Crizac shares list at 15% premium over IPO price on BSE, NSE

Shares of Crizac on Wednesday listed with a 14.7% premium over their IPO price. The stock debuted at Rs 281 on the NSE; meanwhile, it listed at Rs 272 on the BSE, gaining 11%.

The IPO of the B2B education platform specializing in international student recruitment was one of the most successful in recent times. The Rs 860 crore offer, which was entirely an OFS, saw an overwhelming subscription of 63 times, underscoring strong demand across investor categories.

The company had priced its IPO in the range of Rs 233 to Rs 245 per share, and the issue was open between July 2 and July 4.


Crizac is one of the few tech-enabled B2B education companies to go public in India. With a vast global network of over 10,000 registered agents and operations spanning the UK, Canada, Ireland, Australia, and New Zealand, the company connects prospective students from more than 75 countries with international universities.

In FY25, it reported total income of Rs 849.5 crore and a net profit of Rs 152.93 crore, delivering a robust EBITDA margin of 25%.

The company's core business model hinges on facilitating student applications through agents, offering universities pre-screened applicants while enabling agents to benefit from a centralized, technology-driven platform. This creates efficiencies in global student recruitment and allows Crizac to earn tiered commissions from institutions.

The IPO was lead-managed by Equirus Capital and Anand Rathi Securities. Given the company’s strong financial track record—revenue has grown at a CAGR of 76% over three years—and minimal debt on books, analysts were bullish on the IPO, while flagging regulatory risks as a key concern, especially in light of visa-related policy changes in countries like Canada and the UK.

With a P/E of 28x and a price-to-book of 9x at the upper end, Crizac’s valuation has been seen as reasonable in comparison to listed peer IndiaMART. A strong debut today could reflect investor conviction in the company’s global growth story, backed by the rising outflow of Indian students pursuing higher education abroad.