Crizac Limited IPO Halal – Haram ? Full Detail Review
About Crizac Limited IPO
Crizac Limited ipo , originally incorporated as GA Educational Services Private Limited on January 3, 2011, is a B2B ed-tech platform that provides international student recruitment solutions to global institutions of higher education across the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand (ANZ).
The company operates through a proprietary technology platform that connects with a global network of agents. These agents, located in over 75 countries, help source student applications for partner institutions worldwide.
For the six-month period ended September 30, 2024, and the financial years ended March 31, 2022, 2023, and 2024, Crizac sourced student applications from more than 75 countries.
During this period, the company processed over 711,000 (7.11 lakh) student applications and worked with approximately 173 global higher education institutions as of March 31, 2025.
As of September 30, 2024, the company had 7,900 registered agents, with 2,532 actively sourcing applications (1,524 based in India and 1,008 overseas). By March 31, 2025, this number had increased to 10,362 registered agents, including 3,948 active agents (2,237 in India and 1,711 internationally).
The company had a team of 329 employees and 10 consultants as of September 2024, which grew to 368 employees and 12 consultants by March 2025.
Table of Contents
Crizac IPO Details
| IPO Date | 2 July 2025 – 4 July 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹233 to ₹245 per share |
| Lot Size | 61 Shares |
| Sale Type | Offer For Sale |
| Total Issue Size | 3,51,02,040 shares (aggregating up to ₹860.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 17,49,82,500 shares |
| Share Holding Post Issue | 17,49,82,500 shares |
Crizac IPO Timeline
| IPO Open Date | Wed, Jul 2, 2025 |
| IPO Close Date | Fri, Jul 4, 2025 |
| Tentative Allotment | Mon, Jul 7, 2025 |
| Initiation of Refunds | Tue, Jul 8, 2025 |
| Credit of Shares to Demat | Tue, Jul 8, 2025 |
| Tentative Listing Date | Wed, Jul 9, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 4, 2025 |
Crizac Limited Financial Information (Proforma Consolidated)
Crizac Limited’s revenue increased by 16% and profit after tax (PAT) rose by 29% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 879.62 | 592.91 | 304.99 |
| Revenue | 884.78 | 763.44 | 517.85 |
| Profit After Tax | 152.93 | 118.90 | 112.14 |
| EBITDA | 212.82 | 72.64 | 107.29 |
| Net Worth | 505.71 | 341.81 | 221.37 |
| Total Borrowing | 0.08 | 0.08 | 0.08 |
| Amount in ₹ Crore |
Key Performance Indicator (KPI)
The market capitalization of Crizac IPO is ₹4287.07 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
| ROE | 30.24% |
| ROCE | 40.03% |
| RoNW | 30.24% |
| PAT Margin | 17.28% |
| EBITDA Margin | 25.05% |
| Price to Book Value | 8.48 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 8.74 | 8.74 |
| P/E (x) | 28.03 | 28.03 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 that is available in RHP.
| Founded in | 2011 |
| Managing director | Dr. Vikash Agarwal |
| Parent organisation | Crizac Ltd |
| Company website | click here |
Shariah Compliance Declaration: Crizac Limited IPO
Shariah Compliance Status: ❌This IPO is Haram
Important Note:
Mizan Capital currently does not operate its own in-house Shariah Board. Therefore, the Halal classification of this IPO has been guided and verified in collaboration with ZamZam Capital, a respected Shariah advisory platform specializing in Islamic screening of Indian equities and IPOs.
🔗 For further clarification or a formal Shariah opinion, you may contact ZamZam Capital directly via their official website: www.zamzam-capital.com