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Krystal Integrated Services IPO is a book-built issue of Rs 300.13 crores. The issue is a combination of a fresh issue of 0.24 crore shares aggregating to Rs 175.00 crores and an offer for sale of 0.18 crore shares aggregating to Rs 125.13 crore.
The IPO opens for subscription on March 14, 2024, and closes on March 18, 2024. The price band for the IPO is set at ₹680 to ₹715 per share and the minimum lot size for an application is 20 Shares
Company Summary
This company is one of India’s leading integrated facilities management services companies, with a focus on healthcare, education, public administration, airports, railways and metro infrastructure, and retail sectors.
Their range of service offerings includes soft services such as housekeeping, sanitation, landscaping, and gardening, hard services such as mechanical, electrical, and plumbing services, solid, liquid, and biomedical waste management, pest control and facade cleaning and other services such as production support, warehouse management and airport management services. They also provide staffing solutions and payroll management to their customers, as well as private security and manned guarding services and catering services.
They provide services to key government customers in the healthcare, education, airport, railways, and metro infrastructure sectors, including Maha Mumbai Metro Operation Corporation Limited and Education Department, Brihanmumbai Municipal Corporation.
As of September 30, 2023, they serviced customers in locations of 16 states and two union territories in India. They have also set up 21 branch offices across India, as of September 30, 2023, to expand their geographical reach.
As of March 31, 2023, the company served 134 hospitals, 224 schools, 2 airports, 4 railway stations, and 10 metro stations. They also offered catering on some trains and the company has 31,881 employees working on-site in various operations.
Company Strengths
They operate on a B2B model hence their wide portfolio of services enables them to design and deliver a range of customized solutions suited to the specific needs of their customers, which bolsters their customer acquisition and retention capabilities.
Their strengths in the market include their ability to provide bespoke solutions for integrated facility management requirements, sourcing from OEMs at competitive prices due to excellent long-term relations, best-in-class products, and adoption of smart technology.
They are led by a well-qualified and experienced management team, which has robust experience in the sectors in which they operate, and which has demonstrated its ability to manage and grow their business
Their revenue from operations, total profit for the year (after tax), and EBITDA grew at a CAGR of 22.54%, 51.17%, and 34.56%, respectively, from Fiscal 2021 to Fiscal 2023. They are also among the league of the fastest growing integrated facility management companies in India, registering a CAGR of 22.5% in terms of revenue growth during Fiscal 2021 – Fiscal 2023.
Company Financials
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 449.83 | 343.47 | 404.39 | 338.47 |
| Revenue | 455.67 | 710.97 | 554.86 | 474.31 |
| Profit After Tax | 20.56 | 38.41 | 26.15 | 16.65 |
| Net Worth | 183.68 | 163.41 | 163.86 | 136.08 |
| Reserves and Surplus | 170.09 | 155.27 | 156.04 | 129.76 |
| Total Borrowing | 103.36 | 47.99 | 72.55 | 65.31 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects
- Repayment/prepayment, in full or part, of certain borrowings availed of by our Company
- Funding working capital requirements of our Company
- Funding capital expenditure for the purchase of new machinery
- General corporate purposes
Promoters of the company
The Promoters of the Company are Prasad Minesh Lad, Neeta Prasad Lad, Saily Prasad Lad, Shubham Prasad Lad (Individual Promoters) and Krystal Family Holdings Private Limited (Corporate Promoter)
IPO details
| IPO Date | March 14, 2024 to March 18, 2024 |
| Listing Date | Thursday, March 21, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹680 to ₹715 per share |
| Lot Size | 20 Shares |
| Total Issue Size | 4,197,552 shares (aggregating up to ₹300.13 Cr) |
| Fresh Issue | 2,447,552 shares (aggregating up to ₹175.00 Cr) |
| Offer for Sale | 1,750,000 shares of ₹10 (aggregating up to ₹125.13 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 20 | ₹14,300 |
| Retail (Max) | 13 | 260 | ₹185,900 |
| Small-HNI(Min) | 14 | 280 | ₹200,200 |
| small-HNI(Max) | 69 | 1380 | ₹986,700 |
| Large-HNI (Min) | 70 | 1400 | ₹1,001,000 |
Allotment Schedule
| Basis of Allotment | Tuesday, March 19, 2024 |
| Initiation of Refunds | Wednesday, March 20, 2024 |
| The credit of Shares to Demat | Wednesday, March 20, 2024 |
| Listing Date | Thursday, March 21, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 18, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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