GSP Crop Science IPO Sees 65% Subscription on Day 2, QIB, NII Portion Fully Subscribed
GSP Crop Science IPO Update
As of the second day of bidding, the initial public offering (IPO) of GSP Crop Science has received a subscription of 65%. According to data from the NSE, the company received bids for 58.25 lakh shares against the 89.47 lakh shares on offer, up to 12:35 pm.
The subscription trend is as follows:
- QIBs category received 1.28 times subscription
- Non-institutional investors' portion fetched 1 times subscription
- Retail Individual Investors (RIIs) quota attracted only 15% subscription
The company's Rs 400-crore initial share sale will conclude on March 18, with a price band of Rs 304-320 per share, valuing the company at Rs 1,489 crore at the higher end.
Read also: SMR Jewels IPO Successfully Lists with Institutional Support
GSP Crop Science, a research-focused agrochemical company with over 39 years of expertise, aims to raise Rs 170 crore from the IPO, which will be used for debt payment and general corporate purposes.
The allotment of shares is expected by March 20, while the share listing is proposed to take place on March 24.
Investor Takeaway
GSP Crop Science's IPO has seen a 65% subscription on Day 2, indicating strong interest from investors.
More in IPO
SMR Jewels IPO Successfully Lists with Institutional Support
Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO
Merritronix IPO Sees Robust Subscription, Oversubscribed by 293 Times on Final Day
