Is Crizac IPO Good or Bad – Detailed Review

Crizac Limited IPO is kicking off its initial public offering, which will be open from July 2, 2025, to July 4, 2025. While considering applying for this IPO, certain questions may arise in your mind, including whether the Crizac IPO is good or bad, whether it is worth investing in this IPO, and so on. 

This article offers a comprehensive Crizac IPO review, covering its business operations and fundamental analysis to help you make an informed investment choice.

Crizac IPO Review

Crizac is gearing up for its Initial Public Offering (IPO), aiming to raise Rs 860 crore. The proceeds are primarily earmarked for offer for sale from the promoters, to achieve the benefits of being listed on the Stock exchange, as well as earn visibility and brand image. 

Crizac’s revenue increased steadily, whereas the EBITDA saw a dip in FY24 due to rising service costs but more than doubled in FY25, reflecting improved cost control. The PAT saw a slight dip in FY24, but recovered in FY25 as revenue growth outpaced rising expenses, leading to improved PAT and a rebound in PAT margin. RoE declined from over the years as the company’s equity base expanded post-acquisition of Crizac UK, which also marked the shift from standalone to consolidated financial reporting.

Based on its restated financials, Crizac Limited has shown strong profitability and efficient use of equity, outperforming larger peers like Indiamart and IDP Education in terms of returns. Despite being smaller in scale, Crizac delivers better shareholder value, highlighting its operational efficiency and solid financial performance.

That said, potential investors are strongly advised to conduct their own independent analysis and consult financial advisors before making any investment decision. Keep reading to find out more about the company’s background, business model, and growth strategy.

Company Overview of Crizac IPO

Crizac is a leading B2B education platform that provides international student recruitment solutions to global institutions of higher education across the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ). The company has established itself as a strong recruitment partner, particularly for institutions in the United Kingdom, leveraging deep-rooted relationships built over time with universities in the region. Over the last three years, the company processed more than 711,000 student applications and collaborated with over 173 global institutions of higher education.

Headquartered in India, Crizac operates with a significant presence in London, United Kingdom. In addition to its extensive Indian operations and workforce, the company maintains a network of consultants across various countries, including Cameroon, China, Ghana, and Kenya.

As of March 31, 2025, Crizac had approximately 10,362 registered agents globally, of which 3,948 were active during the fiscal year. This active network included 2,237 agents based in India and 1,711 agents operating across more than 39 countries, including the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada, and Egypt.

Crizac works closely with partner institutions, enabling it to develop tailored recruitment strategies that align with each institution’s unique goals and positioning. Its collaboration with universities has helped refine its understanding of institutional recruitment preferences and allowed the company to offer more targeted and effective solutions.

Throughout Fiscals 2023 to 2025, Crizac partnered with prominent institutions such as the University of Birmingham, University of Surrey, University of Sunderland, Nottingham Trent University, University of Greenwich, University of West London, University of Portsmouth, De Montfort University, Glasgow Caledonian University, Aston University, University of Dundee, Dundalk Institute of Technology, Coventry University, and Swansea University.

Industry Overview of Crizac IPO 

The global demand for international education has witnessed significant growth, driven by increasing globalization and a rising desire among students and families to access high-quality education and gain international exposure. The global education market, estimated at approximately USD 6 trillion in 2024, is projected to grow to nearly USD 7.4 trillion by 2030. 

India plays a prominent role in this evolving landscape. The number of Indian students pursuing higher education overseas rose to an estimated 1.48 million by 2023. This number is expected to grow at a compound annual growth rate (CAGR) of 7.8%, reaching approximately 2.5 million by 2030. This surge highlights India's growing importance as a source market for global student mobility.

Looking ahead, Asia and Africa are projected to drive the next wave of international education demand. Between 2060 and 2070, these two continents are expected to be home to nearly 80% of the global population, positioning them as critical regions for the future growth of the international education sector.

Financial Overview of Crizac IPO

Crizac Limited has shown a consistent revenue growth over the past three fiscal years. The revenue from operations grew from Rs 472.97 crore in FY23 to Rs 634.86 crore in FY24 and further to Rs 849.49 crore in FY25, reflecting a significant scaling of its educational consultancy services business. This entire revenue comes from the sale of services, but it is highly concentrated geographically. 

When we speak about Crizac’s EBITDA, it stood at Rs 72.64 crore in FY24 due to rising costs of services. However, in FY25, EBITDA more than doubled to Rs 212.82 crore, reflecting better cost control. Due to this, the EBITDA margin is also seen to have an impact, where the margin came down from 22.68% in FY23 to 11.44% in FY24. 

Coming to PAT, though there is a YoY increase in profits, there was a noticeable reduction in FY24, where PAT stood at Rs 118.90 crore, compared to Rs 112.13 crore in FY23. However, in FY25, PAT rose significantly to Rs 152.93 crore. Despite a sharp increase in expenses, the strong revenue growth outpaced the cost escalation, leading to a recovery in profitability. This trend is also reflected in the PAT margin, which dipped to 15.57% in FY24 but improved to 17.28% in FY25.

Regarding the return metrics, RoE declined steadily from 50.66% in FY23 to 30.24% in FY25, mainly because the company’s equity base has expanded significantly, leading to dilution in capital efficiency. 

Note: Here, we need to keep in mind that the company’s financials as of FY23 was based on its standalone status. But after the company acquired Crizac UK in November 2023, the financials are presented based on its consolidated status since FY24. 

Strengths and Risks of Crizac IPO

Let’s dive into the strengths and weaknesses to assess if the Crizac IPO is good or bad for investors.

Strengths 

• Strong global institutional partnerships:
  Crizac has built long-term relationships with over 173 global institutions, primarily in the UK, Ireland, Canada, and the USA, with more than 20 top partners associated for over 5 years.

• Extensive global agent network:
  Crizac operates a robust network of over 10,000 registered agents worldwide, with nearly 4,000 active in Fiscal 2025 across 39+ countries, enabling effective student recruitment through strategic, long-term partnerships.

• Proprietary tech-driven platform:
  Crizac’s scalable technology platform streamlines student recruitment by enabling real-time collaboration between agents and institutions, automating processes, tracking applications, and enhancing decision-making through data-driven insights.

• Established global academic partnerships:
  Crizac has long-standing relationships with over 173 global institutions, primarily in the UK, Ireland, Canada, and the USA, with more than 20 top partners associated for over five years.
  

Risks

• Revenue concentration risk:
  Crizac derives over 95% of its revenue from institutions in the UK; any adverse developments in these regions could significantly impact its business performance, financial health, and growth prospects.

• Variable revenue eligibility criteria:
  Crizac’s revenue depends on diverse eligibility conditions set by partner institutions, and payments may be reversed if students discontinue early, posing risks to consistent revenue recognition and agent compensation.

• Regulatory and visa policy risk:
  Crizac’s operations are highly sensitive to changes in student visa regulations and travel restrictions in key markets like the UK, Canada, and the USA, which could significantly impact student mobility and revenue generation.

• Foreign exchange risk:
  With a major share of revenue earned in foreign currencies, Crizac faces exposure to currency fluctuations. Any adverse exchange rate movements may impact its financial performance despite hedging measures.

• In-house marketing and reputation risk from institutions:
  If partner institutions develop in-house marketing or face negative publicity around their academic quality, Crizac’s service demand, brand reputation, and student enrolment potential may be adversely impacted.

• Seasonal business fluctuations:
  Crizac’s revenue is influenced by academic intake cycles, leading to seasonal variations in performance, with peak earnings during major enrolment months like January, May, and September.

Strategies of Crizac IPO

• Expanding global agent network:
  Crizac aims to strengthen ties with existing agents and expand its network, especially in China and other key regions across Asia, Africa, and Latin America, to boost student application volumes and diversify its global sourcing base.

• Institutional growth:
  Crizac plans to expand its network of partner institutions, with a focus on Ireland, Canada, ANZ, and the USA, leveraging rising demand from key student markets like India and China, driven by growing disposable incomes and limited domestic options.

• Diversifying service portfolio:
  Crizac plans to expand beyond admission services by offering value-added solutions like student loans, visa assistance, accommodation support, and financial aid guidance, aiming to enhance its B2C engagement and broaden revenue streams.

• Strengthening brand presence and marketing:
  Crizac aims to boost its global visibility by enhancing its online presence, refining marketing strategies, and promoting its unique value proposition through targeted campaigns, digital outreach, and community engagement.

• Inorganic expansion into the B2C model:
  Crizac plans to enter the B2C segment through strategic acquisitions, enabling direct engagement with students, reducing reliance on agents, and broadening its service offerings across the international education ecosystem.

• Advancing tech platform with AI integration:
  Crizac is enhancing its proprietary platform with AI and ML tools to automate application processing, enable data-driven decision-making, conduct virtual interviews, and support future B2C services for a seamless user experience.

Crizac IPO Vs Peers

Source: RHP of the company

Based on the restated financial information, Crizac Limited reported its revenue from operations to be Rs 849.49 crore and an Earnings Per Share (EPS) of Rs 8.74 in FY25. In the same financial year, it also achieved a Return on Net Worth (RoNW) of 30.38%, indicating its ability to generate profits from shareholders’ equity. 

When compared to Indiamart Intermesh Limited, which has a much larger scale of operation with revenue of Rs 1,388.34 crore and an EPS of Rs 91.84. However, Crizac is giving better returns when compared to Indiamart, which is 25.20%, despite being a relatively smaller company. 

Furthermore, IDP Education Ltd reported lower revenue from operations of Rs 103.73 crore, a modest EPS of Rs 0.48, and a RoNW of 25.51%, all of which are below Crizac’s levels. 

Objectives of Crizac IPO 

As this is an Offer for Sale, the entire proceeds will go to the selling shareholders. The company will receive any proceeds from the IPO 

Crizac IPO Details

IPO Dates

Crizac IPO will be open for subscription from July 2, 2025, to July 4, 2025. The allotment of shares to investors will take place on July 7, 2025, and the company will be listed on the NSE and BSE on July 9, 2025.

IPO Issue Price

Crizac is offering its shares in the price band of Rs 233 to Rs 245 per share. This means you would require an investment of Rs. 14,945 per lot (61 shares) if you are bidding for the IPO at the upper price band.

IPO Size

Crizac is issuing a total of 3,51,02,040 shares, which are worth Rs 860 crores, and are completely through offer for sale.

IPO Allotment Status

Investors who applied for the IPO can check their IPO allotment status on July 7, 2025, through the registrar's website: MUFG Intime India Private Limited, BSE, NSE, or their stockbroker platform.

IPO Listing Date

The shares of Crizac will be listed on the NSE and BSE on July 9, 2025.

IPO Application Link

Open demat account with Rupeezy today and enjoy a seamless experience when applying for the IPO. With an easy-to-use platform, Rupeezy makes the IPO application process quick and hassle-free.

Apply for Crizac IPO