GSP Crop Science IPO GMP: The ₹400 crore initial public offering (IPO) of GSP Crop Science, which will list tomorrow, March 24 on BSE and NSE witnessed decent demand. The issue was fully subscribed on the final day of bidding.
The issue opened for public subscription on March 16 and closed on March 18. The price band for the IPO was fixed in the range of ₹304-320 per share.
GSP Crop Science IPO GMP ahead of listing
Ahead of listing on March 24, the grey market premium (GMP) for GSP Crop Science IPO showed muted price. It is currently at ₹2 on March 23. The current signals that GSP Crop Science IPO listing price is likely to be ₹322, up just 0.62% from issue price.
GSP Crop Science IPO Subscription
The IPO was 1.64 times by end of Day 3. The retail portion was subscribed 0.42 times, and NII portion was booked 3.14 times, Qualified Institutional Buyers (QIBs) portion received 2.66 times bids.
The company has received bids for 1.43 crore shares against 87.50 lakh shares on offer.
GSP Crop Science IPO details
GSP Crop Science’s IPO is set to hit the primary market with a total issue size of ₹400.00 crore, structured as a book-built offering comprising both fresh issuance and an offer for sale (OFS). The issue includes a fresh issue of 0.75 crore shares aggregating to ₹240.00 crore, along with an OFS of 0.50 crore shares amounting to ₹160.00 crore, indicating a balanced mix of capital infusion and stake dilution by existing shareholders.
Ahead of the opening, the company has already garnered strong investor interest, having raised ₹120 crore from anchor investors, signalling institutional confidence in the offering. The IPO price band has been fixed at ₹304 to ₹320 per share, which translates into a valuation of approximately ₹1,489 crore at the upper end of the price band. The lot size for the issue has been set at 46 equity shares, and investors can bid in multiples of 46 shares thereafter.
The company plans to utilise the net proceeds from the fresh issue primarily towards strengthening its balance sheet and supporting general operations. A significant portion, ₹170.00 crore, will be allocated towards repayment or pre-repayment of certain outstanding borrowings, while the remaining funds will be used for general corporate purposes.
In terms of timeline, the preliminary basis of for the IPO shares is expected to be finalised on Friday, March 20, following which the company will initiate refunds on Monday, March 23. On the same day, shares will be credited to the demat accounts of successful bidders. The company is scheduled to list its shares on both the BSE and NSE on Tuesday, March 24, marking its debut in the secondary market.
The is being managed by Equirus Capital Pvt. Ltd., which is acting as the book running lead manager, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar to the issue.
From an allocation standpoint, the company has reserved 50% of the issue for Qualified Institutional Buyers (QIBs), while 15% has been allocated to Non-Institutional Investors (NIIs), and the remaining 35% is earmarked for retail investors, ensuring a balanced distribution across investor categories.
About GSP Crop Science
Incorporated in 1985, GSP Crop Science Limited is an company engaged in the manufacturing of insecticides, herbicides, fungicides, and plant growth regulators. The company focuses on providing crop protection solutions aimed at improving agricultural productivity, offering both formulations—which include active ingredients and additives—and technicals, which are concentrated active ingredients used for effective control of pests, weeds, and diseases.
With a diversified portfolio of in-house manufactured agrochemicals, the company delivers end-to-end crop protection solutions through the development, manufacturing, supply, and distribution of both formulations and technicals, catering to a wide range of customer requirements in the agriculture sector.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.