Crizac IPO Gets Moderate Response, Subscribed 1.17x by Day 2

The Crizac IPO has received a moderate response from investors, with a subscription of 1.17 times by the first half of Day 2. The company is offering shares in a price band of Rs. 233 to Rs. 245 per share, with a minimum lot size of 61 shares. The issue size stands at Rs. 860 crore, comprising an entirely an offer for sale. Stay tuned for the latest updates on the Crizac IPO subscription status as the offering progresses.

Crizac IPO Subscription Status - Day 2

As of Day 2, Crizac’s IPO was subscribed a total of 1.17 times. The Non-Institutional Investors category was subscribed 1.96 times, followed by the Retail Investors at 1.43 times, while the Qualified Institutional Buyers (QIB) category saw a subscription of 0.11 times.

Crizac IPO Subscription Status - Day 1

The Crizac IPO saw a modest start on Day 1, with an overall subscription of 0.48 times. The Retail Category subscribed at 0.62x, while Non-Institutional Investors (NIIs) showed better traction with 0.65x. Qualified Institutional Buyers (QIBs) remained cautious, subscribing only 0.09x on the opening day.

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.

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.

Crizac IPO Details

• IPO Date: July 2, 2025 to July 4, 2025

• Issue Price: Rs. 233 to Rs. 245 per share

• Lot Size: 61 shares

• Total Issue Size: 3,51,02,040 shares (aggregating up to Rs. 860.00 crore)

• Tentative Allotment Date: July 7, 2025

• Tentative Listing Date: July 9, 2025

How to Apply for Crizac IPO

• Visit the Rupeezy app or Rupezy DOCK.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.