Krystal Integrated Services squanders strong start, ends listing day below issue price

Krystal Integrated Services loses momentum on debut day

Krystal Integrated Services wiped out all the gains in the last hour of trade on March 21 to end the listing day lower than the issue price despite a healthy momentum in the market.

The stock started off the session at Rs 785 on the National Stock Exchange, up 9.8 percent from the issue price of Rs 715, better than analysts expectations of 4 percent gains.

It touched an intraday high of Rs 793.80 but began losing the momentum soon after. In the final hour, the stock sank to the day's low of Rs 703 before ending the session at Rs 712.85, down 0.3 percent.

On the BSE, Krystal shares settled at Rs 712.30, down 0.38 percent.

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Krystal is the fifth company, so far, in March to end the listing day below the issue price. RK Swamy, JG Chemicals, Gopal Snacks and Popular Vehicles & Services ended the first day on bourses with losses. Nine of the 21 companies that have listed this year have ended the listing day below the issue price.

The IPO of Mumbai-based facilities management services provider Krystal Integrated Services was subscribed 13.21 times during March 14-18.

Also read: Krystal Integrated Services listing tops estimates. Should you buy, sell, or hold?

The company raised Rs 300.13 crore through the offer, which was of a fresh issue of shares worth Rs 175 crore and an offer-for-sale (OFS) of 17.5 lakh shares worth Rs 125.13 crore. The price band for the offer was Rs 680-715 a share.