Krystal Integrated IPO: Mumbai-based company garners ₹90 crore via anchor book ahead of public issue

Mumbai-based Facilities management services provider Krystal Integrated Services announced, on Wednesday, that it has mobilised ₹90.04 crore from anchor investors, a day before its initial public offerings (IPO) opens for subscription.

According to an exchange filing, Krystal Integrated Services allocated 12,59,265 shares at ₹715 per share to 10 anchor investors.

"The IPO Committee of the Company and the Promoter Selling Shareholder at their meetings held on Wednesday, March 13, 2024, in consultation with the Inga Ventures Private Limited (*Book Running Lead Manager") to the Offer, has finalized allocation of 12,59,265 Equity Shares, to Anchor Investors at Anchor Investor allocation price of ₹715 per Equity Share (including share premium of ₹705 per Equity Share)," the company said.

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BofA Securities Europe, ITI Flexi Cap Fund, Quant Business Cycle Fund, Aegis Investment Fund, Saint Capital Fund, Negen Undiscovered Value Fund, Coeus Global Opportunities Fund, NAV Capital and Zeal Global Opportunities Fund were the participants in the anchor book round.

"Out of the total allocation of 12,59,265 equity shares to anchor investors, 3,07,720 shares were allocated to two mutual funds," the company further said in its exchange filing.

About Krystal Integrated Services IPO

The Mumbai-headquartered facilities management services company is strategizing to raise ₹300.13 crore via its Initial Public Offering (IPO), comprising a combination of a fresh issue of shares valued at ₹175 crore and an Offer for Sale (OFS) of 17.5 lakh equity shares worth ₹125.13 crore at the upper price band.

The public issue's price range has been set at ₹680-715 per share.

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Half of the company's public issue size has been earmarked for qualified institutional investors, with 35 percent allocated for retail investors, and the remaining 15 percent designated for non-institutional investors.

Krystal Integrated Services plans to allocate ₹100 crore from the net proceeds of the fresh issue towards fulfilling its working capital needs. Additionally, ₹10 crore each will be directed towards debt repayment and the acquisition of new machinery. The remaining funds from the fresh issue will be earmarked for general corporate purposes.