Krystal Integrated Services IPO subscribed over 13 times, riding on high demand from NIIs

Krystal IPO subscription status: Krystal Integrated Services IPO, a ₹300.13-crore book build issue, received an encouraging response from investors, as the public issue was subscribed more than 13 times on the final day of bidding on Monday, March 19.

The initial public offer (IPO) of Krystal Integrated Services, a facility management services provider, closed for subscription with total bids 3,96,26,200 shares compared to 29,99,448 shares on offer, as per the NSE data.

In the non-institutional investors' (NIIs) category, bids poured in for 2,84,73,560 shares as against 6,48,530 shares on offer for the category. The NIIs’ portion was booked 43.9 times. The qualified institutional buyers (QIBs) applied for 61,42,560 shares against 8,37,682 shares set aside for them, showing a subscription of 7.33 times.

In the retail category, the issue received bids for 50,10,080 shares as against 15,13,236 shares on offer. The retail investors' portion was booked 3.31 times.

The Krystal Integrated Services IPO, which opened for subscription on March 14, comprises a fresh issue of 24 lakh shares worth ₹175 crore and an offer-for-sale (OFS) of 18 lakh shares valued at ₹125.13 crore.

The Krystal Integrated Services IPO share allotment status will be finalised on March 19. Krystal Integrated Services IPO bidders will be able to check IPO allotment status on the registrar's website as well as on the BSE and NSE portals.

Link Intime India Private Ltd is serving as the registrar to the public issue, while Inga Ventures Pvt Ltd is the book-running lead manager.

Krystal Integrated Services will start refunding money to non-allottees from March 20. Successful bidders will be able to receive shares in their Demat account the same day. The shares of the company will be listed on the BSE and NSE on March 21, 2024.

Krystal Integrated Services IPO key details

The public issue comprised 41.97 lakh shares, which included an anchor investor portion of 12.59 lakh shares.

Krystal Integrated Services IPO price band was fixed at ₹680 to ₹715 per share. The minimum lot size for an applicant was 20 shares, requiring a minimum application amount of ₹14,300 from retail buyers. For small non-institutional investors (sNIIs), the minimum lot size was fixed at 14 lots or 280 shares, amounting to ₹2,00,200. For big non-institutional investors (bNIIs), the company fixed the minimum lot size at 70 lots or 1,400 shares, totalling to an investment of ₹10,01,000.

The company will use IPO proceeds to repay or pre-pay certain borrowings and to meet working capital needs. The funds will also be spent on capital expenditure like purchasing new machinery. Besides, the firm will also utilise the money for some general corporate purposes.

About Krystal Integrated Services Limited

Established in 2000, Krystal Integrated Services is a leading player in the facility management services industry. The company provides services like housekeeping, mechanical, sanitation, electrical, plumbing services, production support, landscaping, gardening, waste management, pest control and facade cleaning.

It also has services like warehouse and airport management.

Among other domains, Krystal Integrated Services has a presence in functions like integrated staffing, payroll management, private security, manned guarding and catering services.

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