GSP Crop Science Ltd Seeks Rs 400 Crore in Initial Share Sale

GSP Crop Science Ltd, a research-focused agrochemical company, has announced the opening of its initial share sale for public subscription on March 16. The company has set a price band of Rs 304-320 per share, valuing the company at Rs 1,489 crore at the higher end.

The initial public offering (IPO) consists of a fresh issue of Rs 240 crore and an Offer For Sale (OFS) of 50 lakh equity shares valued at Rs 160 crore by promoters. The total issue size aggregates to Rs 400 crore. The proceeds from the fresh issue, totaling Rs 170 crore, will be used for debt payment and general corporate purposes.

The company's IPO will conclude on March 18, with bidding for anchor investors taking place on March 13. The stock market debut is scheduled for March 24.

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GSP Crop Science operates four manufacturing facilities in India, with a combined annual installed capacity of 15,120 MTPA for Technicals and 43,672 MTPA for formulations. As of September 30, 2024, the company had secured 507 registrations across formulations and technicals for manufactured agrochemicals, supported by a robust focus on research and development.

The company's revenue from operations stood at Rs 1,152.16 crore in fiscal 2024, with a profit after tax of Rs 61.29 crore. For the six months ended September 30, 2024, revenue from operations stood at Rs 703.46 crore, and profit after tax at Rs 65.87 crore.

The IPO has been reserved for:

• 50% for qualified institutional buyers
• 35% for retail investors
• 15% for non-institutional investors

Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the issue.

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