Krystal Integrated Services Limited IPO Opens today 14th March, 2024

Mr. Prasad Minesh Lad – Promoter, Krystal Integrated Services Limited at the press conference in connection to their Initial public Offer (IPO) - Photo By TGN

MUMBAI, 14 MARCH, 2024 (TGN): Krystal Integrated Services IPO: The initial public offering (IPO) of Krystal Integrated Services Limited has hit the Indian primary market today. The public issue will remain open for bidders till 18th March 2024. The facilities management services company has fixed Krystal Integrated Services IPO price at ₹680 to ₹715 per equity share. 

The company aims to raise ₹300.13 crore from this initial offer out of which ₹175 crore is aimed through the issuance of fresh shares. The book build issue is proposed for listing on BSE and NSE and the tentative Krystal Integrated Services IPO listing date is 21st March 2024. 

Meanwhile, ahead of Krystal Integrated Services IPO subscription opening, shares of the company are available for trade in the grey market. According to the sources, Krystal Integrated Services IPO GMP (grey market premium) today is ₹30 in the grey market.

On day one of bidding just after the Anchor Opening, the public issue was subscribed 0.06 times whereas its retail portion was booked 0.12 times. The NII portion of the book build issue was booked 0.01 times. 

Krystal Integrated Services IPO details: 

Krystal Integrated Services IPO GMP: Shares of the company are available at a premium of ₹30 in the grey market today.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.

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.

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.