Crizac IPO: Student Recruitment Solution Provider Refiles For Rs 1,000-Crore Issue

Student recruitment solutions provider Crizac Ltd. on Thursday re-submitted its preliminary papers with the Securities and Exchange Board of India to raise up to Rs 1,000 crore via an initial public offering.

The issue will comprise only an offer-for-sale component, with no fresh issuance of shares, according to the draft red herring prospectus.

Shareholder Pinky Agarwal will offload stake worth Rs 841 crore, while Manish Agarwal will be offloading shares worth Rs 159 crore through the OFS.

Equirus Capital Pvt. and Anand Rathi Advisors are the book-running lead managers for the issue and Link Intime India Pvt. will be the registrar of the issue.

The company will not receive any proceeds from the IPO as the amount will directly go to the promoters offloading the stake.

In July, SEBI had returned the IPO draft documents of Crizac. The market regulator had not specified any the reason for the decision.

Crizac offers international student recruitment solutions to global institutions of higher education in the UK, Canada, New Zealand, Australia and the Republic of Ireland. The firm has partnered with various leading universities in the UK and holds a market share of 13% based on the number of Indian students pursuing higher education in the UK in 2023, the draft papers said, quoting a F&S report.

The Kolkata-based firm has processed over 5.95 lakh student applications and collaborated with over 135 global universities. The company, as of September, has over 7,900 registered agents in various countries including the UK, Nepal, Bangladesh and Egypt, among others.

Crizac's pro-forma consolidated revenue from operations during the first half of this fiscal stood at Rs 291.23 crore while profit was at Rs 61.76 crore. The firm's consolidated revenue from operations during fiscal 2023 rose 80% year-on-year to Rs 472.97 crore, whereas the profit climbed 66% to Rs 112.14 crore.