The issue received bids for 7.95 crore shares against the 2.58 crore on offer. Non-institutional investors (NIIs) led the demand with 7.41x subscription, followed by retail investors at 2.89x. The QIB portion was subscribed 15%.
In the grey market, Crizac shares were quoting at a premium of Rs 21–22, down from Rs 28–30 a day earlier, translating to a GMP of around 9%, versus 11% previously.
The Rs 860 crore IPO is entirely an offer-for-sale (OFS) of 3.51 crore shares, priced in a band of Rs 233–245. The issue closes today, with listing expected on July 9 on the BSE and NSE.
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About Crizac
Founded in 2011, Crizac runs a B2B international education platform linking universities in the UK, Canada, Ireland, Australia, and New Zealand with over 10,000 student recruitment agents globally. It sources applications from 75+ countries via its proprietary tech platform.
Crizac posted robust growth, with revenue rising from Rs 274 crore in FY23 to Rs 849 crore in FY25 (CAGR: 76%). Net profit grew from Rs 110 crore to Rs 152 crore, with an FY25 EPS of Rs 8.74 and net margin of 18%. The company is debt-free and cash-rich, with a P/E of 28x and P/B of 9x based on FY25 numbers — broadly in line with peer IndiaMART.Also Read: 10 Nifty smallcaps with up to 29 buy calls; analysts see up to 26% upside
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.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
