Krystal Integrated Services Shares End At 0.3% Discount To IPO Price

Shares of Krystal Integrated Services Ltd. ended on Thursday at Rs 713 apiece on the BSE, a discount of 0.28% to the IPO price of Rs 715 apiece.

On the National Stock Exchange, the stock ended at Rs 713 per share, a 0.27% discount.

The shares were listed at Rs 795 apiece on the BSE, a premium of 11.19%; and on the National Stock Exchange, the stock debuted at Rs 785 per share.

The Rs 300.1-crore initial public offering was subscribed 13.21 times on the third and final day. The public offer comprised a fresh issue of Rs 175 crore and Rs 125 crore in an offer for sale by the promoters. The price band was fixed at Rs 680-715 per share.

Maharashtra Deputy Chief Minister Devendra Fadnavis participated in the listing of the company at the BSE International Convention Hall by ringing the ceremonial bell.

Post-issue, the overall promoter holding led by promoter, Prasad Minesh Lad, member of the Maharashtra Legislative Council, and his family, Krystal Family Holdings, has come down to close to 70%.

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.

The contract in the government sector has grown about 10.6% since 2018 and is expected to grow around 16% to 2028, Chief Executive Officer Sanjay Dighe told NDTV Profit. "We will look to continue to look at that sector as well as that is where the growth is."

Along with the government contract, the company is also focused on the corporate sector, Dighe said. "Thanks to the initiatives like Make in India, the overall corporate sector is also going about 10%."

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