Ahead of the issue opening, the GMP is 9% over the issue price.
Incorporated in 2011, Crizac operates a B2B international education platform that connects universities from the UK, Canada, Ireland, Australia, and New Zealand with global student recruitment agents.
It sources student applications from over 75 countries via a proprietary technology platform, leveraging a network of more than 10,000 registered agents.
The company has shown explosive growth, with total income rising from Rs 274 crore in FY23 to Rs 849 crore in FY25 — a CAGR of 76%.
PAT jumped from Rs 110 crore to Rs 152 crore over the same period, with FY25 earnings per share at Rs 8.74 and net margins of 18%. Crizac operates debt-free and has strong cash flows, indicating a healthy balance sheet.At the upper end of the price band, the issue is valued at a P/E of 28x FY25 earnings and P/B of 9x, placing it roughly in line with its only comparable listed peer, IndiaMART, which trades at similar multiples.The lot size for retail investors is 61 shares, requiring a minimum investment of Rs 14,945. High net-worth investors must apply for a minimum of 14 lots (854 shares), translating to Rs 2.09 lakh.
Review: Robust fundamentals meet global growth story
Analysts said Crizac is uniquely positioned to benefit from the sustained outflow of Indian students to foreign universities, a market expected to touch 2.5 million students by 2030. Its B2B model, focus on Tier-1 geographies, and scalable tech infrastructure make it a rare listed play in the international education facilitation space.
However, investors must weigh the regulatory risks. The UK and Canada, Crizac’s largest markets, have recently tightened student visa norms — a trend that could pressure future revenue growth.
“Crizac combines digital platform scale, a rising global education trend, and disciplined financial performance — elements that long-term investors typically prize. Subscribe for long-term gains,” said Canara Bank Securities.
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