Krystal Integrated Services IPO subscribed 70% on second day of offer

The initial public offer of facility management and security services provider Krystal Integrated Services received 70 per cent subscription on the second of bidding on Friday.

The initial share sale got bids for 21,00,940 shares against 29,99,448 shares on offer, as per NSE data.

The portion for non-institutional investors got subscribed 1.15 times, while the category for Retail Individual Investors (RIIs) received 58 per cent subscription. The quota for Qualified Institutional Buyers (QIBs) fetched 57 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 175 crore and an offer-for-sale of up to 1,750,000 equity shares.

The initial share sale is priced in the range of Rs 680-715 a share.

Krystal Integrated Services has mopped up over Rs 90 crore from anchor investors.

The company began operations in 2000 as a private security staff provider and from 2005 entered the facility management segment.

Around 70 per cent of its facility management business comes from government agencies/departments, including some of the leading airports, the BMC headquarters and many temples.

Inga Ventures is the manager to the offer.

Equity shares of the company will be listed on BSE and NSE.