Kolkata, India-based Crizac Limited has secured final approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) worth ₹1,000 crore. The company, a leading B2B education platform for international student recruitment, had refiled its IPO documents on November 18, 2024. The offering will be entirely an offer for sale (OFS) by its promoters.
Crizac Limited, a leading B2B education platform specializing in international student recruitment, has received final approval from the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an initial public offering (IPO). The company had refiled its IPO documents with SEBI on November 18, 2024.
The IPO, with a face value of ₹2 per equity share, will be conducted entirely as an offer for sale (OFS). The promoter selling shareholders, Pinky Agarwal and Manish Agarwal, will offload shares worth ₹841 crore and ₹159 crore, respectively. A portion of the offer will be reserved for eligible employee subscriptions.
The issue will be conducted through the book-building process, where up to 50% of the net offer will be allocated to qualified institutional buyers (QIBs), at least 15% will be reserved for non-institutional investors (NIIs), and a minimum of 35% will be allotted to retail individual investors.
Equirus Capital Private Limited and Anand Rathi Advisors Limited are the book-running lead managers, while Link Intime India Private Limited is the registrar for the IPO.
About Crizac Limited
Crizac Limited is a B2B education platform that facilitates international student recruitment for global institutions in the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. The company offers a technology-driven platform that connects students with registered agents and higher education institutions.
During the six months ending September 30, 2023, and over the last three fiscal years, Crizac Limited processed more than 5.95 lakh student applications from over 75 countries. The company collaborated with over 135 global universities and had more than 7,900 registered agents worldwide, including 2,532 active agents in Fiscal 2024.
With its headquarters in Kolkata, India, Crizac Limited has a significant presence in various countries, including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt. In addition to its strong operations in India, the company maintains co-primary operations in London, United Kingdom, and employs consultants across multiple international markets, such as Cameroon, China, Ghana, and Kenya.
As Crizac Limited moves forward with its IPO, investors will closely watch the subscription details and market response to the offering.
