Business

IEE DIGITAL DESK: The Securities and Exchange Board of India (SEBI) has returned draft Initial Public Offering (IPO) documents submitted by Crizac, a recruitment solutions provider. This marks a significant development for Crizac, which had been preparing for a public listing to raise capital and expand its market presence.

SEBI's move to return the documents indicates that the regulator has sought further clarifications or modifications before allowing the IPO to proceed. Although the specifics of SEBI's concerns have not been disclosed, such actions typically involve issues related to disclosures, financial statements, or compliance with regulatory norms.

Crizac, known for its innovative recruitment solutions and strong market position, aims to leverage the IPO to enhance its technological capabilities and expand its service offerings. The company is expected to address SEBI's feedback promptly and resubmit the revised documents to stay on track with its public listing plans.

This development is being closely watched by market analysts and potential investors, as Crizac's IPO is anticipated to attract significant interest due to the company's robust growth prospects in the recruitment industry. The outcome of SEBI's review will be crucial in determining the timeline and success of Crizac's public offering.

Sebi has returned the draft documents of student recruitment solution provider Crizac Ltd, which was looking to float Rs 1,000 crore Initial Public Offering (IPO), an update with the markets regulator showed on Monday. The move might delay the Kolkata-based company's initial share-sale.

Sebi has returned the draft documents of student recruitment solution provider Crizac Ltd, which was looking to float Rs 1,000 crore Initial Public Offering (IPO), an update with the markets regulator showed on Monday. The move might delay the Kolkata-based company's initial share-sale.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.