Upcoming IPO: Education services provider Crizac files DRHP with Sebi

Upcoming IPO: Crizac, a Kolkata-based student recruitment solution provider, is all set to go public as the company has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). 

The Crizac IPO comprises an entirely offer-for-sale of the company’s shares with a face value of Rs 2 per equity share, aggregating up to Rs 1,000 crore. 

According to the DRHP, the offer for sale consists of the sale of equity shares of up to Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a subscription reservation for eligible employees. 

The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 per cent of the net offer shall be available for allocation to non-institutional investors, and not less than 35 per cent of the net offer shall be available for allocation to retail individual investors.

 

Link Intime India Private is the registrar of the issue, while Equirus Capital and Anand Rathi Advisors are the book-running lead managers for the public issue.

 

Crizac, based in Kolkata, is a business-to-business (B2B) education platform for agents and global institutions of higher education, offering international student recruitment solutions to global institutions in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ). 

During the six months ending September 30, 2023, and in the last three fiscal years, Crizac facilitated enrollment applications from over 75 countries through its registered agents on its technology platform. It processed more than 5.95 lakh student applications and collaborated with over 135 global universities.  As of September 30, 2024, the company had over 7,900 registered agents globally, including 2,532 active agents in Fiscal 2024, with a significant presence in India and countries such as the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt.