Crizac files IPO papers with Sebi for Rs 1,000 cr, consists entirely of OFS

Student recruitment solution provider Crizac Ltd has filed preliminary papers with markets regulator Sebi to garner Rs 1,000 crore through an initial public offering.

The initial public offering (IPO) is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component.

The OFS consists of sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees, according to the draft red herring prospectus (DRHP) filed on Tuesday.

Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

 

The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand.

Crizac has established partnerships with leading universities in the UK and is a major player in student recruitment from India to the UK, holding a significant market share of about 13 per cent based on the number of Indian students pursuing higher education in the UK in 2023, the draft papers quoted a F&S report.

Over the last three years, Crizac facilitated enrolment applications from over 72 countries through its registered agents on its technology platform. It processed more than 3.82 lakh student applications and collaborated with over 140 global universities.

Crizac's pro forma consolidated revenue from operations during the fiscal year 2023 jumped 79.5 per cent to Rs 472.97 crore from Rs 263.53 crore in the previous year. Besides, profit after tax (PAT) grew 65.50 per cent to Rs 112.14 crore for the financial year 2023 from Rs 67.76 crore in the preceding fiscal.

Equirus Capital and Anand Rathi Advisors are the book-running lead managers to the issue.