GSP Crop Science Secures Rs 120 Crore via Anchor Investor Subscription, IPO Set to Launch on March 16

GSP Crop Science Raises Rs 120 Crore from Anchor Investors Ahead of IPO

GSP Crop Science, a Gujarat-based agrochemical company, has secured Rs 120 crore from two anchor investors on March 13, a day prior to the IPO opening.

The Rs 400-crore offer, comprising a fresh issue of Rs 240 crore and an offer-for-sale of Rs 160 crore, will be open for public subscription from March 16 to March 18. The price band for the public issue has been fixed at Rs 304–320 per share.

The company has allocated 37.5 lakh shares to anchor investors at the upper price band. Craft Emerging Market Fund PCC, a Mauritius-based investor, is the largest anchor investor, acquiring 25 lakh shares worth Rs 80 crore through two investment vehicles. Shine Star Build Cap is the other anchor investor, acquiring 12.5 lakh shares amounting to Rs 40 crore.

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GSP Crop Science plans to utilize Rs 170 crore of the fresh issue proceeds to repay certain borrowings. The remaining funds will be used for general corporate purposes.

The company has a strong portfolio with 524 registrations across formulations and technicals for agrochemicals, as well as 102 patents and 108 patent applications under process. Equirus Capital and Motilal Oswal Investment Advisors are acting as the merchant bankers for the GSP Crop Science IPO.