Crizac
- Crizac is coming out with a 100% book building; initial public offering (IPO) of 3,69,09,871 shares of Rs 2 each in a price band Rs 233-245 per equity share.
- Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
- The issue will open for subscription on July 2, 2025 and will close on July 4, 2025.
- The shares will be listed on BSE as well as NSE.
- The face value of the share is Rs 2 and is priced 116.50 times of its face value on the lower side and 122.50 times on the higher side.
- Book running lead managers to the issue are Equirus Capital and Anand Rathi Advisors.
- Compliance Officer for the issue is Kashish Arora.
Profile of the company
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, Canada, Republic of Ireland, Australia and New Zealand (ANZ). Student recruitment solutions from India into the United Kingdom is its strength as a result of its strong relationships built over time with global institutions of higher education in the United Kingdom. For the Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, the company sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform.
The company also works in close collaboration with global institutions of higher education, which has helped it in developing expertise and understanding of their recruitment preferences and develop bespoke strategies that reflect and highlight their unique goals and strengths. This has enabled it to scale its business, and it has grown at a CAGR of 100.18% in terms of increase in its revenue from operations in Fiscal 2015 to its revenue from operations, based on Proforma Consolidated Financial Information, for Fiscal 2025.
It is based in India with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants with extensive experience of the international educational landscape. As of March 31, 2025. The company has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents.
Proceed is being used for:
- Achieving the benefits of listing the Equity Shares on the Stock Exchanges
- Carrying out the Offer for Sale of Equity Shares by the Selling Shareholders
Industry Overview
The overseas education market has experienced significant growth in recent years, driven by several factors. Increasing globalization, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad. Students and parents are increasingly recognizing the value of acquiring a global perspective, accessing world-class educational institutions, and experiencing diverse cultures. The global education market, valued at approximately $6 trillion in 2024, is projected to expand to around $7.4 trillion by 2030. This includes the segments of Pre-K, K-12 and Higher education. Higher education (post K-12 education at universities, colleges etc.) stands as one of the largest segment within this education market, presenting substantial growth prospects. The segment is expected to reach a spending level of $2.4 trillion by 2030, increasing from $1.9 trillion in 2024.
A substantial portion of the global education economy is made up of the money spent on studying abroad. The cost of studying abroad has been steadily increasing over the years, driven by factors such as inflation, currency fluctuations, rising tuition fees at foreign institutions, and increasing living expenses in popular study destinations. The growth in international tertiary education enrolment has been phenomenal. From close to 2 million students travelling each year to study overseas to about 6.7 million in 2023, the growth has been unprecedented. There has been a corresponding increase in direct annual expenditure as well by these students going abroad for higher studies. While the total spend by students abroad was estimated to $200 billion by 2019, the same is estimated to grow to $262 billion by 2023 and $420 billion by 2030 growing at a CAGR of 7% (2023-2030).
While the internationally mobile students have increased by 20% over the last five years (2018 - 2023), yet only 2.56% of the student population in 2022 pursued higher education abroad. The total number of international students pursuing tertiary education abroad is expected to reach 8 million by 2030, which is a 2X over the 2012 value of 4.1 million. In 2019, there were more than 6 million tertiary international mobile students around the world, which is almost 3% of the total number of tertiary students globally. In 2024, there were more than 6.9 million tertiary international mobile students around the world. Total number of international students pursuing higher education abroad is expected to increase to 2X by 2030 (over 2012).
Pros and strengths
One of the providers of international recruitment solutions: The company is a B2B education platform offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). For Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, its sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform. Since commencement of its operations in Fiscal 2011, it has built significant experience in the recruitment solutions for global institutions of higher education, which has enabled it to develop a deep expertise and understanding of the markets and cultures in which it operates, which is demonstrated by it processing over 7.11 lakh student applications while working with over 173 global institutions of higher education during Fiscals 2025, 2024 and 2023.
Well entrenched relationship with global network of institutions of higher education: The company has over the years established long standing relationship with a global network of institutions of higher learning and for Fiscals ended March 31, 2025, March 31, 2024 and March 31, 2023 it worked with over 173 global institutions of higher education predominantly across United Kingdom, Republic of Ireland, Canada and USA. Out of its top 30 global institutions of higher learning, based on its revenue from operations, Fiscal 2025, Fiscal 2024 and Fiscal 2023, it had longstanding relationship of over 5 years with more than 20 global institutions of higher learning.
Wide ranging network of educational agents for sourcing students for recruitment: As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents. It seeks to identify and work with agents whose objectives align with its and foster a collaborative and symbiotic partnership. During Fiscal 2025, it had 3,948 Active Agents in over 39 countries overseas including United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt.
Scalable proprietary technology platform: One of the key features of its service offerings is its strong focus on technology. Its proprietary technology platform facilitates streamlined communication between its around 10,362 Registered Agents globally, who are registered on its proprietary technology platform as on March 31, 2025 the company, and its global institutions of higher education, and provides a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility. Its proprietary technology platform can be accessed by its agents who are the point of contact with the students.
Risks and concerns
Dependent on few global institutions of higher education for its revenue: The company 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, Canada, Republic of Ireland, Australia and New Zealand (ANZ). While revenue from any particular institution of higher education may vary between financial reporting periods depending on the nature and term of on-going contracts, historically, it has been dependent on a limited set of global institutions of higher education for a majority of its revenue from operations.
Revenue is concentrated to certain geographical locations: The company’s source of revenue is concentrated to certain geographical locations. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, it derived 95.12%, 96.13%, and 96.42% of its revenue from operations, based on its Proforma Consolidated Financial Information, from the global institutions of higher educations located in The United Kingdom. Its inability to operate and grow its business in such countries may have an adverse effect on its business, financial condition, result of operation, cash flow and future business prospects.
Heavily dependent on the service of its agents: The company’s business model requires it to establish and maintain a wide network of agents in India and in global markets. As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform and during Fiscal 2025 Fiscal 2024 and Fiscal 2023 it had 3,948, 2,532, and 1,819, active agents respectively (i.e., agents from whom it received applications during the relevant periods (Active Agents) in over 39 countries overseas. It cannot assure that it will be able to maintain a similar proportion of its Active Agents to its Registered Agents. If the proportion of non-Active Agents increases then it may adversely impact its business, results of operations and financial conditions.
Business operations are seasonal in nature: The company operates in the educational consultancy services industry and as a service, it assists in enrolling students to global institutions of higher education. Enrolment into global educational institution is seasonal in nature and typically, enrolments are undertaken during specified intakes. Key intakes which are currently relevant to it occur during the months of January/ February, April/ May and September/ October. As its revenue is generated solely from its educational consultancy service, its revenue during the enrolment season is significantly higher than the rest of the year.
Outlook
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 the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ). The company has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of September 30, 2024, the company had a team of 329 employees and 10 consultants with extensive experience in the international educational landscape. On the concern side, the company is heavily dependent on few global institutions of higher education for its revenue and any loss of such global institutions of higher education may have an adverse impact on its business, results of operations and financial conditions. Also, the company is heavily dependent on the service of its agents and loss of any or all such agents may have an adverse impact on its business, results of operations and financial conditions.
The issue has been offering 3,69,09,871 shares in a price band of Rs 233-245 per equity share. The aggregate size of the offer is around Rs 860.00 crore to Rs 904.29 crore based on lower and upper price band respectively. Minimum application is to be made for 61 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 60.27% from Rs 5,300.52 million in Fiscal 2024 to Rs 8,494.91 million in Fiscal 2025, due to an increase in the revenue from its education consultancy services. Moreover, the company’s profit for the year increased by 29.69% from Rs 1,179.21 million in Fiscal 2024 to Rs 1,529.33 million in Fiscal 2025.
The company will continuously seek to deepen its ties with existing agents and increasing the number of agents who avail of its services. Further, it proposes to augment its network of agents in China. India and China are the top two sources of students going abroad for education and accounting for close to 40% of the total international higher education expenditure. While these countries have the maximum students outbound for studies abroad every year, they also have the maximum students (more than a million) studying abroad across various undergraduate and post graduate courses. Going forward, the company anticipates that augmenting its network in China will lead to greater applications from Chinese students being routed through it, which will in turn have a positive impact on its business and results of operation.
