Kolkata-based Crizac Limited files draft papers with SEBI for ₹1,000 crore IPO
Crizac Limited, a student recruitment solution provider headquartered in Kolkata, has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to initiate the process of raising capital through an initial public offering (IPO).
The IPO comprises an offer for sale of equity shares at a face value of ₹2 each, totaling up to ₹1,000 crore by the promoter selling shareholders.
This offer for sale includes up to ₹841 crore worth of equity shares by Pinky Agarwal and up to ₹159 crore by Manish Agarwal, along with a reserved portion for eligible employees to subscribe.
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The offering proceeds via the book-building method. Within this framework, up to 50% of the net offer is allocated proportionately to qualified institutional buyers, while a minimum of 15% is set aside for non-institutional investors. Additionally, a minimum of 35% of the net offer is earmarked for retail individual investors.
Crizac Limited has forged strong partnerships with leading universities in the United Kingdom and is a key player in facilitating student recruitment from India to the UK. It commands a substantial market share, estimated at around 13.0% based on the number of Indian students pursuing higher education in the UK in 2023, according to a report by F&S referenced in the DRHP.
Equirus Capital Private Limited and Anand Rathi Advisors Limited serve as the book-running lead managers, with Link Intime India Private Limited acting as the registrar for the issue.
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In the fiscal year 2023, Crizac Limited saw a significant surge in its proforma consolidated revenue from operations, marking a remarkable 79.47 per cent increase to ₹472.97 crore from the previous year’s ₹263.53 crore. This notable growth was predominantly attributed to a rise in revenue from education consultancy services. Furthermore, the company’s profit after tax experienced substantial growth, escalating by 65.50 per cent from ₹67.76 crore in the Financial Year 2022 to ₹112.14 crore in the Financial Year 2023.
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Published: 28 Mar 2024, 06:14 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.