The Rs.860 crore IPO of B2B education platform Crizac Limited has opened for subscription from 2 July 2025 and will close on 4 July 2025. Crizac is known globally for its higher education recruitment services, especially for placing international students into top-tier universities. Now, with plans to expand into B2C services and enter the US market, the company is ready for a new growth phase. But is this IPO worth investing in?
Let’s explore key IPO details, expert opinions, valuations, and potential risks before you decide.
Crizac IPO: Key Information at a Glance
- IPO Size: Rs.860 crore (Offer for Sale)
- Price Band: Rs.233 to Rs.245 per share
- Issue Type: 100% Offer for Sale (OFS)
- Shares on Offer: 3,51,02,040 equity shares
- Minimum Lot Size: 61 shares
- Subscription Dates: 2 July to 4 July 2025
- Allotment Date: 7 July 2025
- Expected Listing: 9 July 2025
- Listing Exchanges: BSE and NSE
Crizac’s Business Strengths and Market Position
Crizac is a dominant player in the international higher education consultancy sector, helping students across 75+ countries apply to global universities. It works with over 173 global universities, out of which 20 are long-term partners. More than 70% of its revenue comes from the top 10 university partnerships, showing strong institutional trust.
The company has built a tech-enabled platform that connects students, agents, and institutions, making it easier for everyone to track applications, admissions, and communication. It now plans to launch B2C services in the US, which could increase margins and brand recognition.
Financial Performance Snapshot
- Revenue Growth (Last 2 Years): 76% CAGR
- EBITDA Growth: 43% CAGR
- Profit Growth: 18% CAGR
- FY25 Valuation (Estimated): P/E ratio at 28x
Despite being bootstrapped with no external funding, Crizac has shown consistent profitability. It focuses on technology upgrades, AI-enabled services, and building long-term institutional partnerships—making its model scalable.
Expert Ratings and What They Say
✅ SBI Securities – Rating: Subscribe
SBI Securities appreciates Crizac’s strong brand in education consultancy and sees future growth in its planned B2C model. They also highlighted its healthy profit margins, global reach, and tech-based operations.
🤝 Arihant Capital – Rating: Neutral
Arihant believes the strong relationships with universities are a key advantage but cautions about the revenue concentration risk from top institutions. They note that while Crizac has strong foundations, investors should be careful due to dependency factors.
✅ Choice Broking – Rating: Subscribe
Choice says Crizac’s valuation is fair, with a P/E of 28 and EV/Sales of 4.8. The company’s ability to stay profitable without external funding is a plus. They also see growth opportunities in the expanding international student market.
📈 Ventura Securities – Rating: Subscribe for Long-Term
Ventura sees Crizac’s efforts in building a tech-driven agent-student-university network as a big long-term advantage. Their expansion plans and entry into fast-growing education markets like the US are seen as growth drivers.
What Works in Crizac’s Favour?
- Global leadership in student recruitment
- Strong partnerships with 173+ universities
- Tech-powered operations using AI and automation
- Wide agent network of 10,000+ agents
- Presence in 75+ countries
- New B2C model in pipeline
- Consistent financial growth
- Diverse services: marketing, admissions, CRM for universities
What Are the Risks?
- Revenue Dependence: Crizac depends heavily on a few foreign universities. If even one ends ties, revenue can dip sharply.
- Agent Dependency: Its large agent network is a core part of business. If agents leave or switch platforms, business could suffer.
- Market Concentration: Most of its earnings come from limited countries and university partners.
- Reputation Risk: Crizac’s success also depends on the reputation and course quality of its partner institutions.
- Technology Competition: With EdTech competition rising, maintaining a tech edge will be critical.
Should You Subscribe to Crizac IPO?
If you are a long-term investor looking for exposure to the booming international education sector, Crizac offers a unique opportunity. It has a proven business model, profitable track record, and expansion plans that align with current global education trends. While it faces concentration risk, its tech-based platform, deep partnerships, and upcoming B2C focus may support continued growth.
For short-term or speculative investors, listing gains could be moderate due to the fully OFS nature and dependency risks.
Source: Financial Express
Disclaimer: This article is for informational purposes only. Investing in the stock market involves risk. Please consult a SEBI-registered investment advisor before making any financial decisions.
