The offer received bids for 41.25 lakh shares against the 2.58 crore shares on offer. Retail investors led the demand, subscribing to 25% of their allotted quota, followed by non-institutional investors (NIIs) at 15%. Qualified institutional buyers (QIBs) were yet to participate at the time of reporting.
In the unlisted market, Crizac shares were quoting a grey market premium (GMP) of Rs 22–25, indicating a potential listing gain of around 9% over the upper end of the IPO price band.
The Rs 860-crore IPO is entirely an offer-for-sale (OFS) of 3.51 crore equity shares, priced in the range of Rs 233–245 per share. The issue closes on July 4, and the stock is expected to list on July 9 on both BSE and NSE.
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About Crizac
Founded in 2011, Crizac operates a B2B international education platform that connects universities in the UK, Canada, Ireland, Australia, and New Zealand with a global network of over 10,000 student recruitment agents. It sources applications from more than 75 countries through its proprietary tech platform.The company has demonstrated robust growth — revenue surged from Rs 274 crore in FY23 to Rs 849 crore in FY25, registering a CAGR of 76%. Net profit increased from Rs 110 crore to Rs 152 crore during the same period, with FY25 EPS at Rs 8.74 and a net margin of 18%.Crizac is a debt-free company with strong cash flows, reflecting a healthy balance sheet. At the upper end of the price band, the IPO is valued at a P/E of 28x and a P/B of 9x based on FY25 earnings — roughly in line with listed peer IndiaMART.
Analyst view
Analysts say Crizac is well-positioned to benefit from India’s growing overseas education market, projected to cross 2.5 million outbound students by 2030. Its scalable B2B model, focus on Tier-1 geographies, and proprietary platform give it a unique edge.
However, potential investors should monitor regulatory tightening in key markets like the UK and Canada, which could impact student inflows and growth momentum.
“Crizac combines digital scale, a rising global education trend, and consistent financial performance — elements that long-term investors typically prize. Subscribe for long-term gains,” said Canara Bank Securities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
