Student recruitment solution provider Crizac files DRHP for Rs 1000 cr IPO
Crizac has filed its draft red herring prospectus (DRHP) with the market regulator to raise funds through an IPO.
The IPO, with a face value of Rs 2 per equity share, is entirely an offer for sale of up to Rs 1,000 crore by the promoter selling shareholders. Under the OFS, Pinky Agarwal and Manish Agarwal will offload part shares of the company
The offer is being made through the book-building process, wherein about 50% will be available for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.
Crizac has established strong partnerships with leading universities in the UK and is a major player in student recruitment from India to the UK, holding a significant market share of approximately 13% based on the number of Indian students pursuing higher education in the UK in 2023, according to a F&S report mentioned in the DRHP.
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During the six months ended September 2023, and in the last three fiscal years, Crizac facilitated enrollment applications from over 72 countries through its registered agents on its technology platform.
It processed more than 3.82 lakh student applications and collaborated with over 140 global universities. As of December 2023, the company had over 5,300 registered agents globally, with a significant presence in India and various other countries.
Crizac has experienced substantial growth, achieving an 81% CAGR in revenue from
