Krystal Integrated Services Ltd, a prominent facilities management services company, has unveiled the pricing details for its forthcoming initial public offering (IPO), scheduled to kick off on March 14.
The IPO, featuring a price band of ₹680-715 per share, is set to open for subscription on March 14, with anchor bidding slated to commence a day earlier on March 13. The subscription window will close on March 18, followed by the basis of allotment on March 19 and the credit of equity shares to dematerialized accounts on March 20. The stock is anticipated to debut on exchanges on March 21.
For the IPO, Krystal Integrated Services has allocated 35% of the net issue for the retail category, 50% for qualified institutional investors, and the remaining 15% for non-institutional investors. The offering comprises a fresh issue of ₹175 Crore and an offer for sale of up to 1.75 million shares. At the upper band price, the total IPO size is estimated to reach ₹300 Crore, resulting in a total market capitalization of approximately ₹1000 Crore.
The company plans to allocate ₹10 Crore from the fresh issue proceeds for debt repayment, another ₹10 Crore for the acquisition of new machinery, and ₹100 Crore for working capital requirements. The remainder of the fresh issue funds will be utilized for general corporate purposes.
Krystal Integrated Services, which operates on a business-to-business (B2B) model, reported a robust 62% year-on-year growth in net profit to ₹33.8 Crore for the financial year ended March FY23. During the same period, revenue from operations surged by 28% to ₹707.6 Crore. Additionally, its EBITDA increased by 31.1% to ₹49.8 Crore, with a margin expansion of 17 basis points at 7.04% year-on-year.
In the first six months of the fiscal year ending September FY24, the company recorded a net profit of ₹20.55 Crore on revenue of ₹451.6 Crore.
Inga Ventures has been appointed as the sole book-running lead manager for the IPO.
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