a growing niche of overseas education services with strong financial performance. However, as this IPO is a pure OFS, has regulatory dependency, and no listed peers for comparison, it is suitable for high-risk, long-term investors.
Q6. On which stock exchanges will Crizac Limited be listed?
Post IPO, Crizac Limited shares will be listed on BSE Limited (designated stock exchange) and the National Stock Exchange (NSE).
Q7. How is the Crizac IPO priced fixed or book built?
The Crizac IPO is a 100% Book Built Offer, where the final issue price will be determined through demand from institutional and retail investors during the bidding process.