Here’s a comprehensive overview of Crizac Limited IPO:
Crizac Limited IPO Timeline
| Event | Date |
|---|---|
| Price band announced | June 27, 2025 |
| Anchor investor bidding | July 1, 2025 |
| Opening Date | July 2, 2025 |
| Closing Date | July 4, 2025 |
| Allotment finalisation | July 7, 2025 (tentative) |
| Refunds & share credit | July 8, 2025 |
| Listing expected | July 9, 2025 (on BSE & NSE) |
Crizac Limited IPO Details
| IPO Date | July 2, 2025 to July 4, 2025 |
| Listing Date | July 9, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹233 to ₹245 per share |
| Lot Size | 61 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Net Offered to Public | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 17,49,82,500 shares |
| Share Holding Post Issue | 17,49,82,500 shares |
Promoters of Crizac Limited
Here is a detailed breakdown of the promoters of Crizac Limited, their backgrounds, roles, and shareholding information:
1. Dr. Vikash Agarwal – Managing Director
- Role: Co-founder and current Managing Director of Crizac Limited.
- Board position: Since the company’s incorporation in 2011.
- Shareholding (Pre-IPO): 2.99%
- Post-IPO: Continues strategic leadership but not a major shareholder anymore due to full OFS.
Background:
- Holds a Doctorate in Business Administration from the University of Liverpool.
- Has 20+ years of experience in international education and corporate strategy.
- Known for steering Crizac’s expansion in UK student recruitment and institutional tie-ups.
2. Mrs. Pinky Agarwal – Non-Executive Director
- Role: Non-Executive Director and largest individual shareholder of the company before IPO.
- Board position: Since 2011.
- Shareholding (Pre-IPO): 46.93%
- Offering approx. ₹723–841 crore worth of shares via Offer for Sale (OFS).
- Post-IPO: Her shareholding reduces substantially as she’s offloading a major portion.
Background:
- Active in business strategy since inception.
- Involved in corporate governance and family enterprise decisions.
- Spouse of Dr. Vikash Agarwal.
3. Mr. Manish Agarwal – Whole-Time Director & CFO
- Role: Whole-Time Director & Chief Financial Officer (CFO).
- Board position: Joined Crizac as Director in early 2010s.
- Shareholding (Pre-IPO): 30.56%
- Offering around ₹137–159 crore via OFS.
- Post-IPO: Like Pinky, his stake will reduce considerably.
Background:
- Chartered Accountant by profession.
- Focuses on finance, compliance, and operational scalability of Crizac.
- Brother of Pinky Agarwal (Vikash’s brother-in-law).
Promoter Group Shareholding Structure (Pre-IPO)
| Promoter Name | Relationship | Designation | Pre-IPO Stake |
|---|---|---|---|
| Pinky Agarwal | Spouse of Vikash | Non-Executive Director | 46.93% |
| Manish Agarwal | Brother of Pinky | Whole-Time Director & CFO | 30.56% |
| Dr. Vikash Agarwal | Husband of Pinky | Managing Director | 2.99% |
| Total | 80.48% |
Crizac Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 61 | ₹14,945 |
| Retail (Max) | 13 | 793 | ₹1,94,285 |
| S-HNI (Min) | 14 | 854 | ₹2,09,230 |
| S-HNI (Max) | 66 | 4,026 | ₹9,86,370 |
| B-HNI (Min) | 67 | 4,087 | ₹10,01,315 |
- As per official sources, investors must apply for a minimum of 61 shares, and any additional subscriptions must be in multiples of 61.
- At the upper end of the price band (₹245), one lot will cost approximately ₹14,945.
About Crizac Limited
- Founded: January 2011 (initially GA Educational Services Pvt Ltd); rebranded to Crizac Limited around 2024.
- Headquarters: Kolkata, India, with co-primary operations in London and presence in UAE, Africa, and Asia.
Business Model & Services
- B2B EdTech Platform: Connects global students (via agents) to partner universities in the UK, Canada, Ireland, Australia, and New Zealand.
- Proprietary Tech: Agents submit and manage applications nationwide; as of FY24, ~7,900 registered agents, ~2,532 of them activ.
- Global Outreach: Operates across 75–75+ countries, with consultants in locations like China, Cameroon, Ghana, Kenya, UAE.
- University Partnerships: Collaborates with 135–173 global institutions including University of Birmingham, Nottingham Trent, Coventry, Aston, Swansea, etc..
Product Portfolio
International Student Recruitment Platform
- B2B tech-enabled portal for education agents to apply on behalf of students.
- Serves 7,900+ agents in 75+ countries.
University Partnerships
- Collaborates with 130+ global universities (mainly in UK, Canada, Australia, NZ, Ireland).
Application Processing Services
- Processes ~7 lakh+ student applications annually.
- Handles ~13% of Indian students going to the UK.
B2B SaaS Tools
- Dashboards and analytics for both agents and partner universities.
- Automates tracking, documentation, and admission workflows.
Crizac Limited Financial Information
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹879.62 | ₹592.91 | ₹304.99 |
| Revenue | ₹884.78 | ₹763.44 | ₹517.85 |
| Profit After Tax | ₹152.93 | ₹118.90 | ₹112.14 |
| EBITDA | ₹212.82 | ₹72.64 | ₹107.29 |
| Net Worth | ₹505.71 | ₹341.81 | ₹221.37 |
| Total Borrowing | ₹0.08 | ₹0.08 | ₹0.08 |
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 30.24% |
| ROCE | 40.03% |
| RoNW | 30.24% |
| PAT Margin | 17.28% |
| EBITDA Margin | 25.05% |
| Price to Book Value | 8.48 |
Objects of the Issue
1) Partial/Complete Exit by Promoters
- The IPO will enable existing shareholders—primarily Mrs. Pinky Agarwal and Mr. Manish Agarwal—to sell part of their stake.
- This allows them to monetize their investment and reduce promoter holding in compliance with SEBI norms.
2) Enhance Brand Visibility & Market Presence
- By listing on NSE and BSE, Crizac gains public visibility, boosting trust among partners, agents, and institutions.
3) Listing Benefits
- Improves corporate governance and transparency.
- Enables share-based incentive plans for employees (e.g., ESOPs).
- Creates a liquid market for shares.
Strengths of Crizac Limited IPO
1. Strong Financial Growth
- Revenue grew from ₹29.8 crore in FY21 to ₹884+ crore (FY25 est.).
- Net profit margin healthy; strong return on equity (ROE ~30%+).
2. Market Leadership in India–UK Student Flow
- Crizac handles ~13% of all Indian students going to the UK—one of the largest in this space.
3. Wide Agent & Partner Network
- 7,900+ registered education agents across 75+ countries.
- Collaborates with 170+ global universities like University of Birmingham, Coventry, etc.
4. Tech-Driven B2B Platform
- Proprietary platform streamlines application, agent onboarding, and institutional communication.
- Scalable and efficient model with relatively low fixed costs.
5. Global Footprint
- Presence in India, UAE, UK, and partnerships spanning Africa, Europe, and Asia.
- Diversified recruitment sources even though UK dominates demand.
Risks of Crizac Limited IPO
1. Highly Dependent on UK Market
- ~95% of revenue comes from UK student placements—any visa, admission, or policy change can impact business sharply.
2. Agent-Driven Model Risks
- Agents aren’t exclusive to Crizac and may shift loyalty.
- Business volume heavily depends on their engagement and retention.
3. IPO Is 100% OFS (Offer for Sale)
- No capital goes to the company for growth.
- Promoters are diluting large stakes (₹860+ crore), which may raise questions about long-term involvement.
4. Regulatory Exposure
- Dependent on visa laws, university policies, and international education rules in host countries.
5. Intensifying Competition
- Faces competition from players like IDP Education, ApplyBoard, upGrad Abroad, and traditional consultancies.
Crizac Limited Contact Details
📍 Registered & Corporate Office (Kolkata, India)
| Detail | Information |
|---|---|
| Address | Wing A, 3rd Floor, Constantia Building,<br>11 Dr. U. N. Brahmachari Street,<br>Shakespeare Sarani, Kolkata – 700017, India |
| Phone | +91‑33‑3544‑1515 |
| info@crizac.com (general) and compliance@crizac.com (for investor relations) |
🌐 London Office (United Kingdom)
| Detail | Information |
|---|---|
| Address | 24 Great Chapel Street, Soho, London, W1F 8FS, England |
| Phone | +44 20 4520 3535 |
| info@crizac.com (same as corporate email) |
👤 Investor Relations & Registrar
| Category | Contact Details |
|---|---|
| Company Secretary & Compliance Officer | Reachable via compliance@crizac.com |
| IPO Registrar | Link Intime India Ltd. Phone: +91 81081 14949 Email: crizac.ipo@linkintime.co.in |
If you have any business inquiries, partnership requests, or investor concerns, it’s best to connect via the respective office phone or email. Would you like help drafting an email or getting related investor documents?
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