| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 233 to ₹ 245 | 61 | 02nd Jul, 2025 – 04th Jul, 2025 | ₹860 Cr |
Indogulf Cropsciences Limited IPO
Crizac Ltd. is a B2B education platform that facilitates international student recruitment for higher education institutions worldwide. Founded in 2011, the company is headquartered in Kolkata, West Bengal, with significant operations in London, United Kingdom. Crizac provides comprehensive student recruitment solutions, collaborating closely with global institutions to develop and implement tailored recruitment strategies that align with their objectives. This partnership-driven approach has allowed Crizac to build substantial expertise in institutional preferences and significantly scale its operations. Between FY21 and FY25, the company sourced student applications from over 75 countries through its proprietary technology platform and a globally registered network of agents. During this period, the platform processed over 711,000 student applications in collaboration with more than 173 global higher education institutions. As of March 31, 2025, Crizac had approximately 10,362 registered agents worldwide, with an active network spanning multiple regions, including the United Kingdom, Canada, the Republic of Ireland, Australia, New Zealand, and key emerging markets in Asia and Africa. Crizac has partnered with several prestigious institutions, including the University of Birmingham, the University of Greenwich, the University of West London, Nottingham Trent University, the University of Surrey, and Coventry University, among others. With a strong track record and trusted relationships with these institutions, Crizac has achieved remarkable financial growth, boasting a CAGR of 100.2% in revenue from operations between Fiscal 2015 and Fiscal 2025.
Objective of the Crizac Limited IPO
The company will not receive any proceeds from the issue as the entire issue is comprised of OFS
Rationale To Crizac Limited IPO
Well-entrenched relationship with a global network of institutions of higher
education across diverse disciplines
Over the years, Crizac Ltd. has established long-standing relationships with a global network of higher education institutions. Over the FY21-FY25 period, the company collaborated with over 173 global institutions, primarily located in the United Kingdom, the Republic of Ireland, Canada, and the United States. Initially focused on enrolling students from India, Crizac has successfully expanded its commercial footprint to include international student recruitment through its globally registered agent network. This evolution in sourcing geographies supports Crizac’s positioning as a comprehensive global enrolment solutions provider. In addition to student recruitment, Crizac also offers strategic services, including marketing, brand management, and admission office management, to select global institutions. These value-added services help the company gain deeper insights into each institution’s admission requirements and enable its agent network to better promote institutional offerings. This integrated approach strengthens Crizac’s role as a long-term recruitment partner and enhances retention across the institutional client base.
Scalable proprietary technology platform provides runway for growth
The company possesses a well-established, backward-integrated manufacturing infrastructure, which forms a critical component of its operational efficiency and cost leadership. The company has four ISO 9001:2015 and ISO 14001:2015 certified facilities spread across approximately 20 acres in Jammu & Kashmir and Haryana. The company has integrated both formulation and technical manufacturing capabilities, along with fertilizer production, allowing it to maintain stringent control over product quality and production timelines. Indogulf’s backward integration model enables the in-house manufacturing of key raw materials for select products, significantly reducing reliance on third-party suppliers and import dependencies. This not only minimizes exposure to global supply chain disruptions but also reduces procurement and logistics costs,thereby improving overall operating margins. The backward integration commenced at the Samba facility in November 2006 and later at Nathupur-II in December 2013, marking a long-standing commitment to self-reliance and cost optimization. Notably, captive consumption accounted for 29.5%, 17%, 37%, and 26% of total production in 9MFY25, FY24, FY23, and FY22, respectively, underscoring operational self-sufficiency. The company has also built strong and long-standing relationships with both domestic and international raw material vendors, further ensuring consistent supply, timely delivery, and production continuity. In addition, Indogulf’s facilities are multi-purpose and designed to allow for a high level of flexibility, enabling the manufacture of a diverse range of products across all three verticals. This flexibility enables the modification and customization of product portfolios to meet the evolving needs of customers.
Valuation of Indogulf Cropsciences Limited IPO
Crizac Ltd. is a B2B education platform that facilitates international student recruitment for global higher education institutions. Over the years, the company has established strong and long-standing partnerships with over 173 global institutions in countries such as the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand. The market opportunity ahead is substantial. The total number of Indian students studying abroad is expected to grow to 2.5 million by 2030, expanding at a CAGR of 7.8%. Crizac’s entrenched institutional relationships, scalable tech platform, and globally diversified agent network position it well to capture this secular growth trend in international student mobility. The company has exhibited a strong financial trajectory, with revenue from operations growing at a CAGR of 34.0% between FY23 and FY25, from Rs. 472.97 crore in FY23 to Rs. 849.49 crore in FY25. During the same period, adjusted PAT increased from Rs. 112.1 crores to Rs. 152.9 crores, translating to a CAGR of 16.8%. Crizac continues to operate with robust profitability metrics. In FY25, the company reported an EBITDA of Rs. 212.8 crore, with an EBITDA margin of 25.1%, ROE of 30.4%, and ROCE of 44.5%. Despite some moderation in margins due to scaling up operations, the business remains fundamentally asset-light and cash-generative. As of March 2025, Crizac had 10,362 registered agents from over 75 countries on its proprietary technology platform, enabling it to efficiently source applications for enrollment into global institutions. At the upper band of Crizac’s IPO price – a P/E of 28x on FY25 earnings – appears reasonable, considering its growth momentum, operational scalability, and leadership in UK-bound student recruitment. Given its differentiated B2B positioning and strong financial profile, we recommend a “SUBSCRIBE” rating for this issue.
What is the Crizac Limited IPO?
The initial public offer (IPO) of Crizac Limited offers an early investment opportunity in Crizac Limited. A stock market investor can buy Crizac Limited IPO shares by applying in IPO before Crizac Limited shares get listed at the stock exchanges. An investor could invest in Crizac Ltd IPO for short term listing gain or a long term.
How to apply for the Crizac Limited IPO through StoxBox?
To apply for the Crizac Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Crizac Limited IPO open?
Crizac Limited IPO is opening on 2 Jul 2025. Apply Now
What is the lot size of the Crizac Limited IPO?
The Lot Size of Crizac Limited IPO is 61 equity shares. Login to your account now.
When is the Crizac Ltd allotment date?
The allotment Date for Crizac Limited IPO is 7th Jul 2025. Login to your account now.
When is the Crizac Limited IPO listing date?
The listing Date for Crizac Limited IPO is 9th July 2025. Login to your account now
What is the minimum investment required for the Crizac Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,945. Login to your account now
What is the maximum investment allowed for the Crizac Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,94,285. Login to your account now
What are the risks associated with investing in the Crizac Limited IPO?
Crizac Ltd. is heavily dependent on its global network of registered agents for student recruitment activities. As of March 31, 2025, the company had approximately 10,362 registered agents globally, with 3,948 classified as active agents, i.e., agents from whom applications were received during the fiscal year. A significant portion of the business operations relies on these agents for sourcing and processing student applications through the proprietary technology platform. Any disruption in this agent network, including attrition, non-performance, regulatory restrictions, or inability to onboard new agents promptly, may materially impact the company’s ability to generate student applications and affect operational efficiency.
Crizac Ltd.’s revenue is heavily concentrated in a single geography, the United Kingdom. As per the financial Information, 96.4%, 96.1%, and 95.1% of the company’s revenue from operations for FY23, FY24, and FY25, respectively, was derived from global institutions of higher education located in the UK. This geographic concentration exposes the company to significant external risks, including potential changes in immigration policies, visa regulations, political uncertainty, higher education reforms, and broader macroeconomic developments within the region. Any adverse changes in the UK education or immigration landscape could materially impact Crizac’s revenue visibility, operational stability, and long-term growth prospects. As such, geographic diversification remains a key strategic consideration for sustaining business resilience.
When will the Crizac Limited IPO shares be credited to my Demat account?
The Crizac Limited. IPO be credited to the account on allotment date which is 8th Jul 2025. Login to your account now
Where can I find the Crizac Limited IPO prospectus?
The prospectus of Crizac Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
