Crizac files DRHP with SEBI to raise up to ₹1,000 cr
via IPO
Student
recruitment solution provider Crizac has filed preliminary papers with markets
regulator SEBI to raise up to ₹1,000 crore through an initial
public offering (IPO).
The
IPO, with a face value of ₹2 per equity share, is entirely an offer for
sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue
component.
The
OFS consists of the sale of equity shares of up to ₹841 crore by Pinky
Agarwal and up to ₹159 crore by Manish Agarwal.
The
offer is being made through the book-building process, wherein not more than 50
per cent of the net offer shall be available for allocation on a proportionate
basis to qualified institutional buyers, not less than 15 per cent of the net
offer shall be available for allocation to non-institutional investors, and not
less than 35 per cent of the net offer shall be available for allocation to
retail individual investors. The offer includes a reservation for subscription
by eligible employees of the company.
Based
in Kolkata, the company processed more than 3.82 lakh student applications and
collaborated with over 140 global universities.
''We
are already one of the largest student recruitment solutions providers from
India into the United Kingdom with a market share of close to 13 per cent in
terms of the number of students going from India to the UK to pursue higher
education in the year 2023,'' Crizac Limited said in its draft red herring
prospectus (DRHP).
Crizac
Limited's proforma consolidated revenue from operations during the fiscal year
2023 increased 79.47 per cent to ₹472.97 crore. Profit after tax grew
65.50 per cent to ₹112.14 crore for the last fiscal.
www.thehindubusinessline.com.dt.
28.03.2024