The stock of Krystal Integrated Services ended its first of listing at 0.38 per cent lower on Thursday at â¹712.30, against the IPO price of â¹715.
Though the stock of facility management and security services provider listed on positive note at â¹795 (up 11 per cent), it gave most of the gains to hit a low of â¹703.05.. On the NSE, it listed at â¹785, up 9.79 per cent, and closed at â¹713.
The initial public offering of Krystal Integrated Services was subscribed 13.21 times on the last day of bidding on Monday. The â¹300-crore IPO consited of a fresh issue of up to â¹175 crore and an offer for sale of up to 17.50 lakh shares. The price band was â¹680-715.
Krystal Integrated had raised â¹90.04 crore from anchor investors, who included 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.
The company will utilise â¹100 crore from the net proceeds for its working capital requirements, and â¹10 crore each for repaying debts and purchase of new machinery. The balance will be used for general corporate purposes.
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.
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