Krystal Integrated Shines on Debut, Lists Up to 11%

21 Mar 2024 , 09:52 AM

Krystal Integrated Services, a leading provider of integrated facilities management solutions, made an impressive debut in the market, with its shares listing at a premium of 11%. On the NSE, the shares opened at ₹785, reflecting a 9.79% increase over the issue price of ₹715. Similarly, on the BSE, the shares debuted at ₹795, marking an 11.19% rise.

The company’s ₹ 300-crore public issue witnessed a moderate subscription rate of 13.21 times during the subscription period from March 14 to March 18. Non-institutional investors demonstrated strong interest, subscribing 43.91 times their allotted quota. Qualified institutional buyers subscribed 7.33 times, while retail investors bid 3.32 times the reserved portion.

Krystal Integrated Services offers a comprehensive range of services including housekeeping, sanitation, catering, private security, manned guarding, payroll processing, staffing, electrical, and plumbing. Its focus on integrated facilities management has made it a preferred partner in government projects, contributing over 70% to its total revenue. The company has displayed consistent growth in both revenue and profits across recent reporting periods.

The IPO comprised a combination of fresh shares worth ₹175 Crore and an offer-for-sale (OFS) of 17.5 lakh shares worth ₹125.13 Crore by promoter Krystal Family Holdings. Priced in the range of ₹680-715 per share, the proceeds from the fresh issue will primarily be allocated towards working capital requirements (Rs 100 Crore), debt repayment (₹10 Crore), and purchase of new machinery (₹10 Crore). The remaining funds will be utilized for general corporate purposes.