Krystal Integrated Services IPO Subscribed 13.21 Times On Final Day

Krystal Integrated Services Ltd.'s initial public offering has been subscribed 13.21 times on the third and final day on Monday.

The IPO had seen a tepid response on the second day as investors placed bid for only 70% of the offer. The Rs 300.1-crore public issue was subscribed to 0.36 times on day 1.

The price band was fixed at Rs 680 to Rs 715 per share. The IPO comprised a fresh issue of Rs 175 crore and Rs 125 crore in an offer for sale by the promoters.

The company has raised Rs 90 crore from anchor investors ahead of its issue.

Post-issue, the overall promoter holding led by promoter Prasad Minesh Lad and his family, Krystal Family Holdings, will come down to close to 70%. Inga Ventures Pvt. is the sole book-running lead manager to the issue.

• Issue opens: March 14.

• Issue closes: March 18.

• Total issue size: Rs 300.1 crore.

• Face value: Rs 10 apiece.

• Fixed price band: Rs 680–715 per share.

• Minimum lot size: 20 shares.

• Listing: NSE and BSE.

Proceeds from the fresh issue will be utilised for repayment of its debt of Rs 187 crore, funding working-capital requirements of Rs 100 crore and capital expenditure for purchasing new machinery for Rs 10 crore.

Krystal is a facilities management services company that began operations in 2000 as a private security staff provider and later in 2005, entered the facility management segment. The company focuses on healthcare, education, public administration, airports, metro infrastructure and railways. It continues to provide staffing solution, payroll management and private security.

Around 70% of the company's facility management business comes from government agencies or departments, including some of the leading airports.

The IPO has been subscribed 13.21 times as of 7 p.m. on Monday.

• Institutional investors: 7.33 times.

• Non-institutional investors: 43.91 times.

• Retail investors: 3.32 times.