Krystal Integrated Services shares drop below IPO price after listing at 9.7% premium on NSE
Upstox
2 min read • Updated: March 21, 2024, 6:02 PM
Summary
According to experts, Krystal Integrated Services shares slid from listing price due to heavy profit taking in the stock. The stock fell to a low of ₹703.05 per share on NSE, reflecting losses of 10.43% from the listing price of ₹785 apiece. On BSE, Krystal Integrated Services stock dropped 11.56% after listing to touch a low of ₹703.05 per share.
After making a decent debut on stock exchanges on Thursday, shares of Krystal Integrated Services Ltd dropped more than 11% to trade below the issue price.
The stock fell to a low of ₹703.05 per share on NSE, reflecting losses of 10.43% from the listing price of ₹785 apiece. However, the shares recovered some losses to close at ₹713 apiece, down 9.17%.
On BSE, Krystal Integrated Services stock dropped 11.56% after listing to touch a low of ₹703.05 per share. The stock was listed on BSE at ₹795 apiece, nearly 11% higher to its IPO price.
Exchange data showed that more than 74 lakh shares of the company traded on the NSE, amounting to a total traded value of ₹562 crore. On BSE, 71 lakh shares changed hands while the traded value stood at over ₹509 crore.
According to experts, Krystal Integrated Services shares slid from listing price due to heavy profit taking in the stock. Shares of the company listed at higher than expected premium, which prompted big investors to make profits.
According to NSE subscription data, the non-institutional investors category was subscribed a whopping 43.9 times.
Profit taking by large investors was expected after the stock made market debut with around 10% premium on the exchange, experts observed.
The facilities management company launched its initial public offer (IPO) on March 14 to raise around ₹300.13 crore from public investors. The public offer was subscribed more than 13 times at the close of the bidding on March 18. According to exchange data, Krystal Integrated Services Ltd received applications for 3,96,26,200 equity shares compared to 29,99,448 equity shares on offer.
The initial public offering comprised a fresh issue of up to Rs 175 crore and an offer for sale of up to 1,750,000 equity shares worth ₹125 crore. The price band was fixed at ₹680-715 per share.
Krystal Integrated Services is a facility management and security services provider. It started as a security services provider in 2000 and made a foray into the facility management segment in 2005.
Nearly 70% of its facility management business comes from government agencies such as airports, temples and BMC headquarters.