Crizac Limited IPO 2025: Price, Dates & GMP Update

Crizac Limited IPO is a ₹860 crore offer for sale, which will be open from July 2 to July 4, 2025. The issue, which falls in the price band of ₹233- ₹245, is creating a buzz among investors, especially due to the company’s no-debt model and steadily growing revenues.

About Crizac Limited

Crizac Limited was founded in the year 2011. It is a leading B2B education technology company that provides solutions to facilitate international student recruitment between global universities and agents. The main objective of the company is to provide students with higher education opportunities abroad.

In which industry does the company work : Crizac operates in the EduTech and Global Education Consultancy sector. The company works with higher education institutions in countries like the United Kingdom, Canada, Australia, Ireland and New Zealand.

Main Business Model : Crizac’s business model is completely B2B. It processes applications from international students from over 75 countries around the world through agents registered on its tech-platform. The company had more than 7,900 agents connected to its platform as of September 2024 and 2,532 of these agents remained active in FY 2024.

Through these agents, the company has processed around 5.95 lakh student applications for over 135 global institutions.

Recent Achievements and Expansion : Crizac Limited has registered rapid growth in recent years. The company’s revenue reached ₹884.78 crore in FY 2025, an increase of 16% over the previous year. The company’s EBITDA stood at ₹212.82 crore and PAT at ₹152.93 crore, showing a year-on-year growth of 29%.

In addition, Crizac’s team had 329 employees and 10 experienced consultants as of September 2024, operating in countries like China, Ghana, Kenya and Cameroon.

Financial Performance

Objective of the KriZac Limited IPO

This IPO of Crizac Limited is completely an Offer for Sale (OFS), which means that the company is not raising any new capital from this issue. Through this, only existing shareholders are selling their stake. Therefore, the entire amount received from this issue will not go directly to the company, but to the promoters and investors selling the shares.

No new funds will be raised : Since the entire issue is under OFS, Crizac will not receive any new capital from it. Funds are not being received from this issue for the company’s business operations, expansion or debt repayment.

Promoters and existing shareholders are selling shares : A total of 3.51 crore equity shares are being issued under OFS, with a total value of ₹ 860 crore. This entire sale is being done by existing shareholders. Usually OFS is done with the aim that promoters can reduce their stake and the company’s shares can come into the public domain.

No impact on the company’s business model and performance : This IPO will not have any direct impact on the company’s operations or financial position as no new funds are coming in. However, listing will definitely give Crizac indirect benefits like brand visibility, strengthening corporate governance, and the possibility of raising funds in the future.

What does this OFS mean for investors : Investors need to understand that the money coming from the IPO will not be used in the company’s development or projects. Crizac’s strong financial track record and debt-free status definitely make it attractive, but investment decisions should be made after understanding the objective of the IPO.

Reservation Details

Competitive Strengths of Crizac Limited IPO

Global presence and agent network : Crizac Limited’s biggest strength is its global network. As of September 2024, the company had over 7,900 registered agents spread across more than 75 countries. In FY 2024, 2,532 active agents processed over 5.95 lakh student applications. Such a wide agent network gives the company depth and scalability.

Technology-driven platform : Crizac’s business is based on a proprietary technology platform that connects agents and global universities. This digital ecosystem makes the admission process fast, trackable and scalable, which differentiates it from the traditional consultancy model.

Rapid financial growth and high margins : The company’s revenue in FY 2025 was ₹884.78 crore, up 16% over the previous year. A 29% growth in net profit and a jump in EBITDA to ₹212.82 crores reflects the company’s operational efficiency. Also, the company is completely debt-free — a big positive for investors.

Experienced leadership and international team : Crizac’s team has over 329 employees and 10 experienced consultants, working in different countries like China, Kenya, Cameroon and Ghana. This gives the company the ability to adopt a global vision along with local insights.

Benefit from growing demand in the sector : The education industry, especially international student recruitment, is a rapidly growing segment. The demand for students from countries like India, Nigeria, Nepal, Pakistan is constantly increasing. Tech-enabled companies like Crizac are well positioned to lead in this sector.

Potential risks associated with investing in Crizac Limited

While investing in an IPO, it is important to understand the company’s prospects as well as its risks. Crizac Limited, even though is emerging with a strong business model and rapid growth, has some risks that investors should pay attention to:

Overdependence on a few limited clients : Crizac’s revenue comes mainly from select higher education institutions and agent networks. If any of these major partners or clients breaks ties with the company in the future, it can have a direct impact on the company’s revenue.

Dependence on foreign policies and regulations : The company’s operations are mainly spread across countries like the UK, Canada, Australia, Ireland and New Zealand. Changes in the visa policy, immigration rules or education regulations of these countries can affect the company’s business.

Fluctuations in international markets : Crizac’s business is completely international, where market conditions, currency exchange rates and global events (such as pandemics or geopolitical tensions) have a direct impact.

Tough competition : There are already many tech-enabled startups and conventional players in the global education consultancy and student recruitment space. If Crizac lags behind in innovation in technology or services, it may impact market share.

High dependence on agent network : The company’s success largely depends on the activity of its agent network. If the performance of agents declines or they leave the platform for any reason, both application volume and turnover may be affected.

The IPO is completely Offer for Sale : This IPO is completely an Offer for Sale (OFS), meaning the company will not get any direct capital from it. In such a situation, no new funds are being raised from this issue for the growth or expansion of the company – this can be a limitation from the investors’ point of view.

Grey Market Premium (GMP) & Listing Prospects

Current GMP Status : The Grey Market Premium of Crizac IPO is currently ₹0 i.e. the official premium has not yet been reflected in trading among investors.This means initial excitement is limited, but it does not necessarily mean that there will be no returns on listing.

Impact of GMP on Listing : GMP is generally considered an early indicator of the potential listing gains of an IPO. However, it is an unofficial indication. Crizac IPO does not have a GMP yet, but a 5–8% debut on the listing platform could be possible if fundamentals are strong, especially if the positive sentiment in the education sector continues.

Expert Opinion : Analysts believe that since Crizac’s IPO is a 100% Offer for Sale (OFS), the company does not need fresh capital; hence the GMP does not become very attractive. OFS IPOs are often of interest to short-term traders, not long-term investors.

Final Thoughts

Crizac Limited’s IPO brings a fast-growing edtech company to the public market. The company’s debt-free model, global reach, and tech-based network make it stand out. Although it is a pure OFS, its financial performance has been strong. GMP is currently stable, and the listing will depend on investor sentiment and market sentiment. It is receiving a relatively stable response compared to recent education sector IPOs.