Krystal Integrated Services IPO subscribed 70% on day 2

Krystal Integrated Services IPO: Inga Ventures is the book-running lead manager for the issue

Mumbai-based facilities management services provider Krystal Integrated Services IPO was subscribed 70 percent on  March 14, the second day of bidding.

The issue received interest from all sorts of participants with retail investors buying 58 percent of the allotted quota, and non-institutional investors 1.15 times, while qualified institutional buyers picked 57 percent of the portion set aside for them.

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Krystal Integrated Services plans to raise Rs 300.13 crore through its maiden public issue at the upper end of the price band of Rs 680-715 per share. The IPO is a mix of fresh issuance of 24.47 lakh 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.

Krystal will utilise Rs 100 crore from the fresh issue proceeds for its working capital requirements. Further, Rs 10 crore each will be used for repaying debts, and purchase of new machinery; and the remaining fresh issue money will be kept for general corporate purposes.

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The company which provides several services such as electrical and plumbing services, housekeeping, sanitation, mechanical, pest control, staffing, payroll management, and private security mobilised Rs 90.04 crore from 10 institutional investors including Quant Business Cycle Fund, Aegis Investment Fund, BofA Securities Europe, Saint Capital Fund, and ITI Flexi Cap Fund ahead of the IPO.

Inga Ventures is the book-running lead manager of the Krystal Integrated Services IPO, while Link Intime India is the registrar.