Crizac IPO opens on July 2: Check out 10 key things to know from RHP before investing

Crizac IPO: The initial public offering of Crizac will commence on Wednesday, July 2 and end on Friday, July 4. Crizac IPO price band will be revealed tomorrow, Friday, June 27. Meanwhile, the anchor investor bidding will take place on Tuesday, July 1.

Crizac IPO consists entirely of a promoter-led offer-for-sale (OFS). The size of the OFS has been decreased from the originally planned ₹1,000 crore stated at the time of the DRHP filing.

According to the RHP submitted on June 25, promoter Pinky Agarwal will be offloading shares worth ₹723 crore, while Manish Agarwal will sell ₹137 crore worth of shares in the OFS. Since this is a complete OFS, all proceeds will go to the promoters (the selling shareholders), and the company itself will not benefit financially from this offering.

Tentatively, Crizac IPO basis of allotment of shares will be finalised on Monday, July 7 and the company will initiate refunds on Tuesday, July 8 while the shares will be credited to the demat account of allottees on the same day following refund. Crizac share price is likely to be listed on BSE and NSE on Wednesday, July 9.

Equirus Capital Private Limited and Anand Rathi Securities Limited are serving as the book running lead managers for the Crizac IPO, while MUFG Intime India Private Limited (Link Intime) is responsible for the issue's registration.

Here are 10 key things from the Red Herring Prospectus (RHP) that investors might want to know before subscribing to the issue.

Crizac IPO - Promoters

The company's promoters include Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal. The promoters possess 140,824,705 equity shares, accounting for 80.48% of the issued, subscribed, and paid-up equity share capital of the company.

Crizac IPO - Peers

The company's listed peers are Indiamart Intermesh Ltd (with a P/E of 27.18), and IDP Education Ltd (with a P/E of 7.86).

Crizac IPO - Business

Crizac is a B2B educational platform designed for agents and international higher education institutions, providing global student recruitment services to universities and colleges in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand (ANZ).

Crizac IPO - Industry

The increasing number of students interested in studying abroad greatly advantages companies that help recruit candidates for overseas universities. As the demand for international education grows, these companies encounter more business opportunities, allowing them to broaden their reach and services to cater to a varied student demographic.

They enjoy the benefits of higher enrollment figures, collaborations with global institutions, and an expanded client base. Moreover, these companies can provide specialized services such as visa support, academic advising, and career counseling, establishing themselves as crucial intermediaries in the education sector and contributing to their overall development.

Crizac IPO - Business Model

The business model of the company allows global higher education institutions to oversee a diverse and widespread network of approximately 10,362 Registered Agents worldwide, who are part of their proprietary technology platform as of March 31, 2025, including 3,948 Active Agents during Fiscal 2025.

This enables the company to gather applications from more than 75 countries, including India. Acting as the single point of contact for international higher education institutions, the company streamlines the management of the admissions process.

Crizac IPO -Clientele

In the Fiscal years 2025, 2024, and 2024, the company collaborated with more than 173 higher education institutions worldwide, mainly in the United Kingdom, Republic of Ireland, Canada, and the United States.

Some of the global higher education institutions they partnered with include the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University, and Swansea University.

Crizac IPO - Subsidiaries

The company has 2 overseas subsidiaries - Crizac Ltd (Crizac UK), and UCOL FZ.

Crizac IPO - Financial

Between Fiscal 2023 and Fiscal 2025, the company's operational revenue has increased at a compound annual growth rate (CAGR) of 34.02%, rising from ₹4,729.74 million to ₹8,494.91 million; meanwhile, the profit after tax has expanded at a CAGR of 16.78%, growing from ₹1,121.39 million to ₹1,529.33 million.

Crizac IPO - Key Risks

Some of the key risks are as follows;

• The company relies significantly on a small number of global higher education institutions for a substantial portion of its revenue. A loss of any of these global higher education institutions could negatively affect their business, operational results, and financial status.
• The global higher education institutions they collaborate with have varying standards to assess their qualifications for earning income from educational consultancy services.

Lock-in of equity shares allotted to anchor investors

Fifty percent of the equity shares allocated to anchor investors in the anchor investor segment will have a lock-in period of 30 days from the date they are allotted, while the remaining shares will be locked-in for a duration of 90 days from the date of allotment.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.