Crizac Limited gets Sebi nod for ₹1,000 crore IPO; Details here

Kolkata-based Crizac Limited has received final approval from markets regulator Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through initial public offering (IPO).

The company had refiled its IPO documents to SEBI on November 18, 2024.

The IPO, with a face value of ₹2 per equity share, is entirely an offer for sale amounting to ₹1,000 crore by the promoter selling shareholders.

As part of the offer for sale, Pinky Agarwal is selling equity shares worth up to ₹841 crore, while Manish Agarwal is offering shares worth up to ₹159 crore. Additionally, a portion of the offer is reserved for eligible employee subscriptions.

The offer is being conducted through the book-building process, with up to 50% of the net offer allocated proportionately to qualified institutional buyers, at least 15% reserved for non-institutional investors, and a minimum of 35% allocated to retail individual investors.

Equirus Capital Private Limited and Anand Rathi Advisors Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.

About the company

Crizac Limited is a B2B education platforms for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).

During the six months ending September 30, 2023, and in the last three fiscal years, Crizac Limited facilitated enrollment applications from over 75 countries through its registered agents on its technology platform.

It processed more than 5.95 lakh student applications and collaborated with over 135 global universities. As of September 30, 2024, the company had over 7900 registered agents globally, including 2,532 active agents in Fiscal 2024, with a significant presence in India and various countries like the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt.

With a base in India. It also has co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya.

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