Krystal Integrated Services IPO: Subscription details on Day 2

15 Mar 2024 , 11:47 AM

Krystal Integrated Services IPO subscription opened on March 14 and closes on March 18. The company is a leading provider of integrated facilities management services in India, focusing on various sectors including public administration, healthcare, education, airports, rail, and retail industries.

At the time of writing, on day 2, The retail portion of the offer was subscribed at 0.45 times, while Non-Institutional Investors (NIIs) subscribed 0.58 times. The QIB category is subscribed 0.33 times.

IPO comprises a fresh issue of ₹175 Crore and an offer-for-sale (OFS) by the selling shareholder, Krystal Family Holdings Private Limited.

The IPO proceeds will be utilized for various purposes including working capital, capital expenditure, and general corporate purposes.

Tentatively, the basis of allotment will be finalized on March 19, with refunds initiated on March 20. Shares are expected to be credited to allottees’ demat accounts on the same day, and listing on BSE and NSE is targeted for March 21.

By March 31, 2023, Krystal Integrated Services had a significant client base, extensive geographical coverage, and served various end-user segments.

The company specializes in providing staffing, payroll management, private security, manned guarding, and catering services.

As of March 31, 2023, the company’s client portfolio included 134 hospitals, 224 schools, 2 airports, 4 railway stations, and 10 metro stations. Additionally, they provided catering services on select trains.

Over the years, the company has witnessed a steady increase in its clientele. In 2021, they served 262 customers, which grew to 277 in 2022, and further expanded to 326 customers in 2023.

The company’s promoters include Prasad Minesh Lad, Neeta Prasad Lad, Saily Prasad Lad, Shubham Prasad Lad, and Krystal Family Holdings Private Limited.

Between March 31, 2022, and March 31, 2023, the company’s profit after tax (PAT) increased by 46.89% while revenue rose by 28.13%.

The price band for Krystal Integrated Services IPO is set at ₹680 to ₹715 per share. The minimum lot size for an application is 20 shares, requiring a minimum investment of ₹14,300 for retail investors. For sNII, the minimum lot size investment is 14 lots (280 shares), totaling ₹200,200, while for bNII, it is 70 lots (1,400 shares), amounting to ₹1,001,000.

Inga Ventures Pvt Ltd is serving as the book running lead manager of the Krystal Integrated Services IPO, while Link Intime India Private Ltd has been appointed as the registrar for the issue.

 

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