Krystal Integrated Services Rakes in ₹90 Crore Through Anchor Book Before IPO Launch

14 Mar 2024 , 07:05 AM

Krystal Integrated Services, a provider of facilities management services based in Mumbai, successfully raised ₹90.04 Crore through its anchor book, which was launched on March 13, a day ahead of the public issue opening.

The company’s initial public offering (IPO) of ₹300 Crore is set to open for subscription on March 14, with the closing date scheduled for March 18. In its filing to exchanges, Krystal disclosed the allocation of 12,59,265 equity shares to anchor investors at ₹715 per share.

A total of 10 institutional investors, including BofA Securities Europe, ITI Flexi Cap Fund, Quant Business Cycle Fund, and others, participated in the anchor book. Notably, two mutual funds were allocated 3,07,720 shares out of the total anchor allocation.

The IPO comprises a mix of a fresh issue of ₹175 Crore worth of shares and an offer-for-sale (OFS) of 17.5 lakh equity shares worth ₹125.13 Crore at the upper price band. The price band for the public issue has been set at ₹680-715 per share.

Krystal Integrated Services offers a range of services including housekeeping, sanitation, landscaping, electrical and plumbing, pest control, payroll management, private security, and catering. The company plans to utilize ₹100 Crore from the net fresh issue proceeds for working capital requirements, and ₹10 Crore each for debt repayment and purchase of new machinery. Additionally, the remaining fresh issue proceeds will be allocated for general corporate purposes.

The IPO has reserved 50% of its size for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.