Crizac Opens bids for ₹860 crore IPO: GMP 8%, Is It Worth Your Investment?
Kolkata-based Crizac Limited, a leading B2B education platform, is launching its ₹860 crore Initial Public Offering (IPO) on July 2, 2025. The IPO, which closes on July 4, 2025, is generating buzz among investors. With a grey market premium (GMP) of 8.5%, should you consider subscribing to this offer? Let’s dive into the details to help you make an informed decision.

Crizac IPO Overview
Crizac’s IPO is a book-built issue comprising an offer-for-sale (OFS) of 35.1 million equity shares, totaling ₹860 crore. Promoters Pinky Agarwal and Manish Agarwal are offloading shares worth ₹723 crore and ₹137 crore, respectively. Since this is an OFS, the company itself will not receive any proceeds from the IPO. The price band is set at ₹233–₹245 per share, with a minimum lot size of 61 shares, requiring retail investors to invest at least ₹14,213 at the lower price band.
The IPO opened for anchor investors on July 1, 2025, raising ₹258 crore from 19 institutional investors. The share allotment is expected to be finalized by July 7, with refunds processed and shares credited to Demat accounts by July 8. The shares are set to list on the BSE and NSE on July 9, 2025.
About Crizac Limited
Founded in 2011, Crizac operates a B2B platform that connects international universities in countries like the UK, Canada, Ireland, Australia, and New Zealand with student recruitment agents worldwide. Its proprietary technology platform supports over 10,000 registered agents across 75+ countries, processing more than 7.11 lakh student applications for 173+ global institutions over the past three years.
Crizac has shown impressive financial growth, reporting a revenue of ₹849.49 crore in FY25, a 33.8% increase from ₹634.87 crore in FY24. Its profit after tax (PAT) rose to ₹152.93 crore in FY25 from ₹118.90 crore the previous year, reflecting a robust 76% revenue CAGR and 18% PAT CAGR over two years. With an earnings per share (EPS) of ₹8.74 and a return on net worth (RoNW) of 30.24% in FY25, Crizac boasts a debt-free balance sheet and strong cash flows.
Grey Market Premium and Valuation
As of July 2, 2025, Crizac’s unlisted shares are trading at ₹266 in the grey market, reflecting an 8.5% premium (₹21) over the upper price band of ₹245. While the GMP suggests moderate investor interest, it’s not a definitive indicator of listing performance, as market sentiment can shift.
Analysts at Deven Choksey Research note that Crizac’s IPO is priced at 28.0x FY25 EPS, which is slightly above the global peer group median of 23.4x FY25 EPS. Despite this, the valuation is considered fair given Crizac’s niche in the fragmented international education sector and its rapid growth in markets like the UK and UAE.
Should You Subscribe?
Reasons to Consider Subscribing
- Strong Growth Trajectory: Crizac’s 76% revenue CAGR and consistent profitability highlight its scalability and operational efficiency.
- Niche Market Position: The company has carved a unique space in the global education recruitment sector, leveraging technology to streamline processes.
- Debt-Free Status: A healthy balance sheet with strong cash flows reduces financial risk.
- Global Reach: Operating in 75+ countries with a vast agent network, Crizac is well-positioned to capitalize on the growing demand for international education.
Risks to Watch
- No Fresh Capital: As an OFS, the IPO proceeds go to promoters, not the company, limiting funds for growth initiatives.
- Competitive Landscape: The education recruitment sector is fragmented, with many informal players, which could challenge Crizac’s market share.
- Valuation Concerns: The 28.0x FY25 EPS valuation is slightly high compared to peers, potentially capping listing gains.
- GMP Volatility: The current 8.5% GMP is modest and could fluctuate, reflecting uncertain listing performance.
Final Verdict
Crizac’s IPO presents an opportunity for investors seeking exposure to the growing international education sector. Its strong financials, debt-free status, and niche market position make it an attractive long-term bet. However, the lack of fresh capital and a slightly premium valuation warrant caution. Investors with a medium-to-long-term horizon may consider subscribing, but those seeking significant listing gains should monitor the GMP and subscription trends closer to the closing date.
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Disclaimer: Investing in IPOs carries market risks. Consult a financial advisor and review the Red Herring Prospectus (RHP) before making investment decisions.