Student recruitment solution provider Crizac gets Sebi's nod to float Rs 1,000-crore IPO

Student recruitment solution provider Crizac Ltd has received Sebi's go-ahead to garner Rs 1,000 crore through an initial public offering (IPO), an update with the markets regulator showed on Tuesday.

The proposed IPO is entirely an offer for sale by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component, according to the draft red herring prospectus (DRHP).

The OFS consists of sale of equity shares worth Rs 841 crore by Pinky and up to Rs 159 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

Crizac initially filed its preliminary IPO papers with Sebi in March 2024. The regulator had returned the documents in July. Thereafter, the company refiled the papers in November and sought approval to float initial share-sale.

As per the update, an observation letter was issued by Sebi on March 4, 2025.

In Sebi's parlance, obtaining an observation letter means its go-ahead to float the public issue.

The Kolkata-based company offers student recruitment solutions to global institutions of higher education in the UK, Canada, Ireland, Australia and New Zealand.

Over the last three years, Crizac facilitated enrolment applications from over 72 countries through its registered agents on its technology platform. It processed more than 3.82 lakh student applications and collaborated with over 140 global universities.

Crizac's consolidated revenue from operations during fiscal year 2023 jumped 79.5 per cent to Rs 472.97 crore from Rs 263.53 crore in the previous year. Besides, profit after tax grew 65.50 per cent to Rs 112.14 crore from Rs 67.76 crore.

Apart from Crizac, Borana Weaves also received Sebi's observation on March 7 to float the IPO. The preliminary papers were filed in November 2024.