Crizac Limited’s proforma consolidated revenue from operations during the fiscal year 2024 increased 34.23% to Rs 634.87 crore.
MUMBAI, Nov 21 (The CONNECT) – Kolkata-based Leading student recruitment solution provider, Crizac Limited, has refiled its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (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.
Cizac offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).
The offer for sale consists of the sale of equity shares of up to Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees.
The offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer shall be available for allocation to non-institutional investors, and not less than 35% of the net offer shall be available for allocation to retail individual investors.
Crizac Limited is a B2B education platforms for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
Crizac Limited facilitated enrolment applications from over 75 countries through its registered agents on its technology platform.
It processed more than 5.95 lakh student applications and collaborated with over 135 global universities. As of September 30, 2024, the company had over 7900 registered agents globally, including 2,532 active agents in Fiscal 2024, with a significant presence in India and various countries like the United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Kenya, Vietnam, Canada, and Egypt.
With its base in India, It also has co-primary operations in London. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya.
Crizac Limited has experienced substantial growth, achieving an 86.46% Compound Annual Growth Rate (CAGR) in revenue from operations in Fiscal 2014 to its proforma consolidated revenue from operations in Fiscal 2024, driven by its partnerships with global universities.
The company collaborates with renowned 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.
Its advisory board includes Maximus Armani, Christopher Mark Bustin, Maire Caitlin Gallen, and David John Caine, who bring expertise from the international finance and global education industry.
Crizac Limited’s proforma consolidated revenue from operations during the fiscal year 2024 increased 34.23% to Rs 634.87 crore from Rs 472.97 crore in the previous year, primarily due to an increase in the revenue from education consultancy services. Profit after tax grew from Rs 112.14 crore for the Financial Year 2023 to Rs 116.84 crore for the Financial Year 2024.
For the six months ended September 30, 2024, proforma consolidated revenue from operations stood at Rs 291.23 crore, and profit after tax stood at Rs 61.76 crore.
India’s higher education system is among the largest globally, with over 70 million enrolled students and a capacity for an additional 40 million students created in the last two decades. The Indian education sector was valued at around US$117 billion (Rs 9.72 trillion) in FY 2020, with projected growth to reach US$225 billion (Rs 18.69 trillion) by FY 2025 and US$313 billion (Rs 26 trillion) by FY 2030.
Equirus Capital Private Limited and Anand Rathi Advisors Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.
