IPO Update: Kolkata-based Crizac refiles IPO papers with SEBI | Stock Market News
Source: Live Mint
IPO Update: Kolkata-based Crizac has refiled papers with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO, which has a face value of ₹2 per equity share, is entirely an offer for sale amounting to up to ₹1,000 crore by the selling shareholders who are promoters. The company had initially filed draft red herring prospectus (DRHP) with the market regulator in March, 2024.
Crizac Limited is a B2B education platform that provides international student recruitment solutions for agents and global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).
In the six months ending September 30, 2023, as well as during the last three fiscal years, Crizac Limited facilitated enrollment applications from over 75 countries through its registered agents using its technology platform.
Issue Details
The sale offer includes the sale of equity shares amounting to up to ₹841 crore by Pinky Agarwal and up to ₹159 crore by Manish Agarwal. Additionally, there is a reservation for subscription by eligible employees.
The offer is being conducted through a book-building process, where no more than 50% of the net offer will be allocated to qualified institutional buyers on a proportionate basis. At least 15% of the net offer will be set aside for non-institutional investors, and 35% will be available for retail individual investors.
Link Intime India Private Ltd is the issue’s registrar, while Equirus Capital Private Ltd and Anand Rathi Advisors Ltd are the book-running lead managers.
The company’s pro forma consolidated revenue from operations for the fiscal year 2024 increased by 34.23%, rising to ₹634.87 crore from ₹472.97 crore in the previous year. This growth was primarily driven by an increase in revenue from education consultancy services. Profit after tax also saw an increase, rising from ₹112.14 crore for the fiscal year 2023 to ₹116.84 crore for the fiscal year 2024.
For the six months ending September 30, 2024, the pro forma consolidated revenue from operations was ₹291.23 crore, while profit after tax reached ₹61.76 crore.
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