Krystal Integrated Services listing: Shares list at a premium of 9.7% to IPO price on NSE
Upstox
2 min read • Updated: March 21, 2024, 10:52 AM
Summary
Krystal Integrated Services IPO, which listed at a premium of 9.7% on the NSE, was a mix of fresh issuance of 24,00,000 lakh equity shares worth ₹175 crore and an offer for sale (OFS) of 17.5 lakh shares amounting to ₹125.13 crore.
Krystal Integrated Services shares debuted with moderate gains on Thursday. The stock opened at a premium of 9.79% at ₹785 against the issue price of ₹715 per share on the NSE. On the BSE, shares of the facilities management services provider listed at ₹795, up 11.1%.
At 10:23, Krystal Integrated Services was trading at ₹763.80, with an intra-day high of 793.80 on the NSE. Similarly, the stock was at 762.80 on the BSE.
The ₹300 crore IPO was subscribed 13.21 times from March 14 to March 18, with qualified institutional buyers (QIB) bidding 7.33 times the portion set aside for them. Non-institutional investors (NIIs) picked 43.91 times the reserved portion, while the retail investors bid 3.32 times the allotted quota.
The public issue, which had a price band of ₹680 to ₹715, was a mix of fresh issuance of 24,00,000 lakh equity shares worth ₹175 crore and an offer for sale (OFS) of 17.5 lakh shares amounting to ₹125.13 crore.
The company will use funds generated to meet its working capital requirements. It will also be used to repay debts, purchase new machinery, and for general corporate purposes.
Krystal Integrated Services is a leading facilities management service provider for education, healthcare, public administration, airports, railroads and metro infrastructure. Its services include housekeeping, catering, sanitation, security, staffing, payroll processing, and electrical and plumbing.
As of September 30, 2023, Krystal Integrated Services has provided services to 135 hospitals, 228 schools and colleges, 1 airport, 4 railway stations, and 30 metro stations. Some of the company's customers include Maha Mumbai Metro Operation Corporation Limited and the Education Department of Brihanmumbai Municipal Corporation.
During the financial year 2022-23, the company's consolidated net profit grew by 47% to ₹38.4 crore, and revenue from operations increased by 28% to ₹707.6 crore compared to the previous year.
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