GSP Crop Science IPO opens on March 16; check price band, issue size, key dates & more

GSP Crop Science, an agrochemical manufacturer, will open its initial public offering (IPO) for subscription from March 16 to March 18. The company has set the price band at Rs 304-320 per share, with a minimum bid of one lot comprising 46 shares, making the minimum retail investment Rs 13,920 at the upper end.

The total issue size is Rs 400 crore, including a fresh issue of Rs 240 crore and an offer for sale (OFS) of 50 lakh shares by promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust. Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers, with MUFG Intime India as registrar.

Of the total issue, 50 per cent shares are reserved for qualified institutional buyers (QIBs), 15 shares for non-institutional investors (NIIs), and 35 shares for retail investors. The basis of allotment is scheduled for March 20, and shares are set to list on both BSE and NSE on March 24.

The company filed draft papers in November 2024 and received SEBI approval in March 2025. The IPO must be launched within one year of SEBI’s clearance, with the approval expiring this month. Compared with the DRHP, GSP Crop Science reduced the fresh issue size from Rs 280 crore and the OFS from 60 lakh shares.

Anchor investors will be allocated shares on 13 March. Of the Rs 240 crore fresh issue, Rs 170 crore will go towards repaying borrowings, and the rest for general corporate purposes. OFS proceeds will benefit the selling shareholders. As of December 2025, outstanding borrowings stood at Rs 478.8 crore, including Rs 282.7 crore fund-based.

GSP Crop Science manufactures insecticides, herbicides, fungicides, and plant growth regulators. As of September 2025, it had 524 registrations across agrochemical formulations and technicals, 102 granted patents, and 108 patent applications in process.

The company competes with PI Industries, Sumitomo Chemical, Dhanuka Agritech, Rallis India, Bharat Rasayan, India Pesticides, Excel Industries, and Heranba Industries. At the upper end, the expected post-listing market capitalisation is Rs 1,488.6 crore.

Financially, the company has shown strong growth. FY25 profit after tax was Rs 83.4 crore, up 36 per cent from Rs 61.3 crore the previous year. Revenue rose 11.7 per cent to Rs 1,287.4 crore. For the six months ending September 2025, profit was Rs 82.7 crore on revenue of Rs 844.2 crore.