Krystal Integrated Services
Book Building issueMainboard₹300 Cr issue
+11.19%
Listing gain over issue price
Issue size
₹300 Cr
1 lot at cut-off
₹14,300
Lot size
20shares
Open
14 Mar 2024
Close
18 Mar 2024
Allotment
19 Mar 2024
Listing
21 Mar 2024
Listing performance
Issue price
₹715
Listed at
₹795
Listing-day close
₹712.85
Latest price
₹594.70
Close on 23 Oct 2026
Listing gain
+11.19%
Return since issue
-16.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Mar 2024 – 18 Mar 2024
- Listing date
- 21 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹715 per share
- Lot size
- 20 shares
- Issue type
- Book Building issue
- Total issue size
- ₹300 Cr
- Market cap at offer price
- ₹999 Cr
- Promoter holding
- 99.99% → 69.96% pre-issue → post-issue
- ISIN
- INE0QN801017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Inga Ventures Pvt.Ltd.
- Registered office
- Krystal House 15A 17, Shivaji Fort CHS, Duncans Causeway ROAD, 0, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,59,265 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 20 shares per lot, in multiples, at ₹715
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 20 | ₹14,300 |
| Retail (max) | 13 | 260 | ₹1,85,900 |
| S-HNI (min) | 14 | 280 | ₹2,00,200 |
| S-HNI (max) | 69 | 1,380 | ₹9,86,700 |
| B-HNI (min) | 70 | 1,400 | ₹10,01,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
12,59,265
Anchor portion
₹90.04 Cr
at ₹715 per share
Valuation and performance
Valuation at offer price
₹715 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 33.33 | 29.42 |
| P/E (×) | 21.45 | 24.30 |
| Price to book (×) | 4.49 | — |
| Market cap | — | ₹999 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 11.21%
- ROCE
- 16.97%
- Debt / equity
- 0.58
- PAT margin
- 4.56%
- NAV per share
- ₹159.39
- Price to book
- 4.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Krystal Integrated Services
Krystal Integrated Services Limited, incorporated in December 2000 and converted to a public limited company in August 2023, is a comprehensive integrated facility management services provider operating across multiple sectors in India. The company provides soft services (housekeeping, sanitation, landscaping), hard services (mechanical, electrical, plumbing, waste management, pest control), production support, warehouse management, airport management services, private security and manned guarding services, staffing solutions with payroll management, and catering services. As of March 31, 2023, the company served 326 customers at 2,427 customer locations. For Fiscal 2023, the company generated revenue of ₹7,076.36 million, with integrated facility management services contributing 60.38%, staffing and payroll management 25.21%, private security and manned guarding 13.06%, and catering 1.34% of total revenue. Government contracts represent 73.66% of revenue, with significant presence in healthcare (37.65% of revenue) and education (20.55% of revenue) sectors.
Company Analysis
from RHPKrystal Integrated Services Limited is one of India's leading integrated facilities management services companies providing facility management, staffing, private security, and catering services across healthcare, education, government, airports, railways, metro, and retail sectors.
Krystal Integrated Services Limited, incorporated in December 2000 and converted to a public limited company in August 2023, is a comprehensive integrated facility management services provider operating across multiple sectors in India. The company provides soft services (housekeeping, sanitation, landscaping), hard services (mechanical, electrical, plumbing, waste management, pest control), production support, warehouse management, airport management services, private security and manned guarding services, staffing solutions with payroll management, and catering services. As of March 31, 2023, the company served 326 customers at 2,427 customer locations. For Fiscal 2023, the company generated revenue of ₹7,076.36 million, with integrated facility management services contributing 60.38%, staffing and payroll management 25.21%, private security and manned guarding 13.06%, and catering 1.34% of total revenue. Government contracts represent 73.66% of revenue, with significant presence in healthcare (37.65% of revenue) and education (20.55% of revenue) sectors.
Integrated Facility ManagementStaffing and Payroll ManagementPrivate Security and Manned GuardingCateringHealthcareEducationPublic AdministrationAirports, Railways and Metro InfrastructureRetail
Objects of the Issue
- Repayment/prepayment, in full or part, of certain borrowings availed of by our Company ₹100.00 million p.17
- Funding working capital requirements of our Company ₹1,000.00 million p.17
- Funding capital expenditure for purchase of new machinery ₹100.00 million p.17
- General corporate purposes [●] p.17
- Repayment or prepayment of borrowings ₹100.00 million p.57
- Funding working capital requirements ₹1,000 million p.61
- Funding capital expenditure for purchase of new machinery ₹100 million p.64
- General corporate purposes p.64
- Repayment/prepayment, in full or part, of certain borrowings availed of by our Company ₹100.00 million p.111
- Funding working capital requirements of our Company ₹1,000.00 million p.113
- Funding capital expenditure for purchase of new machinery ₹100.00 million p.110
- General corporate purposes [●] p.118
- Funding working capital requirements of the Company in Fiscals 2024 and 2025 ₹1,000 million p.331
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹ 1,750 million
- Offer for Sale
- Up to 1,750,000 Equity Shares aggregating up to ₹ [●] million by Krystal Family Holdings Private Limited (Promoter Selling Shareholder)
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily through service contracts with government entities (73.66% of revenue) and private customers across multiple sectors. Revenue is generated from integrated facility management services (soft and hard services), staffing and payroll management services, private security and manned guarding services, and catering services. The company typically enters into short-term work orders/contracts for one-year periods, with longer-term contracts not exceeding three years. Government contracts are awarded through competitive bidding process.
Business Segments
Provides soft services such as housekeeping, sanitation, landscaping and gardening, hard services such as mechanical, electrical and plumbing services, solid, liquid and biomedical waste management, pest control, façade cleaning and other services such as production support, warehouse management and airport management services (including multi-level parking and airport traffic management)
Provides staffing solutions and payroll management services
Provides private security and manned guarding services to customers
Provides catering services
Provides integrated facility management services including facility maintenance and management
Provides private security and manned guarding services
Provides staffing solutions services
Includes Housekeeping/Cleaning/Janitorial, Disinfection & Sanitation, and Landscaping & Gardening services. More than one or all the services are combined in a Soft Services contract
Pest Control Services, Mechanical, Electrical, Plumbing Maintenance Services, Heating, Ventilation & Air-conditioning Services, Façade Cleaning, and City Maintenance Services
This includes Catering, Production Support Services, Warehouse Management, Airport Management for Multi-level Parking and Airport Traffic Services
Provides soft services (housekeeping, sanitation, landscaping and gardening), hard services (mechanical, electrical and plumbing, waste management, pest control, façade cleaning), and other services (production support, warehouse management, airport management services including multi-level parking and airport traffic management)
Provides recruitment, payroll, and human resource services including skilled, semi-skilled and unskilled manpower to customers
Provides security solutions including access control, surveillance, emergency services and patrols
Provides catering services through subsidiary Krystal Gourmet including full range food and beverage services, breakfast, lunch, dinners and traditional snack items to educational institutions and hospitals
Provides housekeeping, cleaning, facility management, and mall management services including high-level mechanized glass cleaning, hotel maintenance, floor maintenance, and related facility services to corporate customers and institutions
Provides manpower supply and payroll management services
Provides private security services and manned guarding personnel
Provides catering services
Provides soft services such as housekeeping, sanitation, landscaping and gardening, hard services such as mechanical, electrical and plumbing services, solid, liquid and biomedical waste management, pest control and façade cleaning services. As of September 30, 2023, served 98 customers.
Provides skilled, semi-skilled and unskilled manpower to customers as per their requirements. As of September 30, 2023, served 124 customers with 11,566 on-site employees.
Provides security solutions including access control, surveillance, emergency services and patrols. As of September 30, 2023, served 96 customers with 5,890 on-site employees.
Provides catering services from central kitchen. As of September 30, 2023, served 52 customers with 108 on-site employees.
SWOT Analysis
Strengths
- • Leading position in integrated facilities management with wide geographic presence and customer base(p.16)
- • Diversified service portfolio across multiple business verticals(p.16)
- • Significant customer base across multiple sectors and locations(p.16)
- • Comprehensive range of integrated facility management services across multiple sectors(p.197)
- • Strong track record of executing large, multi-location government projects(p.197)
- • High revenue concentration from government sector with growth trajectory(p.197)
- • Strong CAGR revenue growth and profitability improvements(p.197)
- • Wide geographic presence spanning multiple states with efficient workforce(p.203)
- • Excellent adoption of smart technology and quality management certifications(p.197)
- • Strong customer retention with long-term relationships exceeding 10 years(p.205)
- • Rapid revenue growth among fastest growing IFM companies in India(p.197)
- • Diversified service portfolio across four business verticals(p.226)
- • Established training infrastructure with dedicated academy(p.216)
- • Multiple ISO certifications demonstrating quality and compliance standards(p.216)
- • Advanced digital technology implementation for operational efficiency(p.217)
- • Experienced leadership with military and organizational background(p.216)
Weaknesses
- • High concentration of revenue from limited number of customers(p.34)
- • Largest customer contract expiry and renewal uncertainty(p.35)
- • High concentration of revenue from a few geographical regions(p.38)
- • High employee attrition in certain segments affecting service delivery(p.43)
- • High proportion of fixed employee benefit costs relative to revenue(p.44)
- • Outstanding statutory dues and regulatory compliance issues(p.46)
- • Low success rate in government tender bids(p.37)
- • Large outstanding contingent liabilities and disputed tax demands(p.19)
- • Delayed payment of statutory dues including EPF and ESI(p.57)
- • High trade receivables concentration and aging(p.50)
- • Significant reliance on government customers creating revenue concentration(p.56)
- • Trademark dependence on individual promoter(p.56)
- • Negative cash flow from operations in recent period(p.50)
- • High attrition rates impacting workforce stability(p.54)
- • Outstanding contingent liabilities from tax authorities and EPF(p.65)
- • Lease deed expiration and renewal risks(p.66)
- • High customer concentration with largest customer representing significant revenue(p.203)
- • Top 10 customers account for majority of revenue creating concentration risk(p.203)
- • High attrition rates particularly in Fiscal 2022(p.207)
- • Modest EBITDA margins declining from peak levels(p.208)
- • Heavy dependence on manpower-intensive operations with inherent cost pressures(p.207)
- • Low government contract renewal success rate in recent period(p.215)
- • Dependence on non-owned trademark creates IP vulnerability(p.217)
- • Leasehold properties create operational continuity risk(p.218)
- • Insurance coverage may not adequately protect against all hazards(p.217)
- • Significant guarantees from promoters indicating leverage concerns(p.231)
- • Significant statutory dues pending in multiple tax disputes(p.286)
- • Material contingent liabilities including income tax and PF disputes(p.286)
- • High working capital intensity with significant receivables buildup(p.289)
- • Dependence on manpower services with catering segment showing losses(p.313)
- • Multiple ongoing material litigations affecting operations and cash flows(p.374)
- • Significant tax proceedings with material exposure(p.376)
- • High outstanding trade payables relative to scale(p.377)
- • Material creditor concentration risk(p.377)
- • Dependence on pending operational licenses across multiple geographies(p.379)
- • Employee-related labor disputes and potential wage liability(p.374)
Opportunities
- • High growth potential in outsourced integrated facility management market(p.16)
- • Significant growth opportunity in staffing and payroll management services(p.16)
- • Strong growth potential in private security and manned guarding services(p.16)
- • Healthcare infrastructure investments driving demand(p.41)
- • Government initiatives supporting education sector infrastructure and facility management demand(p.41)
- • Increasing manpower demand in government sector staffing services(p.41)
- • High growth potential in government sector outsourcing(p.199)
- • Expansion of healthcare infrastructure creating outsourcing demand(p.199)
- • Growth in airport privatization and management opportunities(p.207)
- • Expansion in railway and metro infrastructure requiring maintenance services(p.199)
- • Government education initiatives driving facility management demand(p.199)
- • Manufacturing sector growth through SEZ and Make-in-India initiatives(p.206)
- • Expansion of staffing and payroll management services market(p.199)
- • Strong growth potential in manned guarding and private security services(p.199)
- • Large fragmented market with consolidation potential in facility management(p.218)
- • Significant growth in organised segment of security services market(p.218)
- • Expansion through government sector services contracts(p.216)
- • Growing customer base demonstrating market acceptance(p.226)
Threats
- • High dependence on government contracts subject to competitive bidding(p.35)
- • Operational risks inherent in service delivery across diverse environments(p.40)
- • Risks from handling chemicals and hazardous materials(p.40)
- • Uncertainty in sector growth prospects(p.41)
- • Risk from inability to perform comprehensive background verification on personnel(p.45)
- • Market competition and pricing pressure from competitors(p.44)
- • Risk of cost increases inability to pass to customers(p.44)
- • Regulatory compliance risks and labour law complexities(p.42)
- • Intense competition with low market entry barriers(p.54)
- • Customer contract termination without penalty(p.50)
- • Dependence on vendor supply and equipment price volatility(p.51)
- • Government spending and outsourcing policy risks(p.57)
- • Regulatory and compliance risks including PSARA license renewal(p.53)
- • Interest rate and inflation pressures(p.73)
- • Economic downturn impact on business activity(p.70)
- • Health epidemics and pandemics disruption risk(p.63)
- • Highly fragmented and competitive integrated facility management market(p.158)
- • Government contract renewal subject to competitive bidding and expiry(p.202)
- • Intense competition and consolidation pressures in organized segment(p.159)
- • Rising wage costs and labor inflation impacting margins(p.156)
- • Manpower shortage and skill gaps in workforce(p.190)
- • High attrition and retention challenges in workforce(p.191)
- • Regulatory and compliance challenges in government contracts(p.191)
- • Risk of economic cycles affecting private sector demand(p.202)
- • Highly competitive market with dominant tier-1 players(p.218)
- • Extreme market fragmentation in private security with 20,000+ competitors(p.218)
- • Extensive regulatory compliance requirements in multiple jurisdictions(p.221)
- • Mandatory licensing and compliance under PSARA with cancellation risk(p.219)
- • Complex labour code compliance affecting operations(p.219)
- • High leverage and reliance on short-term borrowings(p.293)
- • Exposure to interest rate fluctuations on variable-rate debt(p.311)
- • Concentration of revenue in manpower and facility management services(p.304)
- • Regulatory uncertainty regarding license renewals and new compliance requirements(p.379)
- • Government contract bid disputes and tender rejection risks(p.374)
- • Dependency on government/public sector customers with payment delays(p.375)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prasad Minesh Lad | Individual Promoter | — | — |
| Neeta Prasad Lad | Individual Promoter | Negligible (2 shares on fully diluted basis) | — |
| Saily Prasad Lad | Individual Promoter | Negligible (2 shares on fully diluted basis) | — |
| Shubham Prasad Lad | Individual Promoter | Negligible (2 shares on fully diluted basis) | — |
| Krystal Family Holdings Private Limited | Promoter/Promoter Selling Shareholder | 99.99% (11,524,388 shares on fully diluted basis) | [●]% |
| Krystal Family Holdings Private Limited | Corporate Promoter | 99.99% | — |
| Prasad Minesh Lad | Individual Promoter | — | — |
| Neeta Prasad Lad | Promoter | — | — |
| Prasad Minesh Lad | Promoter | — | [●] |
| Neeta Prasad Lad | Promoter | Negligible | [●] |
| Shubham Prasad Lad | Promoter | Negligible | [●] |
| Saily Prasad Lad | Promoter | Negligible | [●] |
| Krystal Family Holdings Private Limited | Promoter/Promoter Selling Shareholder | 99.99% | [●] |
| Prasad Minesh Lad | Individual Promoter | — | — |
| Neeta Prasad Lad | Individual Promoter | — | — |
| Saily Prasad Lad | Individual Promoter | — | — |
| Shubham Prasad Lad | Individual Promoter | — | — |
| Krystal Family Holdings Private Limited | Corporate Promoter | — | — |
| Krystal Family Holding Private Limited | Promoter | 100% | — |
| Prasad Minesh Lad | Promoter | — | — |
| Neeta Prasad Lad | Promoter | — | — |
| Shubham Prasad Lad | Promoter | — | — |
| Krystal Family Holdings Private Limited | Promoter Group | — | — |
| Saily Prasad Lad | Promoter Group | — | — |
Leadership
Neeta Prasad Lad · Chairperson and Managing Director
Sanjay Suryakant Dighe · CEO
Barun Dey · CFO
Stuti Maru · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Krystal Integrated Services IPO FAQs
What is the lot size of Krystal Integrated Services IPO?
The minimum lot size of Krystal Integrated Services IPO is 20 shares. One lot costs ₹14,300 at the cut-off price.
When does Krystal Integrated Services IPO open and close?
Krystal Integrated Services IPO opened for subscription on 14 Mar 2024 and closed on 18 Mar 2024.
What is the listing date of Krystal Integrated Services IPO?
Krystal Integrated Services IPO listed on 21 Mar 2024.