Krystal Integrated Services Limited (Krystal, or KISL) Ceremony: A dream come true for Prasad Lad.
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MUMBAI/ NATIONAL, 22 MARCH, 2024 (GPN): Krystal Integrated Services Limited (Krystal, or KISL) after a successful IPO Launch listed on Thursday, March 21st, in the iconic BSE International Convention Centre. This milestone is a dream come true for socio-entrepreneur Prasad Minesh Lad, his wife Neeta Prasad Lad (chairperson), Sanjay Dighe (CEO), and his ‘family’ of a 50,000 strong KISL workforce.
Prasad Minesh Lad’s entrepreneurial journey began in 2000, ignited by a news article highlighting “India’s booming infrastructure development.” He recognized the need for a skilled workforce to support this infrastructure growth. He aligned his vision with national policies that prioritized job creation, a clean India, and government partnerships.
Today, Krystal is one of India’s leading and fastest-growing integrated facilities management services (IFMS) companies. It is the only player to offer a complete service spectrum, such as city maintenance, production support, warehouse management, staffing services, manned gardens, event management, airport management, hospital management, and soft and hard services. It is aligned with national agenda policies such as Swachch Bharat, Stand Up India, Start Up India, etc., and creates career opportunities for people.
Krystal listing: a dream come true for Prasad Lad
Krystal’s key customers in the healthcare, education, airport, railway, and metro infrastructure sectors include the National Health and Education Society, the Education Department of MCGM Mumbai, PD Hinduja Hospital, the National Cancer Institute, Terna Speciality Hospital and Research Centre, and AAI Cargo Logistics & Allied Services Company. In the private sector, major customers include marquee names such as Phoenix Mall (2 decades), D Mart, and HDFC Bank, among others.
With a wide geographic presence and a longstanding relationship with customers across diverse sectors, Krystal is a key solution provider for the government sector. Its focused business model positions it well to capture favorable industry dynamics, while its large and efficient workforce, coupled with strong recruitment and training capabilities, further solidifies its competitive edge.
Around 70 percent of its facility management business comes from government agencies and departments, including some of the leading airports.
Mrs. Neeta Prasad Lad spoke, “ Today, the long-held dream of the Krystal family from 23 years ago has become a reality with the listing of the Krystal Company’s IPO.We were honored to have Respected Devendra ji, Hon. Prasad Lad Ji, and Hon. Pravin Darekar present on this momentous occasion.I extend my heartfelt congratulations and best wishes to all my colleagues in the Krystal family as we celebrate this joyous moment.I am confident that with the dedication and hard work of everyone in the Krystal family, we will continue to achieve even greater success in the future”.
Mr. Prasad Minesh Lad, spoke, “The Krystal family’s dream came true today! The 23-year wait is finally over, and the facility management company’s IPO has been listed.Krystal Integrated Services Ltd. Company has been listed on the stock market today. Mrs. Neeta, my, and our entire Krystal family’s dream came true”.
Shares of Krystal Integrated Services made a positive start on the exchanges, opening at Rs 795, a premium of 11 percent from the issue price of Rs 715. The listing exceeded analyst expectations of a premium of about 4 percent.
The Rs 300-crore public issue was subscribed 13.21 times, with non-institutional investors providing major support by buying 43.91 times their allotted quota of shares. Qualified institutional buyers picked 7.33 times and retail investors 3.32 times the shares set aside for them.
The Krystal Integrated Services IPO was a mix of fresh issuance of shares worth Rs 175 crore and an offer-for-sale (OFS) of 17.5 lakh shares worth Rs 125.13 crore by promoter Krystal Family Holdings.
Of the funds generated, the company plans to spend Rs 100 crore to meet its working capital requirements. A sum of Rs 10 crore will be used to repay debt and purchase machinery. The remaining is for general corporate purposes.
The Initial Public Offering (IPO) of facility management and security services provider Krystal Integrated Services got subscribed to 13.21 times on the last day of bidding on March 18. The portion for non-institutional investors (HNIs) received a subscription of 43.90 times, while the category for qualified institutional buyers (QIBs) got a subscription of 7.33 times. The Retail Individual Investors (RIIs) part fetched a 3.31-time subscription. Anchor investors include BofA Securities Europe, Aegis Investment Fund, PCC, Saint Capital Fund, Coeus Global Opportunities Fund, ITI Flexi Cap Fund, Quant Fund, Negen Undiscovered Value Fund, Neomile Growth Fund Series I, Zeal Global Opportunities Fund, and NAV Capital VCC NAV Capital Emerging Star Fund.
Inga Ventures is the manager of the offer. Equity shares of the company listed on the BSE and the NSE on Thursday, March 21, 2024.
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