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The much-awaited initial public offering (IPO) of Krystal Integrated Services Ltd, one of India top providers of integrated facilities management services, has reached its allotment stage. Investors who participated in the public issue that closed yesterday on March 18, 2024, are eagerly awaiting the allotment of shares, which is set to be announced today, March 19.
The Rs 300.13 crore IPO of Krystal Integrated Services witnessed a robust response from investors across all categories. The issue was subscribed a whopping 13.21 times, with bids received for 3.96 crore equity shares against the 29.99 lakh shares on offer, according to data from the National Stock Exchange (NSE).
The overwhelming response was evident in the subscription figures for each investor category. The Qualified Institutional Buyers (QIB) portion was subscribed 7.33 times, while the Non-Institutional Investors (NII) category was a staggering 43.91 times subscribed. Even the Retail Investors category, typically the bellwether for public interest, saw a subscription of 3.32 times.
With the allotment process set to be completed today, investors can check their allotment status on the websites of the Bombay Stock Exchange (BSE) and the IPO registrar, Link Intime India. Those allotted shares will have them credited to their respective demat accounts, while unsuccessful applicants will receive a refund of their application money on March 20.
The shares of Krystal Integrated Services are slated to make their debut on the BSE and NSE on March 21, subject to the completion of all necessary formalities.
The excitement surrounding the IPO is further fueled by the substantial grey market premium (GMP) associated with the company's shares. According to market observers, the Krystal Integrated Services IPO GMP today stands at Rs 72 per share, indicating that the shares are trading at a premium of Rs 72 over the issue price of Rs 715 in the unofficial grey market.
Based on the GMP and the IPO price, market experts estimate that Krystal Integrated Services shares could list at around Rs 787 apiece, representing a potential premium of 10% over the issue price.
The Krystal Integrated Services IPO comprised a fresh issue of 24 lakh equity shares, aggregating to Rs175 crore, and an offer for sale (OFS) of 18 lakh shares, totaling Rs125.13 crore. The price band for the issue was set at Rs 680 to Rs 715 per share.
Inga Ventures Pvt Ltd acted as the book-running lead manager for the IPO, while Link Intime India Private Ltd served as the registrar.
Krystal Integrated Services Ltd is an engineering services company that provides comprehensive solutions across various industries, including oil and gas petrochemicals and metallurgy. The company's offerings encompass design, engineering, procurement, construction and project management services.
With a strong track record and a diversified client base, Krystal Integrated Services aims to capitalize on the growing demand for engineering services in India and abroad. The IPO proceeds will be utilized for strategic acquisitions, working capital requirements and general corporate purposes.
As investors eagerly await the allotment results and the subsequent listing, the Krystal Integrated Services IPO marks an exciting milestone for the company and the Indian capital markets.
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