Krystal Integrated Services IPO

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 Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Profit After Tax20.5638.4126.1516.65
Net Worth183.68163.41163.86136.08
Reserves and Surplus170.09155.27156.04129.76
Total Borrowing103.3647.9972.5565.31

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 DateMarch 14, 2024 to March 18, 2024
Listing DateThursday, March 21, 2024
Face Value₹10 per share
Price Band₹680 to ₹715 per share
Lot Size20 Shares
Total Issue Size4,197,552 shares (aggregating up to ₹300.13 Cr)
Fresh Issue2,447,552 shares (aggregating up to ₹175.00 Cr)
Offer for Sale1,750,000 shares of ₹10 (aggregating up to ₹125.13 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

Lot Allocation details

Retail (Min)120₹14,300
Retail (Max)13260₹185,900
Large-HNI (Min)701400₹1,001,000

Allotment Schedule

Basis of AllotmentTuesday, March 19, 2024
Initiation of RefundsWednesday, March 20, 2024
The credit of Shares to DematWednesday, March 20, 2024
Listing DateThursday, March 21, 2024
Cut-off time for UPI mandate confirmation5 PM on March 18, 2024

 IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50% of the Net Issue
Retail Shares OfferedNot less than 35% of the Net Issue
NII (HNI) Shares OfferedNot less than 15% of the Net Issue

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