The IPO will open for public bidding on July 2, and conclude on July 4. The bidding for anchor investors will open for a day on July 1.
The IPO is entirely an offer for sale (OFS) of equity shares worth ₹
860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component,.
The OFS includes the sale of equity shares worth ₹723 crore by Pinky Agarwal and ₹137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.
About 50% of the public issue has been set aside for qualified institutional buyers. The remaining 35% has been reserved for retail investors and 15% for non-institutional investors.
The student recruitment solution provider, which had proposed to raise ₹1,000 crore in November 2024, has now trimmed the issue size to ₹
860 crore. It did not provide any specific reason for the downward revision in offer size.
Crizac initially filed its preliminary IPO papers with capital markets regulator SEBI in March last year. The regulator had returned the documents in July. Thereafter, the company refiled the papers in November, which were approved by the regulator in March 2025.
Kolkata-based Crizac is a B2B education platform for agents and global institutions, which offers international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia 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.
Crizac posted reported a revenue from operations of ₹849.49 crore and a profit after tax of ₹152.93 crore in the full financial year 2025.
Equirus Capital and Anand Rathi Advisors are the book-running lead managers, while MUFG Intime India is the registrar for the IPO.
The allotment for the Crizac IPO is expected to be finalised on July 7, while the company’s shares will be listing on BSE, NSE with a tentative listing date fixed as July 9.
