The Rs 860 crore Crizac IPO, which saw overwhelming investor interest across categories, finalised its allotment on July 7. The book-built issue was entirely an offer for sale (OFS), with promoters offloading 3.51 crore shares. Bidding for the IPO opened on July 2 and concluded on July 4.
Crizac set its price band at Rs 245 per share. The IPO was subscribed a 62.89 times overall. Qualified Institutional Buyers (QIBs) led the charge with a massive 141.27 times subscription, while Non-Institutional Investors (NIIs) followed at 80.07 times. The retail portion was also solid, getting booked 10.74 times.
The company is expected to debut on the stock exchanges BSE and NSE on Wednesday, July 9. Equirus Capital Private Limited is the book-running lead manager for the issue, and MUFG Intime India (formerly Link Intime) is handling the registrar duties.
CRIZAC limited IPO Allotment Status Live
CRIZAC IPO Allotment Live: About Crizac's business
Crizac works in close collaboration with global institutions of higher education, which has helped it in developing expertise and understanding of their recruitment preferences and develop bespoke strategies that reflect and highlight their unique goals and strengths. This has enabled Crizac to scale its business, and it has grown at a CAGR of 100.18% in terms of increase in revenue from operations in Fiscal 2015.
CRIZAC IPO Allotment Live: Crizac's financial performance
For the last three financial years, the company has posted an average EPS of Rs 7.70 and an average RoNW of 35.16 %. The issue is priced at a P/BV of 8.52 based on its NAV of Rs 28.76 as of December 2024, as well as on post-IPO NAV.
"Crizac is engaged in assisting students in higher education with global institutions. The company has posted growth in its top and bottom lines for the reported periods. The current shaky global situation may have an impact on this company’s working," said Bajaj Broking in an IPO note.
CRIZAC IPO Allotment Live: Subscription numbers recap
Crizac IPO saw a blockbuster response from investors, wrapping up Day 3 with an overall subscription of 62.89 times. The offer saw strong interest across all investor segments, with qualified institutional buyers (QIBs) leading the charge, subscribing a 141.27 times. Non-institutional investors (NIIs) followed with 80.07 times subscription, while retail investors saw a bidding of 10.74 times the allotted quota.
CRIZAC IPO Allotment Live: Anchor investors recap ahead of listing
Crizac has raised Rs 258 crore from anchor investors just a day before its IPO opens to the public on Wednesday, July 2. The company allotted 1,05,30,612 equity shares at Rs 245 apiece to a group of prominent institutional investors on Tuesday, July 1.
The anchor book saw participation from a line-up of domestic and global players, including Societe Generale, Pinebridge Global Funds, and Aryabhata India Fund (Abakkus Group), along with mutual funds like ICICI Prudential, Motilal Oswal, and Bandhan. Notable insurers such as Axis Max Life and Kotak Mahindra Life Insurance also took part.
CRIZAC IPO Allotment Live: Nirmal bang on Crizac IPO
"Company now has plans to foray into US and other prominent markets with wider range of services. Revenues/EBIDTA of the Co have grown at a CAGR of 33%/41% during FY23-25. Co has a negative working capital and asset light model and would benefit from the growing thrust for global higher education amongst young population amidst huge digitization demand. IPO at higher price band seems fully priced at 28x its FY25 earnings," said the brokerage firm Nirmal bang in its IPO note.
CRIZAC IPO Allotment Live: BP Wealth on Crizac IPO
"Despite some moderation in margins due to scaling up operations, the business remains fundamentally asset-light and cash-generative. As of March 2025, Crizac had 10,362 registered agents from over 75 countries on its proprietary technology platform, enabling it to efficiently source applications for enrollment into global institutions. At the upper band of Crizac’s IPO price - a P/E of 28x on FY25 earnings - appears reasonable, considering its growth momentum, operational scalability, and leadership in UK-bound student recruitment," said BP Wealth in its IPO note
CRIZAC IPO Allotment Live: Bajaj Broking on Crizac IPO
"For the last three fiscals, the company has (on a proforma consolidated basis) posted an average EPS of Rs. 7.70 and an average RoNW of 35.16 %. The issue is priced at a P/BV of 8.52 based on its NAV of Rs. 28.76 as of December 31, 2024, as well as on post-IPO NAV. If we attribute FY25 earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 28.03. Based on FY24 earnings, the P/E stands at 36.35," said Bajaj Broking in its report.
As of the latest update, the share price of Crizac in the grey market ahead of its listing on July 9 is trading at a premium of Rs 35. This indicates of a potential listing price of Rs 280, which is 14.29% higher over the issue's price band of Rs 245 per share.
However, it is important to note that this is not the official listing price and may fluctuate based on the market conditions.
CRIZAC IPO Allotment Live: Company profile
Founded in 2011, Crizac operates as a B2B education services firm that focuses on helping global universities expand their international student base. The company offers recruitment solutions to higher education institutions across countries such as the UK, Canada, Ireland, Australia, and New Zealand. Leveraging a vast network of education agents, Crizac sources student applications from more than 75 countries, supporting universities.
CRIZAC IPO Allotment Live: Details of the issue
The Re 860 crore IPO saw an overwhelming investor interest, with the issue being subscribed a 59.82 times overall. The public offering, which ran from July 2 to July 4, attracted bids for over 154.56 crore shares against just 2.58 crore shares on offer. This response was led by institutional and high-net-worth investors.
The offer, which was entirely an offer-for-sale by promoters Pinky Agarwal and Manish Agarwal, saw participation across investor categories. The Qualified Institutional Buyers (QIBs) category led the charge, subscribing a 134.35 times, while the Non-Institutional Investors (NIIs) followed with 76.15 times subscription. The retail investor segment, too, showed healthy interest with a 10.24 times subscription. In total, 3.51 crore equity shares were up for sale in the issue.
CRIZAC IPO Allotment Live: What is the current GMP?
The GMP fell sharply to Rs 39 by 9:00 pm on Monday.
Crizac shares touched a grey market premium of Rs 42 on the final day of IPO bidding. This had hinted at expectations of a listing price above the issue’s upper band of Rs 245.
CRIZAC IPO Allotment Live: What is the price band?
The price band has been fixed at Rs 233-245 per share for the initial public offering (IPO).
The IPO is entirely an offer for sale (OFS) of equity shares worth Rs 860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the red herring prospectus.
The OFS consists sale of equity shares worth Rs 723 crore by Pinky Agarwal and Rs 137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.
CRIZAC IPO Allotment Live: IPO GMP sees a sharp fall
The Crizac IPO GMP sees a sharp fall as the listing day nears. The IPO allotment is likely tonight, and the GMP has fallen significantly from the earlier peaks. The IPO GMP is normally indicative of the price at which the issue is expected to list. It is however, an unofficial platform and the listing price may not necessarily conform to the GMP. The CRIZAL IPO has seen reasonable interest as a result of the valuations and the sector that it belongs to. Once the IPO allotment is finalised, all eyes would be on the listing date.
CRIZAC IPO Allotment Live: IPO gets subscribed 59.82 times
The initial public offer of student recruitment solutions provider Crizac Ltd got subscribed 59.82 times on the closing day of bidding on Friday. The Rs 860-crore initial share sale received bids for 154,56,79,488 shares against 2,58,36,909 shares on offer, as per NSE data.
The portion for Qualified Institutional Buyers (QIBs) got subscribed a whopping 134.35 times while the quota for non-institutional investors fetched 76.15 times subscription. Retail Individual Investors (RIIs) part received 10.24 times subscription. Crizac on Tuesday said it has garnered Rs 258 crore from anchor investors.
Crizac is significantly dependent on a few global higher education institutions for its revenue; loss of any such institution could adversely affect its business and financials. The company relies heavily on its network of agents, loss of these agents may impact operations and profitability. Crizac’s success depends on sustained collaboration with global institutions, failure to maintain these partnerships could harm its business.
Increasing globalisation, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad. Students and parents are increasingly recognising the value of acquiring a global perspective, accessing world-class educational institutions, and experiencing diverse cultures. The global education market, valued at approximately $5.8 trillion in 2023, is projected to expand to around $7.4 trillion by 2030.
CRIZAC IPO Allotment Live: Global Leader in Student Recruitment
Crizac is a B2B education platform specializing in international student recruitment solutions for institutions of higher education across the United Kingdom, Canada, Republic of Ireland, Australia, and New Zealand. With a presence in over 75 countries, Crizac leverages its proprietary technology platform and global network of agents to facilitate student applications and admissions into partner institutions.
The company’s strong institutional relationships, particularly in the United Kingdom, have made it a preferred recruitment partner, supported by the rising trend of Indian student enrolment into the UK, which grew at a CAGR of 54.09% between 2019 and 2024.
CRIZAC IPO Allotment Live: Here's how to track your application status via NSE
If you have applied for the Crizac IPO - the National Stock Exchange (NSE) offers a quick and easy way to check your application status.
Here is a step-by-step guide to help you through it-
Head over to the official NSE IPO application tracking page. This is where you’ll find all IPO-related bid and allotment information.
Once you are on the page, look for the option labeled ‘Equity and SME IPO Bid Details’ - this is where your Crizac IPO data will be listed.
From the dropdown list of active IPOs, choose ‘Crizac IPO’ to proceed.
Enter your application number and PAN (Permanent Account Number). Make sure the details match those used during the IPO application process.
Click on the ‘Search’ or ‘Submit’ button. Your screen will show whether shares have been allotted to you, along with the quantity.
CRIZAC IPO Allotment Live: Here's how to check your allotment status on BSE
If you have applied for the Crizac IPO and are eager to know your allotment status, here is a quick step-by-step guide to check it on the BSE website -
Visit the BSE IPO allotment status page.
Under ‘Issue Type’, select ‘Equity’.
From the dropdown menu, choose ‘Crizac IPO’.
Enter your application number or PAN.
Tick the box next to ‘I’m not a robot’ to complete the captcha.
Click on ‘Search’ to view your allotment status.
CRIZAC IPO Allotment Live: Bajaj Broking on Crizac IPO
For the last three fiscals, the company has (on a pro forma consolidated basis) posted an average EPS of Rs 7.70 and an average RoNW of 35.16 %. The issue is priced at a P/BV of 8.52 based on its NAV of Rs 28.76 as of December 2024, as well as on post-IPO NAV. "If we attribute FY25 earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 28.03. Based on FY24 earnings, the P/E stands at 36.35," said Bajaj Broking in an IPO note.
CRIZAC IPO Allotment Live: Chola Securities on Crizac IPO
"The company operates in a structurally growing industry with a long term outlook supported by demographics, income growth, and skill migration trends. Post-listing, the company is valued at a P/E multiple of 28.03x (FY25 PAT), with its growth trajectory and reasonable valuation the IPO offers scope for potential listing gains. We have issued a “SUBSCRIBE” rating for Crizac Ltd’s IPO for listing gains," said Chola Securities on the IPO report.
CRIZAC IPO Allotment Live: About Crizac
Crizac is based in India with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of March 2025, it had a team of 368 employees and 12 consultants with extensive experience in the international educational landscape.
The allotment for Crizac IPO is scheduled to be finalised today, and if you have placed your bid, the wait is almost over. Investors eager to know if they have got a slice of the offering can check their allotment status through multiple platforms.
You can track the status on the NSE or BSE websites, or visit the registrar’s portal - MUFG Intime to get real-time updates. All you need is your PAN, application number, or DP ID to access the details.
CRIZAC IPO Allotment Live: Arihant Capital on Crizac IPO
"The company is well-positioned for growth with a strong network of 173+ global higher education institutions, including longstanding relationships with over 20 of its top 30 partners, providing revenue stability. The top 10 institutions contributed over 70% of revenue in Fiscal 2025, reflecting deep institutional ties. Services in marketing, brand management, and admissions enhance engagement and stickiness. Combined with a network of 10,000+ agents across 75+ countries and a scalable tech platform, the company is poised to expand in high-potential markets, broaden revenue streams, and reinforce its leadership in international student recruitment. The issue is valued at a P/E ratio of 28x, based on FY25 EPS of INR 8.74 per share. We are recommending a “Neutral” rating for this issue," said Arihant Capital in the IPO.
CRIZAC IPO Allotment Live: Anchor investors
Crizac successfully raised Rs 258 crore from anchor investors ahead of its IPO. The list includes Shamyak Investment (Enam Group led by Akash Bhansali), Aryabhata India Fund (Abakkus Group led by Sunil Singhania), Societe Generale, Pinebridge Global Funds, ICICI Prudential Mutual Fund, Allianz Global Investors, Carnelian Bharat Amritkaal Fund, 360 One Equity Opportunity Fund, and Motilal Oswal Mutual Fund. Other key participants were Bandhan Mutual Fund, Axis Max Life Insurance, and Kotak Mahindra Life Insurance.
CRIZAC IPO Allotment Live: Geojit Securities on Crizac IPO
"In fiscal years 2023, 2024, and 2025, Crizac facilitated the processing of 172,939, 262,502, and 275,897 student applications, respectively, while collaborating with over 173 global higher education institutions. During FY25, the company had around 10,362 registered agents globally and 3,948 active agents in over 39 countries overseas, including the U.K., Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt, which helps source a large pool of students from diverse backgrounds seeking admission across diverse disciplines in global institutions," said Geojit Securities in its IPO note.
"At the upper price band of Rs 245, Crizac’s FY25 P/E ratio of 28x appears fairly priced. The company has built a strong foothold in the international higher education consultancy sector, supported by enduring partnerships with prestigious global institutions. With strategic plans to expand into the U.S. market and diversify into B2C services, Crizac is well-positioned to drive revenue growth and improve profitability," the report noted.
CRIZAC IPO Allotment Live: SMC Global on Crizac IPO
"This IPO offers exposure to the fast-growing global student recruitment sector, backed by strong institutional partnerships, a wide agent network, and a tech-driven platform. Its expansion into high-potential markets and B2C services presents promising growth opportunities. However, high dependence on a few institutions and agents poses key risks. Investors with a moderate risk appetite and long-term outlook may consider applying," said SMC Global in an IPO note.
CRIZAC IPO Allotment Live: Subscription figures
The Crizac IPO saw a strong response from investors across all categories, closing its three-day subscription window on July 4, with an overall subscription of 62.89 times. Institutional interest remained the driving force, with the Qualified Institutional Buyers (QIBs) segment oversubscribed by 141.27 times, while Non-Institutional Investors (NIIs) followed closely, subscribing 80.07 times. Retail investors also showed strong interest, with their portion booked 10.74 times.
CRIZAC IPO Allotment Live: Deven Choksey Research on the IPO
"Crizac Limited, operates in a very fragmented industry consisting of many informal players. Over the years, it has built a niche in providing services to students opting for international education. Within a short period, it has built a presence in UK and UAE, aiding in market reach and service delivery. Led by its reach and diversified base of relations with universities, its revenue and profit has grown at 76.0% and 17.9% CAGR between FY23-25. The company’s EBITDA margin has diluted sharply from 38.2% in FY23 to 25.1% in FY25, led by contraction in gross margins," said Deven Choksey Research in its report.