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Not many Indian companies can say they’ve helped over half a million students apply to foreign universities. Crizac Limited, a B2B student recruitment platform, does just that; connecting thousands of local agents with global higher education institutions.
What started in 2011 as a niche student mobility business is now going public, looking to capitalize on India’s surging outbound education market.
IPO detail
Objective
Crizac is not raising fresh capital. The ₹860 crore IPO is entirely an Offer for Sale to allow promoter exit and unlock valuation. Post-listing, the company may consider inorganic or organic expansion, but no specific fund usage is outlined in this issue.
About the company
Crizac Limited operates a B2B tech platform that connects independent education agents with foreign universities and colleges. These agents are spread across 75+ countries and uses Crizac’s proprietary system to process student applications to over 135 global institutions in the UK, Canada, Ireland, Australia, and New Zealand.
The company doesn’t directly counsel students but instead powers a global agent network. As of March 2025, Crizac had over 10,000 registered agents and 3,948 active agents, more than half of whom were based in India. It also works with consultants in Africa and Asia to build on-the-ground presence in countries like Cameroon, Ghana, and Kenya.
Financial performance
Crizac’s financials have scaled steadily over the last three years. Its revenue rose from ₹517.8 crore in FY23 to ₹763.4 crore in FY24 and ₹884.7 crore in FY25. Net profit increased from ₹112.1 crore to ₹118.9 crore, and further to ₹152.9 crore during the same period.
Amount in ₹ Crore | Data taken from Chittograph
The company processed over 5.95 lakh student applications across FY22 to FY24. It also improved EBITDA margins and return on equity significantly in FY24, positioning itself among the more profitable players in India’s education tech export space.
Backers and buyers
This IPO is a 100% Offer for Sale, with the promoters and early shareholders partially exiting. The promoters: Dr. Vikash Agarwal, Manish Agarwal, and Pinky Agarwal hold the majority of equity pre-IPO and are diluting their stake through this offer.
On the client side, Crizac works with more than 135 global institutions, including well-known universities and colleges in the UK and Australia. While names are not disclosed in the DRHP, the company claims long-term recurring contracts with many institutions, based on agent-driven conversion pipelines.
Risk factors
Crizac’s revenue is closely linked to the international student intake policies of destination countries. Changes in visa rules, post-study work rights, or geopolitical tensions can directly impact student flows and by some extension, its transaction volumes.
There’s also a risk of agent concentration, where a small percentage of agents may contribute a disproportionate share of applications. Forex fluctuations, compliance risks, and institutional relationship renewals are other factors to watch.
Final take
Crizac is riding a powerful macro trend: India’s outbound student population is exploding, and its B2B model sidesteps the intense customer acquisition costs of B2C players. With strong profit growth and a global footprint, the company offers a rare way to play the education export market.
But this is also a services business tied closely to visa rules, policy shifts, and foreign partnerships. The post-IPO phase will test how well Crizac can scale sustainably beyond its agent-first model.
FAQs
What is the Crizac IPO date?
The Crizac Limited IPO opens on July 2, 2025, and closes on July 4, 2025. The tentative listing date is July 9, 2025.
What is the price band of the Crizac IPO?
The IPO price band is set between ₹233 and ₹245 per share.
What is the lot size for Crizac IPO?
Investors can bid for a minimum of 61 shares and in multiples thereafter.
What is the minimum investment for Crizac IPO?
Retail investors will need to invest a minimum of ₹14,213 to ₹14,945 depending on the final allotment price.
What is the total issue size of the Crizac IPO?
The total issue size is ₹860 crore, which is entirely an Offer for Sale by existing shareholders.
Is Crizac raising fresh capital through this IPO?
No, the IPO is purely an Offer for Sale. The company is not issuing any new shares or raising fresh funds.
Who are the promoters selling their stake in Crizac IPO?
Dr. Vikash Agarwal, Manish Agarwal, and Pinky Agarwal, who are the main promoters, are partially exiting their holdings.
What does Crizac Limited do?
Crizac runs a B2B tech platform that connects education agents with foreign universities, helping process student applications to over 135 institutions globally.
What is Crizac’s financial performance in recent years?
Crizac’s revenue grew from ₹517.8 crore in FY23 to ₹884.7 crore in FY25, while net profit rose from ₹112.1 crore to ₹152.9 crore in the same period.
What are the key risks in investing in Crizac IPO?
Crizac’s business depends heavily on international student visa policies, forex fluctuations, and its agent network’s effectiveness—all of which can impact growth and margins.
