Krystal Integrated Services’ Rs.300-Cr IPO subscribed 6 times

The initial public offering (IPO) of Mumbai-headquartered Krystal Integrated Services was subscribed 6.19 times. The category reserved for retail investors was subscribed 1.91 times, while those of QIBs (qualified institutional buyers) and NIIs (non-institutional investors) were booked 2.26 times and 21 times, respectively.The issue consists of a fresh equity sale worth INR 175 crore and an offer for sale (OFS) of INR 125 crore. The company had fixed a price band of INR 680-715 per share for its maiden public offer. At the upper end, it planned to raise INR 300 crore. The funds raised will be used for the repayment of debt, for meeting working capital requirements, and for capital expenditure.Krystal offers integrated facilities management services to companies with a focus on healthcare, education, public administration (state government entities, municipal bodies and other government offices), airports, railways and metro infrastructure, and retail sectors. For FY23, the company's revenue from operations rose 28% year-on-year to INR 708 crore. Net profit for the same period jumped 46% to INR 38.4 crore.