IPO Note : Crizac Ltd by Geojit Financial Services Ltd
Global B2B Platform for Higher Education Recruitment
Crizac Ltd. is a B2B education platform that facilitates international student recruitment for global higher education institutions. Established in 2011, Crizac partners with education agents and universities worldwide to deliver comprehensive recruitment solutions. Headquartered in Kolkata, India, Crizac also maintains a co-primary operations in the United Kingdom, which contributes approximately 95% of its total revenue.
* The global education market, valued at approximately USD 6 trillion in 2024, is projected to expand to around USD 7.4 trillion by 2030.
* Crizac provides end-to-end student-recruitment services (lead generation, eligibility screening, application processing and post-admission support) through a proprietary cloud platform and runs admission-office and marketing mandates for select universities.
* Crizac’s revenue/EBITDA/PAT grew at a CAGR of 76%/43%/18% between FY23 and FY25, reaching Rs.829/Rs.213/Rs.153 crore.
* In FY25, the company delivered an EBITDA margin of 25% and a PAT margin of 18%, resulting in strong ROE of 30%.
* In fiscal years 2023, 2024, and 2025, Crizac facilitated the processing of 172,939, 262,502, and 275,897 student applications, respectively, while collaborating with over 173 global higher education institutions.
* During FY25, the company had around 10,362 registered agents globally and 3,948 active agents in over 39 countries overseas, including the U.K., Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt, which helps source a large pool of students from diverse backgrounds seeking admission across diverse disciplines in global institutions.
* At the upper price band of Rs.245, Crizac’s FY25 P/E ratio of 28x appears fairly priced. The company has built a strong foothold in the international higher education consultancy sector, supported by enduring partnerships with prestigious global institutions. With strategic plans to expand into the U.S. market and diversify into B2C services, Crizac is well-positioned to drive revenue growth and improve profitability. Therefore, we assign a ‘Subscribe’ rating with a medium- to long-term investment perspective.
Purpose of IPO
The issue is primarily an Offer for Sale (OFS) of up to 3,51,02,040 equity shares totalling Rs.860cr. The objective of the issue is to achieve the benefits of listing the equity shares on the stock exchanges.
Key Risks
* The heavy reliance on the UK market (95% of revenue). However, they are planning to expand presence in the United States.
* A significant portion of revenue (53%) is concentrated among three major global academic institution.
For More Geojit Financial Services Ltd Disclaimer https://www.geojit.com/disclaimer
SEBI Registration Number: INH200000345
