📝 Crizac Limited IPO – Detailed Analysis & Recommendation
If you're considering applying for the Crizac IPO, here’s everything you need to know—from important dates to company background, financials, risks, and whether you should apply.
📅 IPO Key Dates
Opening Date: July 2, 2025
Closing Date: July 4, 2025
Allotment Date: July 7, 2025 (Tentative)
Listing Date: July 9, 2025 (Tentative; BSE & NSE)
💸 IPO Details
Issue Size: ₹860 crore (pure Offer for Sale of 3.51 crore equity shares)
Price Band: ₹233–₹245 per share (Face value: ₹2)
Lot Size: 61 shares
Minimum Investment (Retail): ₹14,213 (lower band) to ₹14,945 (upper band)
Investor Categories:
Retail: 1–13 lots (61–793 shares)
Small HNI (sNII): Minimum 14 lots (854 shares)
Big HNI (bNII): Minimum 67 lots (4,087 shares)
Reservation:
50% for QIBs
15% for NIIs
35% for Retail Investors
Lead Managers: Equirus Capital, Anand Rathi Securities
Registrar: MUFG Intime India Pvt. Ltd.
GMP (as of July 2): ₹29–₹30 (~12% listing gain)
🏢 Company Profile – Crizac Limited
Founded: 2011Business Model: A B2B tech-enabled platform specializing in international student recruitment for higher education in the UK, Canada, Ireland, Australia, and New Zealand.
🌐 Operations & Reach:
Agent Network: Over 10,000 registered agents, with ~3,948 active across 39 countries
Student Applications: Processed 7.11 lakh applications in FY25
Partnerships: Tied with 135–173 global universities, including University of Birmingham and Nottingham Trent University
Tech Platform: Uses AI & ML to manage applications, student fitment, and interviews
Market Share: ~13% share in India-to-UK student recruitment
Workforce: 210–329 employees and 10 consultants
🎯 Future Plans:
Enter the US education market
Diversify into B2C model by acquiring student-facing platforms
📊 Financial Performance (Proforma Consolidated)
Year
Revenue
PAT
PAT Margin
FY23
₹517.8 Cr
₹112.1 Cr
—
FY24
₹763.44 Cr
₹118.9 Cr
—
FY25
₹884.78 Cr
₹152.93 Cr
17.28%
EBITDA Margin (FY25): 25.05%
EPS (FY24): ₹8.74
P/E Ratio: 28.03x (vs. industry avg. 17.52x — indicating overvaluation)
Market Cap (Post-IPO): ₹4,287.07 crore
✅ Strengths
Leadership in India-to-UK student recruitment
Scalable, AI-powered platform
13% market share in a high-growth sector
Strong revenue and profit growth
Robust institutional partnerships
⚠️ Risks
100% Offer for Sale — no fresh capital for business growth
High Client Concentration: 85% revenue from top 3 clients
Over-dependence on UK Market: 95% of FY25 revenue
Regulatory Risks: Visa policies, geopolitical tensions
Tech Reliance: Cybersecurity or system failures may affect operations
Overvaluation: P/E ratio is significantly above the industry average
📈 Market Sentiment
Grey Market Premium (GMP): ₹29–30, indicating ~12% listing gains
Anchor Investors: Raised ₹258 Cr from big players like ICICI Prudential, Bandhan MF, Allianz Global
Day 1 Subscription (as of 1:10 PM, July 2):
Overall: 0.19x
Retail: 0.30x
NII: 0.19x
🧐 Apply or Not?
🔹 Long-Term Investors: YES
Why?
Operates in a high-growth sector with increasing demand for overseas education
Strong fundamentals, scalable tech model
Plans for US entry and B2C expansion
Long-term industry tailwinds (global education to grow from $6T to $7.4T by 2030)
Expert View: Analysts like Dilip Davda and Marwadi Financial Services recommend subscribing for long-term benefits.
🔸 Short-Term Investors: CAUTIOUS
Why?
GMP suggests modest 12% gains
Low initial subscription & full OFS raise red flags
Watch for final day subscription and GMP trend
🔻 Risk-Averse Investors: AVOID
Why?
No fund inflow into business
Overvaluation and high revenue concentration
External risks (visa policy changes, tech disruption)
📝 Final Recommendation
Investor Type
Verdict
Long-Term (1–3 yrs)
✅ Apply for growth potential
Short-Term Trader
⚠️ Apply only if subscription improves
Risk-Averse
❌ Better to skip due to valuation & external risks
🔑 Tip: Apply at the cut-off price (₹245) to improve allotment chances. Use multiple demat accounts (one per PAN) via UPI or ASBA to enhance your odds.
As always, consult your financial advisor to match the IPO with your goals and risk profile.
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