Crizac Limited Files DRHP for IPO

Crizac Limited Files DRHP for IPO/Pixabay

VoM News Desk | March 28, 2024 | 08:05 PM IST | Breaking News | Follow on Google News

Crizac Limited Files DRHP for IPO

Crizac Limited Files DRHP for IPO

Crizac Limited, a Kolkata-based student recruitment solution provider, has taken a significant step towards capital raising by submitting a draft red herring prospectus (DRHP) to SEBI for an initial public offering (IPO).

Key Details of the IPO, Offering Proceeds and Allocation

The IPO comprises an offer for sale of equity shares totaling up to ₹1,000 crore by the promoter selling shareholders, with Pinky Agarwal offering up to ₹841 crore worth of equity shares and Manish Agarwal up to ₹159 crore. Additionally, eligible employees have a reserved portion to subscribe. The offering proceeds will be through the book-building method, with up to 50% allocated to qualified institutional buyers, 15% to non-institutional investors, and a minimum of 35% for retail individual investors.

Market Position and Partnerships

Crizac Limited holds a substantial market share, estimated at around 13.0%, in facilitating student recruitment from India to the UK, bolstered by strong partnerships with leading UK universities. In the fiscal year 2023, Crizac Limited witnessed a significant surge in proforma consolidated revenue from operations, marking a remarkable 79.47% increase to ₹472.97 crore. This growth was mainly driven by a rise in revenue from education consultancy services. Additionally, the company’s profit after tax experienced substantial growth, escalating by 65.50% from the previous fiscal year.

VoM News Desk

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