GSP Crop Science IPO Sees 1.6 Times Subscription on Third Day, Strong Demand in NII Segment

GSP Crop Science IPO Sees Strong Investor Interest

The initial public offering (IPO) of GSP Crop Science has witnessed a sharp rise in investor interest, particularly from institutional participants, during the final day of bidding, resulting in a subscription rate of 1.64 times. The issue, priced in the range of ₹304-320 per equity share, attracted bids for 1.43 crore shares against the 87.50 lakh shares on offer.

Subscription Details

• Qualified Institutional Buyers (QIBs): 2.66 times subscribed
• Non-Institutional Investors (NIIs): 3.14 times subscribed
• Retail Investors: 0.42 times subscribed

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IPO Details

• Issue Size: ₹400 crore
• Fresh Issue: 0.75 crore shares at ₹304-320 per share (aggregating to ₹240 crore)
• Offer for Sale: 0.50 crore shares at ₹304-320 per share (aggregating to ₹160 crore)
• Basis of Allotment: Expected to be finalized on Friday, March 20
• Successful Bidders: Will receive shares in their demat accounts on Monday, March 23
• Refunds for Non-Allottees: Will be processed on Monday, March 23
• Listing Date: Tuesday, March 24 on BSE and NSE

Company Plans

The company plans to use the proceeds from the fresh share sale to the tune of ₹170 crore for the repayment or prepayment of certain outstanding borrowings, with the remaining portion used for general corporate purposes.

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About GSP Crop Science

GSP Crop Science specializes in the development and manufacturing of insecticides, herbicides, fungicides, and plant growth regulators in India, with over 40 years of experience in the agrochemical industry. The company has a presence in over 35 international markets and reported revenue from operations of ₹1,152.16 crore in fiscal 2024, with profit after tax (PAT) surging to ₹61.29 crore in fiscal 2024 from ₹21.55 crore in fiscal 2023.