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Ahead of IPO, Crizac raises ₹258 crore from anchor investorsCrizac, a student recruitment solution provider, raised ₹258 crore from anchor investors ahead of its ₹860-crore IPO opening on July 2.By PTI July 1, 2025, 11:23:18 PM IST (Published)2 Min ReadStudent recruitment solution provider Crizac on Tuesday (July 1) said it has collected ₹258 crore from anchor investors ahead of the launch of its initial share sale for public subscription.

ICICI Mutual Fund (MF), Motilal Oswal MF, Bandhan MF, 360 ONE Asset, Axis Max Life Insurance, Kotak Mahindra Life Insurance, Societe Generale, Hong Kong-based PineBridge Investments, Carnelian Capital, and Allianz Global Investors, among others, have been allotted shares in the anchor round.

According to a circular uploaded on the BSE’s website, Crizac allotted more than 1.05 crore equity shares to 19 entities at ₹245 per equity share, aggregating the deal value to ₹258 crore.

The ₹860-crore initial public offering (IPO) will open for public subscription on July 2 and conclude on July 4. The price band has been set at ₹233-245 per share.

The IPO is entirely an offer for sale (OFS) of equity shares worth ₹860 crore by promoters Pinky Agarwal and Manish Agarwal with no fresh issue component, as per the Red Herring Prospectus.

The OFS consists of the sale of equity shares worth ₹723 crore by Pinky Agarwal and ₹137 crore by Manish. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO.

The company, which had proposed to raise ₹1,000 crore in November last year, has trimmed the issue size to ₹860 crore. It did not provide any specific reason for the downward revision in offer size.

Crizac initially filed its preliminary IPO papers with SEBI in March 2024. The regulator had returned the documents in July. Thereafter, the company refiled the papers in November, which were approved by the regulator in March this year.

The Kolkata-based firm is a B2B education platform for agents and global institutions, offering international student recruitment solutions to global institutions of higher education in the UK, Ireland, Canada, Australia and New Zealand.

The company reported a revenue from operations of ₹849.49 crore and a profit after tax of ₹152.93 crore in the full financial year 2025.

The company’s shares will be listed on the BSE and NSE.

Equirus Capital and Anand Rathi Advisors are the book-running lead managers, while MUFG Intime India is the registrar for the IPO.

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