Crizac IPO opens today: Check GMP, price band, and other details

Synopsis

Crizac launches its Rs 860 crore IPO today. The IPO comprises an offer-for-sale of 3.51 crore equity shares. The price band is Rs 233–245 apiece. The IPO will close on July 4. Listing on BSE and NSE is expected on July 9. The company operates a B2B international education platform. It connects universities with global student recruitment agents.

Crizac's Rs 860 crore IPO opens today with the issue entirely comprising an offer-for-sale of 3.51 crore equity shares in the price band of Rs 233–245 apiece. The IPO will close on July 4 and the company is expected to list on the BSE and NSE on July 9.

Ahead of the issue opening, the GMP is 9% over the issue price.

Incorporated in 2011, Crizac operates a B2B international education platform that connects universities from the UK, Canada, Ireland, Australia, and New Zealand with global student recruitment agents.

It sources student applications from over 75 countries via a proprietary technology platform, leveraging a network of more than 10,000 registered agents.

The company has shown explosive growth, with total income rising from Rs 274 crore in FY23 to Rs 849 crore in FY25 — a CAGR of 76%.

PAT jumped from Rs 110 crore to Rs 152 crore over the same period, with FY25 earnings per share at Rs 8.74 and net margins of 18%. Crizac operates debt-free and has strong cash flows, indicating a healthy balance sheet.

At the upper end of the price band, the issue is valued at a P/E of 28x FY25 earnings and P/B of 9x, placing it roughly in line with its only comparable listed peer, IndiaMART, which trades at similar multiples.

The lot size for retail investors is 61 shares, requiring a minimum investment of Rs 14,945. High net-worth investors must apply for a minimum of 14 lots (854 shares), translating to Rs 2.09 lakh.

Review: Robust fundamentals meet global growth story

Analysts said Crizac is uniquely positioned to benefit from the sustained outflow of Indian students to foreign universities, a market expected to touch 2.5 million students by 2030. Its B2B model, focus on Tier-1 geographies, and scalable tech infrastructure make it a rare listed play in the international education facilitation space.

However, investors must weigh the regulatory risks. The UK and Canada, Crizac’s largest markets, have recently tightened student visa norms — a trend that could pressure future revenue growth.

"Crizac combines digital platform scale, a rising global education trend, and disciplined financial performance — elements that long-term investors typically prize. Subscribe for long-term gains," said Canara Bank Securities.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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