06-Apr-2024
2 mins read
Crizac IPO is offering a 100% book-built public issue. This upcoming IPO is offering an offer for the sale of up to Rs 1000 Crore of equity shares. The face value is reported as Rs. 2 for each share. This new IPO issue is being made through the book-building process with a reservation of not more than 50% of the new offer reserved for Qualified Institutional Investors, not less than 15% reserved for Non-Institutional Investors and the remaining 35% or more reserved for Retail Individuals. Application for public issue and subscription opening/closing dates and other important dates will be announced soon; however, keep in mind that the public offering is proposed to be listed on the NSE and BSE exchanges.
About the Company
Crizac is one of the leading education platforms offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ). The Company has, over time, built strong relationships with global institutions of higher education in the United Kingdom, and they are one of the largest student recruitment solutions providers from India to the United Kingdom, with a market share of close to 13.0% in terms of the number of students going from India to the UK to pursue higher education in the year 2023. They also work in close collaboration with global institutions of higher education, which has helped us develop expertise and understanding of their recruitment preferences and develop bespoke strategies that reflect and highlight their unique goals and strengths. This has enabled them to scale their business, and they have grown at a CAGR of 81.02% in terms of increase in their revenue from operations in Fiscal 2014 to their revenue from operations, based on Proforma Consolidated Financial Information, for Fiscal 2023.
Also Read | Edelweiss Financial Services NCD: All You Need To Know
Objectives of the Public Offering
The Company will not receive any proceeds of the Offer for Sale by the Selling Shareholders. Each of the Selling Shareholders, i.e. Pinky Agarwal and Manish Agarwal, will be entitled to the respective proportion of the proceeds of the Offer for Sale after deducting their portion of the Offer related expenses and the applicable taxes thereon.
Financials of the Company (Amt in Crores)
The Company reported net revenue of Rs 318.97 Crore, assets worth Rs 232.06 Crore, and profit after tax reported as Rs 110.11 Crore for the FY 22-23. It is clear that the PAT is increased by 66.42% and revenue rose by 158.70%
| Period Ended | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 361.04 | 232.06 | 111.93 | 40.5 |
| Revenue | 225.07 | 318.97 | 123.3 | 29.83 |
| Profit After Tax | 88.59 | 110.11 | 66.16 | 20.04 |
| Net Worth | 310.9 | 10 | 10 | 0.02 |
| Reserves and Surplus | 279.55 | 190.96 | 80.86 | 24.68 |
| Total Borrowing | 0.08 | 0.08 | 0.08 | 0.08 |
Key Performance Indices of Crizac Limited
Key performance indicators of the Company reported a Return on Capital Employed as 67.14%, a Return on Net Worth of 50.06%, a Profit after-tax margin of 34.52% and a Return on Equity as 50.06% for the year ended March 2023. If we look at the EBITDA margin, it is reported as 38.23% for the same FY.
Lead Managers, Registrar & Promoters of Public Offering
The IPO is managed by Equirus Capital Private Limited and Anand Rathi Advisors Limited, which are the book-running lead managers. Link Intime India Private Limited has been appointed as the registrar for the issue, and the promoters of the Crizac Limited are Dr. Vikash Agarwal, Pinky Agarwal, and Manish Agarwal.
Also Read | Kosamattam Finance Limited NCD: What Investors Must Know?