Crizac Limited is launching its Initial Public Offering (IPO) to raise funds through a 100 percent book-built offer. The IPO comprises a pure offer for sale of equity shares aggregating up to Rs. 860 crore. There is no fresh issue component in this IPO. The IPO opens for subscription on July 2, 2025, and closes on July 4, 2025. The shares will be listed on NSE and BSE on Wednesday, July 9, 2025. Here’s everything you need to know.
GMP of Crizac Limited IPO
Crizac Limited’s IPO currently has no grey market premium (GMP) available. We will update this information as soon as it becomes available.
Overview of Crizac Limited
Crizac Limited was incorporated in 2011 and is a B2B education platform that connects global education agents with institutions of higher learning. The company offers international student recruitment services to universities and colleges primarily in the United Kingdom, Canada, Australia, New Zealand, and the Republic of Ireland. It operates through a proprietary technology platform that streamlines the application and enrollment process for international students.
The company has built a vast global network of around 7,900 registered agents as of September 2024, with 2,532 being active in Fiscal 2024. These agents have helped process over 5.95 lakh student applications across more than 135 global institutions. Crizac’s active agents are located across India and over 25 other countries, including Nigeria, Pakistan, Kenya, Vietnam, and Egypt, reflecting the company’s strong international presence.
Crizac also employs consultants in key international markets like Cameroon, China, and Ghana. As of September 2024, the company has a team of 329 employees and 10 consultants with deep experience in the education sector.
Promoters of Crizac Limited and Selling Shareholders
The promoters of Crizac Limited are Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal. They bring strong entrepreneurial experience in the education and consulting sectors.
The IPO is entirely an offer for sale (OFS). Pinky Agarwal will offload shares worth Rs. 723 crore. Manish Agarwal will sell shares worth Rs. 137 crore. No fresh capital will be raised by the company.
Lead Managers of Crizac Limited IPO
Equirus Capital Private Limited and Anand Rathi Advisors Limited are the Book Running Lead Managers (BRLMs). MUFG Intime India Private Limited is the registrar for the IPO.
Objectives of the IPO Offer
The company will not get any funds from the Offer for Sale made by the selling shareholders.
Financial Analysis of Crizac Limited
Crizac Limited’s revenue has increased from Rs. 634.87 crore in FY24 to Rs. 849.49 crore in FY25, which represents a growth of 33.81 percent. The net profit has increased by 28.62 percent from Rs. 118.90 crore in FY24 to Rs. 152.93 crore in FY25. Crizac Limited’s revenue and net profit have grown at a CAGR of 30.71 percent and 16.78 percent, respectively, over the last two years.
Crizac Limited vs Peers
Crizac reported revenue of Rs. 849.49 crore in FY2025 with an EPS of Rs. 8.74 and RoNW of 30.24 percent. In comparison, Indiamart Intermesh Limited earned Rs. 1,388.34 crore with an EPS of Rs. 91.84 and RoNW of 25.20 percent. IDP Education Limited reported Rs. 103.73 crore in revenue, Rs. 0.48 EPS, and a higher RoNW of 25.51 percent. The company’s net asset value per share is Rs. 28.90, compared to Rs. 363.43 for Indiamart Intermesh Limited and Rs. 1.88 for IDP Education Limited.
Crizac Limited Strengths and Weaknesses
Strengths:
- Strong brand presence in the education services sector across India.
- Experienced promoters with a proven track record in business management.
- Diversified service offerings cater to a wide range of clients and institutions.
- Robust financials with stable revenue growth and healthy margins.
- Strategic partnerships and technology adoption drive innovation and efficiency.
Weaknesses:
- Revenues are concentrated in a few key markets, increasing regional risk.
- The company faces intense competition from larger and well-funded peers.
- The IPO is a pure offer for sale, so no capital is raised for business growth.
- Regulatory changes in the education sector could impact operations and profitability.
- Limited international presence restricts access to global growth opportunities.
Conclusion
Crizac Limited’s IPO offers a chance to invest in a profitable, globally integrated education player. With strong margins and overseas reach, it has attractive fundamentals. Investors should consider geopolitical and policy risks before subscribing.
Written By – Nikhil Naik
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