SEBI Returns Draft Documents Of Crizac's Rs 1,000-Crore IPO

The Securities and Exchange Board of India has returned the draft documents of Crizac Ltd., a student recruitment solution provider aiming to launch a Rs 1,000-crore initial public offering.

The move might delay the Kolkata-based company's initial share sale. The proposed IPO was entirely an offer-for-sale by the company's promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component.

The OFS comprises sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal, according to the offer document.

The company filed its draft red herring prospectus with SEBI in April.

According to a recent update on SEBI's website on Monday, the markets regulator returned the company's offer document on July 15, without specifying the reasons for doing so.

Crizac offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand.

It has established partnerships with leading universities in the UK and is a major player in student recruitment from India to the UK, holding a market share of about 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.

Over the last three years, Crizac facilitated enrollment applications from over 72 countries through its registered agents on its technology platform. It processed more than 3.82 lakh student applications and collaborated with over 140 global universities.

Crizac's pro forma consolidated revenue from operations during the year-ended March 2023 jumped 79.5% year-on-year to Rs 472.97 crore. Profit after tax grew 65.50% to Rs 112.14 crore.

Equirus Capital and Anand Rathi Advisors were the book-running lead managers to the issue.

(With Inputs From PTI)