IPO Report : Crizac Ltd By Choice Broking Ltd
Salient features of the IPO:
* Crizac Ltd. (Crizac), a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions, is coming up with an IPO to raise around Rs. 860.0cr, which opens on 2 nd Jul and closes on 4 th Jul, 2025. The price band is Rs. 233 - 245 per share.
* This public issue is entirely OFS, thus the company will not receive any proceeds from this public issue.
* Some of the Promoters are participating in the OFS and offloading 3.510cr equity shares. Post-IPO, the P&PG and public shareholders will have 79.94% and 20.06% stake in the company, respectively.
Key competitive strengths:
* One of the providers of international recruitment solutions with significant experience of catering to global institutions • Well entrenched relationship with global network of institutions of higher education across diverse disciplines • Wide ranging network of educational agents for sourcing students for recruitment
* Scalable proprietary technology platform
* Experienced Promoters supported by able professionals with strong domain expertise
Risk and concerns:
* High dependence on key customers
* Reliance on agent network for student acquisition
* Technology platform vulnerabilities and disruptions
* Revenue concentration in the UK market
* Reputational risk from partner institutions
* Competition
Below are the key highlights of the company:
* The global education market, valued at approx. USD 6tn in 2024, is projected to expand to around USD 7.4tn by 2030. This includes the segments of Pre-K, K-12 and Higher education. Higher education stands as one of the largest segment within this education market, which is expected to reach a spending level of USD 2.4tn by 2030, increasing from USD 1.9tn in 2024.
* Total Indian students pursuing higher education abroad totalled around 0.08cr in 2019, increasing to 0.16cr by 2024. The total number of Indian students studying abroad is expected to reach 0.25cr by 2030 growing at a CAGR of 7.8% (2023-2030). US, UK, Australia and Canada are the top destinations Indian students flock to for higher studies.
* Incorporated on Jan 03 rd , 2011, Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom (UK), Canada, Republic of Ireland, Australia and New Zealand (ANZ). It is based in India with co-primary operations in London.
* Crizac also provides services such as marketing, brand management and admission office management to select global institutions. These services ensure that it has a better understanding of the admission requirements of global institutions and creates an awareness about global institutions of higher education amongst agents.
* As of March 31st , 2025, the company sourced applications for enrolment into global institutions from over 75 countries through the agents globally who are registered on the company’s proprietary technology platform. It processed over 7.11 lakh student applications while working with over 173 global institutions of higher education.
* As of FY25, it has around 10,362 registered agents globally who are registered on its proprietary technology platform, of which it had 3,948 active agents (i.e., agents from whom the company has received applications during FY25).
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