Sebi Returns Crizac Ltd's IPO Draft, Potential Delay Ahead

Sebi returned student recruitment solution provider Crizac Ltd's draft IPO documents. The Rs 1,000 crore IPO aimed at an Offer For Sale by promoters. The company's international recruitment partnerships span multiple countries and its revenue and profits surged significantly in FY2023. Equirus Capital and Anand Rathi Advisors are managing the issue.

Sebi has returned Crizac Ltd's draft IPO documents, potentially delaying the Kolkata-based firm's plans to raise Rs 1,000 crore.

The entire IPO was an Offer For Sale by promoters Pinky Agarwal and Manish Agarwal, with no fresh issue component. Pinky and Manish planned to sell equity shares worth Rs 841 crore and Rs 159 crore respectively.

The company, which filed its documents with Sebi in April, operates international student recruitment solutions across multiple countries and has seen significant financial growth in FY2023. Equirus Capital and Anand Rathi Advisors are the lead managers for the issue.

(With inputs from agencies.)