Crizac IPO
Crizac IPO — date, price band, lot size & details 2025
Crizac listed on 9 Jul 2025 at ₹281.05, 14.7% above the ₹245 issue price.
Crizac is a B2B education platform that connects agents with universities abroad for international student recruitment. It had processed over 5.95 lakh student applications with over 135 global institutions.
Stock price
Crizac is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 02 Jul 2025
- Close 04 Jul 2025
- Allotment 07 Jul 2025
- Refund/credit 08 Jul 2025
- Listing 09 Jul 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 2 to 4 Jul, 2025 |
|---|---|
| Price Band | ₹233 – ₹245 |
| Face Value | ₹2 |
| Lot Size | 61 Shares |
| Issue Size | ₹860 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,945 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 61 shares at the ₹245 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 61 | ₹14,945 |
| Retail (max) | 13 | 793 | ₹1,94,285 |
| S-HNI (min) | 14 | 854 | ₹2,09,230 |
| S-HNI (max) | 66 | 4,026 | ₹9,86,370 |
| B-HNI (min) | 67 | 4,087 | ₹10,01,315 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 517.85 crore in FY2023 to Rs 884.78 crore in FY2025.
- 02Profit after tax rose from Rs 112.14 crore in FY2023 to Rs 152.93 crore in FY2025.
- 03Return on equity was 30.24% and return on capital employed was 40.03%.
- 04Total borrowing was only Rs 0.08 crore on 31 March 2025, against net worth of Rs 505.71 crore.
- 05The PAT margin was 17.28%, and around 7,900 agents were registered on the platform in September 2024.
Risks · 6
- 01The source shows EBITDA of Rs 72.64 crore for FY2024, below profit after tax of Rs 118.90 crore, so that figure should be read with care.
- 02The whole Rs 860 crore issue was offer for sale. The company got no fresh money.
- 03The P/E was 28.03 at the upper band of Rs 245, based on EPS of Rs 8.74.
- 04Revenue depends on 5 destination countries and their student visa rules, with the United Kingdom as the main market.
- 05Promoter holding fell from 100% before the issue to 79.94% after it.
- 06Only 2,532 of around 7,900 registered agents were active during FY2024.
Three years of numbers
All figures in ₹ crore, as reported in the Crizac offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 879.62 | 592.91 | 304.99 |
| Total Income | 884.78 | 763.44 | 517.85 |
| Profit After Tax | 152.93 | 118.90 | 112.14 |
| EBITDA | 212.82 | 72.64 | 107.29 |
| NET Worth | 505.71 | 341.81 | 221.37 |
| Total Borrowing | 0.08 | 0.08 | 0.08 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Crizac RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Crizac IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹8.74 | ₹8.74 |
| P/E Ratio (x) | 28.03 | 28.03 |
| Market Cap at Offer Price (₹ Cr) | ₹4,286.94 | ₹4,286.94 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹245 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Crizac IPO will be updated shortly.
Crizac IPO Anchor Investors
19 anchor investors across 13 fund houses committed ₹258.00 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Applications come from over 75 countries through agents registered on its technology platform. The company has processed over 5.95 lakh student applications while working with over 135 global institutions.
Around 7,900 agents were registered on the platform in September 2024, and 2,532 were active during FY2024. Recruitment from India into the United Kingdom is its main strength.
The IPO was entirely an offer for sale of Rs 860 crore, so the company received no money from it.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Crizac IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Equirus Capital Pvt.Ltd.
8 issues handledBest listing: CMR Green Technologies (+39.6%). Weakest: Omnitech Engineering (-9.7%).
Anand Rathi Advisors Ltd
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +4.3%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Crizac?
The current Grey Market Premium is ₹37, or 15% over the issue price.
What is the Crizac IPO price band?
₹233 to ₹245, on a face value of ₹2.
When is the allotment?
The basis of allotment is 7 July 2025, with listing on 9 July 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
