Kolkata-based Crizac Limited files draft papers with SEBI for ₹1,000 crore IPO
₹2 each, totaling up to ₹1,000 crore by the promoter selling shareholders. This offer for sale includes up to ₹841 crore worth of equity shares by Pinky Agarwal and up to ₹159 crore by Manish Agarwal, along with a reserved portion for eligible employees to subscribe. Also read: FY24 Market Review: Nifty Midcap and Smallcap surged over 60%; check best-performing stocks The offering proceeds via the book-building method.
Within this framework, up to 50% of the net offer is allocated proportionately to qualified institutional buyers, while a minimum of 15% is set aside for non-institutional investors. Additionally, a minimum of 35% of the net offer is earmarked for retail individual investors. Crizac Limited has forged strong partnerships with leading universities in the United Kingdom and is a key player in facilitating student recruitment from India to the UK.
It commands a substantial market share, estimated at around 13.0% based on the number of Indian students pursuing higher education in the UK in 2023, according to a report by F&S referenced in the DRHP. Equirus Capital Private Limited and Anand Rathi Advisors Limited serve as the book-running lead managers, with Link Intime India Private Limited acting as the registrar for the issue. Also read: FY24 Review: FPIs infused ₹2 lakh crore in Indian equities, highest since FY21; what lies ahead? In the fiscal year 2023, Crizac Limited saw a significant surge in its proforma consolidated revenue from operations, marking a remarkable 79.47 per cent increase to ₹472.97 crore from the previous year's ₹263.53 crore.
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