Latest News | Ahead of IPO, Krystal Integrated Services Collects Rs 90 Crore from Anchor Investors
Get latest articles and stories on Latest News at LatestLY. Facility management and security services provider Krystal Integrated Services on Wednesday said it has mopped up over Rs 90 crore from anchor investors, a day before its initial public offering (IPO).
New Delhi, Mar 13 (PTI) Facility management and security services provider Krystal Integrated Services on Wednesday said it has mopped up over Rs 90 crore from anchor investors, a day before its initial public offering (IPO).
This will be the fifth IPO in the mainboard segment in March, after RK Swamy, JG Chemicals, Gopal Snacks and Popular Vehicles and Services.
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The company has allotted 12.59 lakh equity shares to 10 funds at Rs 715 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.
At this price, the company has garnered Rs 90.03 crore from the anchor investors.
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Those who participated in the anchor round include ITI Mutual Fund (MF), Quant MF, BofA Securities Europe SA, Aegis Investment Fund PCC, Saint Capital Fund, Coeus Global Opportunities Fund, and Negen Capital, among others.
The public issue has a price band of Rs 680-715 a share.
The IPO comprises Rs 175 crore in fresh issue and Rs 125 crore in offer-for-sale by the promoters.
Post-issue, the overall promoter holding led by promoter Pravin Ramesh Lad and his family (Krystal Family Holdings) will come down to close to 70 per cent.
The company will use the net proceeds from the fresh issue towards part 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.
The company reported a revenue of Rs 707 crore and a net income of Rs 39 crore in FY23.
The company began operations in 2000 as a private security staff provider and from 2005 entered the facility management segment.
Around 70 per cent of its facility management business comes from government agencies/departments, including some of the leading airports, the BMC headquarters and many temples.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)