Crizac, a B2B student recruitment solutions provider, announced on Thursday that it will open its initial public offering (IPO) for subscription on July 2, with the issue closing on July 4. The bidding for anchor investors will be conducted a day earlier, on July 1, the company said in a press statement.

The IPO will comprise a pure offer for sale (OFS) of equity shares aggregating to Rs 860 crore by the company’s promoters, Pinky Agarwal and Manish Agarwal. There is no fresh issue component, and thus, Crizac will not receive any proceeds from the offering, as detailed in its red herring prospectus (RHP) filed earlier this week.

Under the OFS, Pinky Agarwal will offload shares worth Rs 723 crore, while Manish Agarwal will sell shares worth Rs 137 crore. The company has not disclosed the price band for the IPO yet.

Crizac had initially planned to raise Rs 1,000 crore through the IPO as per its November 2023 filing, but later trimmed the size to Rs 860 crore. No specific reasons were provided for the downward revision.

The IPO journey has seen some delays. Crizac first submitted its draft papers to the Securities and Exchange Board of India (SEBI) in March 2024, but the regulator returned the documents in July that year. The company refiled its documents in November, and SEBI gave its final approval in March 2025.

Founded in Kolkata, Crizac operates a business-to-business (B2B) platform that facilitates international student recruitment for global higher education institutions across the UK, Ireland, Canada, Australia, and New Zealand. The company works with a network of registered agents and has processed over 7.11 lakh student applications from more than 75 countries, in collaboration with 173 institutions.

For the full financial year 2025, Crizac reported revenue from operations of Rs 849.49 crore and a net profit of Rs 152.93 crore.

The company’s equity shares are proposed to be listed on both the BSE and NSE. Equirus Capital and Anand Rathi Advisors are acting as the book-running lead managers, while MUFG Intime India is the registrar to the issue.