GSP Crop Science IPO Subscribed 1.61 Times on Final Day, Strong Interest from Institutional and HNI Investors
IPO Sees Moderate Overall Demand with 1.61x Subscription
New Delhi, March 18: The initial public offering of GSP Crop Science Ltd garnered an overall subscription of 1.61 times on the final day of bidding on Wednesday, reflecting steady investor participation across categories.According to NSE data, the Rs 400 crore IPO received bids for 1,43,61,844 shares against the 89,47,367 shares offered.
Strong Demand from QIBs and Non-Institutional Investors
Investor interest was led by non-institutional investors (NIIs), whose category was subscribed 3.05 times. Qualified Institutional Buyers (QIBs) also showed solid participation, with their portion subscribed 2.66 times.In contrast, the Retail Individual Investors (RIIs) segment witnessed relatively lower demand, with a subscription of 40 percent.
Anchor Investors Infuse Rs 120 Crore Ahead of IPO
Ahead of the public issue, the Ahmedabad-based agrochemical company raised Rs 120 crore from anchor investors, providing early momentum to the offering.IPO Structure, Price Band and Valuation
The IPO was priced in the range of Rs 304 to Rs 320 per share, valuing GSP Crop Science at Rs 1,489 crore at the upper end of the price band.The issue comprised a fresh issue of shares worth Rs 240 crore along with an Offer For Sale (OFS) of 50 lakh equity shares amounting to Rs 160 crore by promoters, taking the total issue size to Rs 400 crore.
Utilisation of Proceeds
Out of the fresh issue proceeds, Rs 170 crore will be used towards repayment of debt, while the remaining funds will be allocated for general corporate purposes.Company Profile and Business Overview
GSP Crop Science Ltd is a research-driven agrochemical company with over 39 years of experience. The company focuses on the development and manufacturing of insecticides, herbicides, fungicides, and plant growth regulators in India.Lead Managers to the Issue
Equirus Capital and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the IPO.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.
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