Shares of Krystal Integrated Services made a positive start on the exchanges, opening at Rs 795, a premium of 11 percent from the issue price of Rs 715. The listing exceeded analyst expectations of a premium of about 4 percent.
The Rs 300-crore public issue was subscribed 13.21 times, with non-institutional investors providing major support by buying 43.91 times their allotted quota of shares. Qualified institutional buyers picked 7.33 times and retail investors 3.32 times the shares set aside for them.
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Krystal Integrated Services provides management solutions, including housekeeping, sanitation, catering, private security, manned guarding, payroll processing, staffing, electrical, and plumbing.
The company’s integrated facilities management services have positioned it as a preferred partner in government projects, which contribute over 70 percent to its revenue.
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The Krystal Integrated Services IPO was a mix of fresh issuance of shares worth Rs 175 crore and an offer-for-sale (OFS) of 17.5 lakh shares worth Rs 125.13 crore by promoter Krystal Family Holdings.
Of the funds generated, the company plans to spend Rs 100 crore to meet its working capital requirements. A sum of Rs 10 crore will be used to repay debt and purchase machinery. The remaining is for general corporate purposes.
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