GSP Crop Science IPO: Price Band and Launch Details

GSP Crop Science Sets IPO Price Band at ₹304–₹320, Issue Opens March 16​

Agrochemical manufacturer GSP Crop Science has announced the price band for its upcoming initial public offering (IPO), which will open for subscription on Sunday, March 16, and close on Tuesday, March 18.

The company has set the price band at ₹304 to ₹320 per equity share, with investors able to bid for a minimum lot of 46 shares and in multiples thereafter.

IPO Size and Structure​

At the upper end of the price band, GSP Crop Science aims to raise ₹400 crore through the IPO.

The issue consists of two components:

• Fresh issue of shares worth ₹240 crore
• Offer for sale (OFS) of 50 lakh equity shares

Under the OFS portion, promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust will sell part of their holdings.

Based on the upper price band, the company is expected to have a post-listing market capitalisation of ₹1,488.6 crore.

Anchor Investment and Allotment Structure​

The company plans to raise funds from anchor investors on March 13 ahead of the public issue.

The IPO allocation has been structured as follows:

• 50% reserved for Qualified Institutional Buyers (QIBs)
• 15% for Non-Institutional Investors (NIIs)
• 35% for Retail Investors

The basis of allotment is expected to be finalised on March 20, while the shares are scheduled to list on the BSE and the National Stock Exchange on March 24.

Changes from Draft Prospectus​

GSP Crop Science had filed its draft red herring prospectus in November 2024 and received approval from the Securities and Exchange Board of India in the last week of March 2025.

Under regulatory rules, companies must launch their IPO within one year of receiving SEBI observations, with the approval validity set to expire later this month.

Compared with the earlier draft prospectus:

• Fresh issue size has been reduced to ₹240 crore from ₹280 crore
• Offer for sale has been reduced to 50 lakh shares from 60 lakh shares

Use of IPO Proceeds​

The company plans to use ₹170 crore from the fresh issue proceeds to repay debt, while the remaining funds will be allocated toward general corporate purposes.

As of December 2025, GSP Crop Science reported total outstanding borrowings of ₹478.8 crore, including ₹282.7 crore in fund-based borrowings.

Business Overview and Patent Portfolio​

GSP Crop Science operates in the agrochemical sector, manufacturing products such as:

• Insecticides
• Herbicides
• Fungicides
• Plant growth regulators

As of September 2025, the company had:

• 524 registrations across agrochemical formulations and technicals
• 102 granted patents
• 108 patent applications under process

Industry Competition​

The company operates in a competitive agrochemical market alongside several listed peers, including:

• PI Industries
• Sumitomo Chemical
• Dhanuka Agritech
• Rallis India
• Bharat Rasayan
• India Pesticides
• Excel Industries
• Heranba Industries

Financial Performance​

GSP Crop Science has reported steady financial growth in recent years.

For FY25, the company posted:

• Net profit: ₹83.4 crore, up 36% from ₹61.3 crore in the previous year
• Revenue: ₹1,287.4 crore, an increase of 11.7% from ₹1,152.2 crore

For the six months ended September 2025, the company reported:

• Profit: ₹82.7 crore
• Revenue: ₹844.2 crore

IPO Advisors​

Equirus Capital and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the issue, while MUFG Intime India has been appointed as the registrar.