Kolkata’s own Crizac Limited has secured the green light from the Securities and Exchange Board of India (SEBI) to raise a substantial ₹1,000 crore through its upcoming initial public offering (IPO). The company resubmitted its IPO proposal to SEBI on November 18, 2024, positioning itself for a significant financial boost. This offering features a face value of ₹2 per equity share and consists entirely of an offer for sale, with the promoters cashing in on shares totaling ₹1,000 crore.
Key Details of Crizac’s IPO
- Promoter Share Sales: Pinky Agarwal is set to release shares valued at ₹841 crore, while Manish Agarwal will offer shares worth ₹159 crore.
- Employee Subscriptions: A portion of the IPO is earmarked for eligible employees.
- Distribution of Shares:
- Up to 50% of the shares are allocated to qualified institutional buyers.
- At least 15% is reserved for non-institutional investors.
- A minimum of 35% is dedicated to retail individual investors.
Management and Registration
The IPO is being managed by Equirus Capital Private Limited and Anand Rathi Advisors Limited, with Link Intime India Private Limited acting as the registrar for the offering. This structured approach aims to ensure a smooth and efficient process for all participants.
About Crizac Limited
Crizac Limited operates as a B2B education platform, primarily connecting agents with global higher education institutions. Their services facilitate international student recruitment for universities in regions including the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).
In the six-month period ending September 30, 2023, and throughout the last three fiscal years, Crizac has effectively managed enrollment applications from over 75 countries via its network of registered agents. Their technology platform has been instrumental in processing more than 5.95 lakh student applications, partnering with over 135 global universities.
Global Reach and Operations
As of September 30, 2024, Crizac boasts a robust network of more than 7,900 registered agents worldwide, including 2,532 active agents in Fiscal 2024. The company has a strong presence in India and various other countries, such as the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt. While its headquarters are based in India, Crizac also maintains primary operations in London, UK, alongside consultants stationed in several countries, including Cameroon, China, Ghana, and Kenya.
With this IPO, Crizac Limited is poised to enhance its operations further, solidifying its status in the global education recruitment landscape. For more insights on upcoming IPOs and financial news, keep an eye on our latest updates.
