Crizac IPO - Listing Performance & Details

Crizac Limited was originally incorporated in January 2011 in Kolkata as GA Educational Services Private Limited, and is headquartered in Kolkata, West Bengal. It works in the education sector as a B2B international student recruitment platform.

The company connects education agents with universities in the United Kingdom, Canada, Ireland, Australia and New Zealand, providing a technology platform through which agents submit, track and manage student applications for enrolment. As of September 2024, it had over 7,900 registered agents globally, with a significant presence in India as well as countries including the UK, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada and Egypt, and had processed more than 5.95 lakh student applications while working with over 135 global universities. The promoters are Vikash Agarwal, Pinky Agarwal and Manish Agarwal.

Revenue rose from Rs 517.9 crore in FY23 to Rs 763.4 crore in FY24, with profit after tax rising from Rs 112.1 crore in FY23 to Rs 118.9 crore in FY24, as per the RHP. The IPO was a mainboard book-built issue of about Rs 860 crore on the NSE and BSE, structured entirely as an offer for sale of up to 3.51 crore equity shares by promoter selling shareholders Pinky Agarwal (up to Rs 841 crore) and Manish Agarwal (up to Rs 159 crore), priced at Rs 233-245 per share, and it listed on 9 July 2025. As the offer was entirely an offer for sale, the company did not receive any proceeds from the issue, with the entire amount going to the selling shareholders.