Crizac files DRHP with SEBI to mobilise ₹1,000 crore

Student recruitment solution provider Crizac has filed preliminary papers with markets regulator SEBI to raise up to ₹1,000 crore through an initial public offering (IPO).

The IPO, with a face value of ₹2 per equity share, is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component.

The OFS consists of the sale of equity shares of up to ₹841 crore by Pinky Agarwal and up to ₹159 crore by Manish Agarwal. The offer is being made through the bookbuilding process, wherein not more than 50 per cent of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 per cent of the net offer shall be available for allocation to noninstitutional investors, and not less than 35 per cent of the net offer shall be available for allocation to retail individual investors. The offer includes a reservation for subscription by eligible employees of the company.

Based in Kolkata, the company processed more than 3.82 lakh student applications and collaborated with over 140 global universities.

“We are already one of the largest student recruitment solutions providers from India into the United Kingdom with a market share of close to 13 per cent in terms of the number of students going from India to the UK to pursue higher education in the year 2023,” Crizac Limited said in its draft red herring prospectus (DRHP).

Crizac Limited’s proforma consolidated revenue from operations during the fiscal year 2023 increased 79.47 per cent to ₹472.97 crore. Profit after tax grew 65.50 per cent to ₹112.14 crore for the last fiscal.