GSP Crop Science IPO Subscribed 96% on Day 2, NII Portion Sees Strong Demand
IPO Subscription Status on Day 2
The initial public offering of GSP Crop Science Ltd has been subscribed 96 percent on the second day of bidding on March 17, reflecting steady investor participation across categories.According to NSE data, the IPO received bids for 86,04,622 shares against the total offer size of 89,47,367 shares.
Strong Interest from Non-Institutional Investors
Investor demand remained uneven across segments, with non-institutional investors leading the momentum. The NII category was subscribed 2.33 times, indicating strong participation from high-net-worth individuals.The Qualified Institutional Buyers segment also crossed full subscription, receiving 1.28 times bids. In contrast, the Retail Individual Investors portion saw relatively muted demand, with 20 percent subscription.
Anchor Investment and Issue Size
Ahead of the IPO opening, GSP Crop Science raised Rs 120 crore from anchor investors, strengthening the institutional backing for the issue.The total IPO size stands at Rs 400 crore and is scheduled to close on March 18.
Price Band and Valuation
The company has fixed the price band at Rs 304 to Rs 320 per share. At the upper end, the IPO values GSP Crop Science at approximately Rs 1,489 crore.IPO Structure and Fund Utilisation
The public issue comprises a fresh issue of shares worth Rs 240 crore and an Offer For Sale of 50 lakh equity shares by promoters, amounting to Rs 160 crore at the upper price band.From the fresh issue proceeds, Rs 170 crore will be allocated towards debt repayment, while the remaining funds will be used for general corporate purposes.
Company Overview
GSP Crop Science Ltd is an Ahmedabad-based agrochemical company with over 39 years of experience. The company focuses on research and development and is engaged in manufacturing insecticides, herbicides, fungicides, and plant growth regulators.Lead Managers
Equirus Capital and Motilal Oswal Investment Advisors are managing the public issue.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.