GSP Crop Science Shares List at Premium, Gain Over 13% in Early Trade
Stock Debuts Above Issue Price on BSE and NSE
New Delhi, March 24 Shares of agrochemical company GSP Crop Science Ltd made a positive stock market debut on Tuesday, listing at a premium over its issue price of Rs 320.On the BSE, the stock opened at Rs 332.30, marking a gain of 3.84 per cent compared to the issue price. The momentum continued in early trade, with the stock rising further by 13.21 per cent to touch Rs 362.30.
At the NSE, the shares were listed at Rs 328, reflecting a premium of 2.5 per cent.
Market Capitalisation and IPO Details
Following the listing, GSP Crop Science’s market capitalisation stood at Rs 1,535.12 crore.The company’s Rs 400 crore initial public offering saw moderate investor interest, receiving 1.61 times subscription on the final day of bidding last Wednesday.
The IPO was priced in the range of Rs 304 to Rs 320 per share.
Issue Structure and Fund Utilisation
The public issue comprised a fresh issue of shares worth Rs 240 crore along with an Offer For Sale of 50 lakh equity shares valued at Rs 160 crore at the upper price band, taking the total issue size to Rs 400 crore.Out of the fresh issue proceeds, Rs 170 crore is earmarked for debt repayment, while the remaining funds will be used for general corporate purposes.
Company Profile
GSP Crop Science Ltd, based in Ahmedabad, is a research-driven agrochemical company with more than 39 years of experience.The company is engaged in the development and manufacturing of a wide range of products, including insecticides, herbicides, fungicides, and plant growth regulators in India.
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