Crizac IPO: ₹860 crore issue to open on July 2, comprises only OFS; check key details

Crizac IPO: The initial public offering of Crizac, a student recruitment solution provider, will open for subscription on July 2. The issue will conclude on July 4. The company has not announced the price band yet.

The anchor round bidding will take place on July 4.

The ₹860-crore initial share sale is exclusively an offer for sale (OFS) of shares by promoters Pinky Agarwal and Manish Agarwal. According to the red herring prospectus (RHP), there is no fresh issue component.

Under the OFS, Pinky Agarwal will offload shares valued at ₹723 crore, while Manish Agarwal will sell shares worth ₹137 crore.

The firm had earlier planned to raise ₹1,000 crore but later cut the issue size to ₹860 crore.

The firm had filed its draft IPO papers with the capital markets regulator, the Securities and Exchange Board of India, in March 2024, but SEBI had returned documents in July 2024. The company then refiled preliminary papers in November, which the regulator approved in March 2025.

The Kolkata-based firm is a business-to-business (B2B) education platform for agents and global institutions, which offers international student recruitment solutions to global institutions of higher education in the UK, Ireland, Australia, Canada, and New Zealand.

Over the last three years, Crizac facilitated enrolment applications from over 75 countries through its registered agents on its technology platform. It processed more than 7.11 lakh student applications and collaborated with over 173 global institutions of higher education.

The company reported a revenue from operations of Rs 849.49 crore and a profit after tax of Rs 152.93 crore in the full financial year 2025.

The company's shares will be listed on the BSE and the National Stock Exchange (NSE).

Equirus Capital and Anand Rathi Advisors are the book-running lead managers, while MUFG Intime India is the registrar for the IPO.