Crizac refiles for ₹1,000 crore IPO with SEBI

21 Nov 2024 , 08:50 AM

Crizac, a student recruitment solutions provider, has filed its draft red herring prospectus with SEBI on November 18, 2024, and seeks to raise ₹1,000 Crore through an IPO.

The IPO is an offer-for-sale by the promoters, selling shares held in the company worth ₹841 Crore for sale through the OFS, said Pinky Agarwal. Manish Agarwal is also selling shares worth ₹159 Crore. Since the IPO is an all OFS, the issuing company will not gain any proceeds-all the funds raised in this issue will go to the selling shareholders.

Crizac is a Kolkata-based company offering international student recruitment solutions to educational institutions in countries including UK, Canada, Ireland, Australia, and New Zealand in the B2B education sector.

During fiscal 2022 and September 2024, the platform has processed over 5.95 lakh student applications and partnered with more than 135 global institutions. The company has a network of approximately 7,900 agents globally registered on its technology platform.

Financials for FY24: Profit stood at ₹116 Crore, a growth of 5.2% as against ₹110.1 Crore in FY23. The company witnessed a growth of 93.4% in revenue at ₹530 Crore, compared to ₹274 Crore recorded in FY23.

EBITDA surged 37.2% to ₹143.8 Crore with the margins contracting 1,110 basis points to 27.1%. For the six months ended September 2024, the company reported a profit of ₹61.8 Crore on a revenue of ₹291.2 Crore. The Equirus Capital and Anand Rathi Advisors have been appointed as the merchant bankers for the IPO. This is the second attempt of the company to go for IPO. After its initial draft papers filed in March 2024 got returned by the SEBI in July.