Crizac IPO: Kolkata-based B2B education platform Crizac will launch its Rs 860-crore initial public offering (IPO) on July 2, 2025. The company aims to raise Rs 860 crore through the sale of 3.51 crore shares, which is entirely an offer for sale (OFS).
What does Crizac do?
Crizac connects international students with global higher education institutions through its network of agents and a proprietary technology platform.
Founded in 2011, Crizac helps students from over 75 countries apply to universities in the UK, Canada, Ireland, Australia, and New Zealand. As of March 2025, the company had over 10,000 agents onboard.
Understand the firm’s business model
Crizac acts as a middleman between education agents and global universities:
- Agents collect student applications and upload them to Crizac’s platform
- Crizac checks eligibility, filters applications, and sends them to partnered universities
- Universities review the applications and pay Crizac for its services. Crizac also pays commissions to the agents
- Crizac’s platform streamlines this process and offered real-time updates on deadlines and requirements from various institutions
What are risks if you invest in the company?
Before investing here are several concerns about the company:
- High client concentration: Top 3 institutions contributed 53 per cent of revenue in FY25
- Contract risks: Failure to meet expectations could result in contract termination
- Regulatory risks: Visa or immigration changes can impact international student flows
- Geopolitical risks: Global instability can affect student enrolment
- Cybersecurity threats: As a tech-driven platform, Crizac faces data security challenges
What are future growth plans of Crizac?
- Strengthen presence in Ireland, Canada, and New Zealand
- Launch B2C services like student loans, forex, visa assistance, and accommodation
- Pursue acquisitions to support its move into direct student services.
- Invest in marketing and online branding
- Expand its agent base in China
- Enter the US market
Business highlights of the company
Crizac works with over 170 global institutions, including University of Birmingham and University of Greenwich. It offers marketing and admission services, helping institutions build a presence in new markets.
Network with agents
The company has over 10,000 agents registered from 75 countries. Nearly 4,000 were active in FY25 and helped recruit students from diverse regions including Nigeria, Sri Lanka, and Vietnam.
Scalable platform
Crizac’s proprietary platform supports seamless agent-university interaction. It ranks agents based on application quality and conversion rates, and processes only eligible student profiles.
Crizac IPO: Should you apply?
According to SBI Securities’ analysts, the edtech platform holds a strong position in international higher education consultancy, supported by a broadening geographic reach and solid partnerships with renowned global institutions. These relationships are expected to sustain the company’s growth in student recruitment.
The firm plans to further diversify by expanding into the US market and introducing B2C ancillary services, such as student loans and visa assistance, that could boost both revenue and margins in the coming years, the brokerage said.
At the upper price band of Rs 245, the IPO is valued at a P/E of 28x on FY25 earnings post-issue, which the brokerage considers fairly priced compared to industry peers. SBI Securities recommends investors subscribe to the IPO at the cut-off price.
Crizac IPO Details: Price band, allotment & listing dates dates, BRLMs, registar, more
The company has fixed the price band between Rs 233 and Rs 245 per share. The total issue size stands at Rs 860 crore with a lot size of 61 shares and in multiples thereof.
Post-issue, the company’s market capitalization is expected to range between Rs 4,077 crore and Rs 4,287 crore.
Crizac IPO: BRLMs, registar
The Book Running Lead Managers for the issue are Equirus Capital and Anand Rathi, while the registrar to the issue is MUFG Intime India Pvt Ltd.
(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)
