Student recruitment solution provider Crizac has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 1,000 crore through an initial public offering (IPO).
The IPO is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component. The OFS consists of sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. Equirus Capital and Anand Rathi Advisors are the book-running lead managers to the issue.
The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand.