Crizac IPO: GMP, Valuation, And Price

Crizac IPO - Complete Overview 

Crizac IPO a Mainboard IPO is a book-built issue of Rs. 860 Cr (3,51,02,040 Shares) by Crizac Limited. The company was established in 2011 and operates as a B2B educational platform for agents and global higher learning institutions by providing international student recruitment services for post-secondary education institutions in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).

For the six months ending 30th September 2024 and Fiscals 31st March 2024, 2023, and 2022, the company aggregated enrolment applications to ‘global’ institutions of higher education from more than seventy-five countries through registered agents on our proprietary technology platform.

The company processed nearly 600,000 student applications while collaborating with over 135 global post-secondary education institutions.

As of September 2024, the company has approximately 7,900 registered agents worldwide on our proprietary technology platform which includes 2,532 active agents during FY24 (defined as those from whom the Company has received applications during FY24) consisting of quarterly active agents in India and approximately 40% overseas (over 25 countries) namely the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt.

This new IPO is to be launched on 02 July 2025, and the initial public offering of this upcoming IPO will end on 04 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Crizac IPO Details

The Rs. 860 crore Crizac IPO comprises a wholly of an offer for sale (OFS) of 3.51 crore shares.

The Crizac IPO listing date is on Wednesday, 09 July 2025, and it will be listed at BSE and NSE. Crizac IPO price band is Rs. 233 to Rs. 245 for each Share.

 

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	879.62	592.91	304.99
Total Revenue	884.78	763.44	517.85
PAT	152.93	118.90	112.14
Net Worth	505.71	341.81	221.37
Borrowings	0.08	0.08	0.08

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	1,872.74	1,013.63	515.82
Net Cash Flow Investing Activities	(1,486.56)	(668.42)	(460.80)
Net Cash Flow Financing Activities	(0.11)	(0.11)	(1.15)

 

Geography-wise Revenue From Operations Breakdown

(Source RHP)

 

The Objective of The Issue

The company won't get any money from the selling shareholders' offer to sell.

 

Click to check the IPO application status.

 

Peers of Crizac Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Indiamart Intermesh Ltd.	10	91.84	27.18
IEL Education Ltd. (AUD)	1.01	0.48	7.86

 

Evaluation

Crizac IPO price is between Rs. 233 to Rs. 245 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2024, with an EPS of Rs. 8.74 from the last year, the resulting P/E ratio is 28.03x.

Considering the weighted EPS of Rs. 7.70 for the last three years, the P/E ratio is 31.81x.

Explore the Indogulf Cropsciences IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 17.52x.

Particulars	P/E Ratio (x)
Highest	27.18
Lowest	7.86
Average	17.52

In simple words, the P/E ratio of this IPO is 28.03x, compared with the industry’s average P/E of 17.52x, indicating an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths 

• One of the organisations engaged in international recruitment services has notable experience serving global higher educational institutions, resulting in revenue from educational consultancy service payments.

• Deeply entrenched networks with foreign affiliated universities and colleges for multilateral collaborations spanning diverse fields and disciplines.

• An extensive network without borders for a particular purpose, such as collecting students for enrolment into training programmes.

• Proprietary technology platform that is easily expanded to match demand growth.

 

 

IPO’s Weaknesses 

• The company relies heavily on a limited number of global higher education institutions for revenue. The loss of any single one of such global higher education

• institutions could adversely impact its operations.

• The company relies greatly on the service of its agents. It will all harm its business if it readsjusts to losing any one of them.

• Alongside this, the global institutions of higher education with which it collaborates have inconsistent standards to assess its acceptance to qualify for revenue generation through educational consultancy services.

 

Crizac IPO GMP 

Crizac IPO GMP today has not started yet as of 27 June 2025, while writing this information. 

Crizac IPO Timetable (Tentative)

The IPO open date is from Jul 02 to Jul 04, with IPO allotment on Jul 07, refund initiation on Jul 08, and listing on Wednesday, Jul 09, 2025.

Events	Date
IPO Opening Date	Jul 02, 2025
IPO Closing Date	Jul 04, 2025
IPO Allotment Date	Jul 07, 2025
Refund Initiation	Jul 08, 2025
IPO Listing Date	Jul 09, 2025

 

Crizac IPO Details 

The IPO with a face value of Rs. 2 per Share offers a total issue size of 3,51,02,040 Shares (Rs. 860 Cr) and will be listed at BSE and NSE.

IPO Opening & Closing Date	Jul 02, 2025 to Jul 04, 2025
Face Value	Rs. 02 per Share
Issue Price	Rs. 233 to Rs. 245
Lot Size	61 Shares
Issue Size	3,51,02,040 Shares (Rs. 860 Cr)
Offer for Sale	3,51,02,040 Shares (Rs. 860 Cr)
Fresh Issue	-
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime).

 

 

Crizac IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (61 Shares) amounting to Rs. 14945 and 13 Lots (793 Shares) amounting to Rs. 1,94,285, respectively, while for HNI investors, the minimum Lot is 14 (854 Shares) amounting to Rs. 2,09,230.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	66 Lots
B-HNI (Minimum)	67 Lots

Crizac IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Crizac IPO Lead Managers

• Equirus Capital Private Limited

• Anand Rathi Securities Limited. 

 

 

Dividend Policy

The company has paid no dividends in the last three fiscal years.

 

Conclusion

Crizac IPO presents an opportunity within the scope of international student recruitment, accompanied by its robust financial performance and extensive network of global agents. The valuation offered through the IPO seems to be overestimated when P/E ratios are compared to industry competitors. It is recommended that investors assess the risks related to reliance on the institution and agent networks.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.