The initial public offering of Krystal Integrated Services, the Mumbai-based facilities management services provider, saw 36 percent subscription on the first day of bidding, i.e. March 14.
All investors participated in the issue, buying 10.79 lakh equity shares against offer size of 29.99 lakh shares, as per subscription data available with exchanges.
Retail investors bought 0.34 times the allotted quota, and non-institutional investors 0.43 times, while qualified institutional buyers picked 0.33 times the portion set aside for them.
Krystal Integrated Services is planning to raise Rs 300.13 crore through its maiden public issue at the upper end of price band of Rs 680-715 per share.
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The IPO is a mix of fresh issuance of equity 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.
The company that provides several services such as electrical and plumbing services, housekeeping, sanitation, mechanical, pest control, staffing, payroll management, and private security already 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.
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Krystal will utilise Rs 100 crore out of 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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