Krystal Integrated Services Ltd. launched its IPO on Thursday to raise up to Rs 300.1 crore.
The public issue was subscribed 0.36 times on the first day. The price range is set at Rs 680 to Rs 715 per share. The three-day IPO ends on Monday.
The IPO comprises a fresh issue worth Rs 175 crore and an offer for sale by the promoters worth Rs 125 crore. The minimum application lot size is 20 shares. The company has raised Rs 90 crore from anchor investors before its issue.
Post the issue, the total shareholding of the promoter led by promoter Prasad Minesh Lad and his family, Krystal Family Holdings, will come down to nearly 70%. Inga Ventures Pvt. is the sole underwriter of the issue.
The proceeds from the new issue will be used to repay its debt of Rs 187 billion, fund working capital requirements of Rs 100 billion and capital expenditure for purchase of new machinery of Rs 10 billion.
Krystal is a facility management services company that started operations in 2000 as a private security guard provider and later entered the facility management segment in 2005. The company's focus is on healthcare, education, public administration, airports, metro infrastructure and railways. The company continues to provide human resources solutions, payroll management and private security.
Approximately 70% of the company's facilities management business comes from government agencies or departments, including some of the leading airports.
The IPO was subscribed at 0.41 times, or 41%, as of 10:24 a.m. Friday.
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Institutional investors: 0.33x or 33%
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Non-institutional investors: 0.48x or 48%.
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Retail investors: 0.42x or 42%.
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