Promoters of Ahmedabad-based GSP Crop Science Limited are looking to dilute their holding to around an estimated 74 per cent from about 98 per cent through the company’s upcoming initial public offering, while the agrochemical manufacturer plans to use roughly ₹170 crore — nearly 70 per cent of the ₹240-crore fresh issue — to repay debt and strengthen its balance sheet.
The IPO, which will open on March 16 and close on March 18, has a price band of ₹304–₹320 per share. The issue comprises a fresh issue of up to ₹240 crore and an offer-for-sale (OFS) estimated at up to ₹160 crore by promoters, including Bhavesh Vrajmohan Shah, Vilasben Vrajmohan Shah and Kappa Trust. According to the company’s prospectus, GSP Crop Science Limited had total outstanding debt of around ₹478 crore as of December 2025. The proposed repayment is expected to reduce leverage, improve the company’s debt–equity profile and lower interest costs, while also enabling it to raise additional resources for future growth.
Founded more than four decades ago, the Ahmedabad-based company develops and manufactures crop protection products including insecticides, herbicides, fungicides and plant growth regulators, catering to the agricultural sector. As of September 30, 2025, the company had 524 registrations across technical and formulation agrochemicals. Financially, the company reported revenue from operations of ₹1,287.38 crore in FY25, compared with ₹1,203.3 crore in FY23, while net profit rose to ₹81.4 crore in FY25 from ₹17.5 crore in FY23. For the six months ended September 30, 2025, it posted revenue of ₹844.2 crore and net profit of ₹81 crore.
The IPO will be conducted through the book-building process, with up to 50 per cent of the net issue reserved for qualified institutional buyers, 15 per cent for non-institutional investors, and 35 per cent for retail investors. Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers to the issue, while MUFG Intime India Private Limited is the registrar.