The initial public offering (IPO) of Crizac, an education platform headquartered in Kolkata, commenced its public subscription on July 2, 2025, with the issue set to conclude on July 4. This maiden IPO aims to raise Rs 860 crore and will see its stock listing on both the BSE and NSE on July 9. The offering is structured as a complete Offer for Sale (OFS) by the company's promoters, meaning the proceeds will not go to the company itself. The shares are priced within a band of Rs 233 to Rs 245 per share, and ahead of the subscription opening, the grey market premium (GMP) was reportedly around 9% above the issue price. Retail investors can apply for a minimum of 61 shares, requiring an investment of Rs 14,945, with applications accepted in multiples thereafter. High-net-worth individuals (HNIs) are required to bid for at least 14 lots, equivalent to 854 shares, which translates to a minimum investment of approximately Rs 2.09 lakh.

Crizac, incorporated in 2011, has established itself as a prominent B2B international education platform. It specializes in offering international student recruitment solutions by connecting global institutions of higher education in key Tier-1 destinations such as the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand with a vast network of student recruitment agents. The company leverages a proprietary technology platform that supports over 10,000 registered agents across more than 75 countries, facilitating the student recruitment process.

The company has demonstrated an impressive financial track record. Its revenue has seen substantial growth, rising from Rs 274 crore in FY23 to Rs 530.1 crore in FY24, and further to Rs 849.5 crore in FY25, reflecting a compound annual growth rate (CAGR) of 76% from FY23 to FY25. Profit after tax (PAT) also increased significantly, from Rs 110 crore in FY23 to Rs 152.9 crore in FY25. During FY25, the company posted net margins of 18%, and its earnings per share (EPS) for FY25 stood at Rs 8.74. Crizac is also notably debt-free and maintains strong cash flows, with free cash flow recorded at Rs 187.5 crore in FY25, indicating a sound balance sheet and robust financial health. At the upper end of its price band, Crizac is valued at a price-to-earnings (P/E) multiple of 28x FY25 earnings and a price-to-book (P/B) of 9x, positioning it comparably to IndiaMART, its only listed peer in the segment.

Market experts and brokerages have offered optimistic views on Crizac's IPO. Zee Business Managing Editor Anil Singhvi recommended subscribing to the issue for potential small listing gains, noting that Crizac's valuations are reasonable, being neither excessively cheap nor expensive. Brokerages are generally optimistic, citing the surging number of Indian students pursuing international education, a market projected to reach 2.5 million outbound students by 2030. Crizac’s focus on Tier-1 destinations and its scalable, tech-driven platform present a unique opportunity in the education facilitation sector. Canara Bank Securities advised subscribing for long-term gains, emphasizing the company’s strong fundamentals, combination of digital platform scale, and disciplined financial performance.

Despite the positives, certain risks are associated with the IPO. As a pure OFS, the company itself will not receive any funds from the offering. There is a notable high dependence on a few global institutions for its business, and changes in visa rules or regulatory tightening in key markets like the UK and Canada pose a significant risk, potentially impacting student mobility and Crizac’s revenue outlook. Furthermore, broader geopolitical tensions could also present a challenge to the company's operations.