Crizac’s Rs 860 crore initial public offering (IPO) opened for subscription on Wednesday and will close on July 4, with the stock expected to list on the BSE and NSE on July 9. The issue comprises a pure offer-for-sale (OFS) of 3.51 crore equity shares, priced in a band of Rs 233–245 apiece. Ahead of the IPO opening, the grey market premium (GMP) was reported at about 9% over the issue price, as per ET.Founded in 2011, Crizac operates a B2B international education platform that connects universities in the UK, Canada, Australia, Ireland, and New Zealand with student recruitment agents across more than 75 countries. Its proprietary tech platform supports a network of over 10,000 registered agents.The company has reported a strong financial track record, with revenue rising from Rs 274 crore in FY23 to Rs 849 crore in FY25, translating to a compound annual growth rate (CAGR) of 76%. Profit after tax grew from Rs 110 crore to Rs 152 crore during the same period, with earnings per share for FY25 at Rs 8.74 and net margins of 18%. Crizac is debt-free and boasts strong cash flows, signaling a sound balance sheet, ET reported.At the upper end of the price band, Crizac is valued at a price-to-earnings (P/E) multiple of 28x FY25 earnings and a price-to-book (P/B) of 9x, which puts it on par with IndiaMART, its only comparable listed peer.The minimum lot size for retail investors is 61 shares, requiring an investment of Rs 14,945. High-net-worth individuals (HNIs) need to bid for at least 14 lots (854 shares), translating to a minimum investment of approximately Rs 2.09 lakh.Brokerages are optimistic about Crizac’s prospects given the rising number of Indian students seeking international education. According to analysts cited by ET, this market is projected to reach 2.5 million outbound students by 2030. Crizac’s focus on Tier-1 destinations and its scalable, tech-driven platform offer a rare public market opportunity in the education facilitation segment.“Crizac combines digital platform scale, a rising global education trend, and disciplined financial performance — elements that long-term investors typically prize. Subscribe for long-term gains,” said Canara Bank Securities, highlighting the company’s robust fundamentals.However, regulatory tightening in key markets like the UK and Canada remains a risk to watch. Recent changes to student visa policies in both countries could impact student mobility and, by extension, Crizac’s revenue outlook.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
