Crystal Crop Protection IPO: Price band fixed at Rs 259-272, aims to raise Rs 456 crore

Crystal Crop Protection Ltd has fixed a price band of Rs 259-272 per share for its initial public offering (IPO), which could raise up to Rs 456 crore ($48.5 million), Bloomberg reported. The agrochemical and seeds solutions company plans to open its public issue on November 18, with the offering scheduled to close on November 20.

The proposed IPO will comprise a fresh issue of shares worth up to Rs 355 crore, while the company's founders and existing investors will sell up to 37 lakh shares through an offer for sale (OFS). The company is seeking a post-issue market capitalisation of approximately Rs 4,438 crore, according to the advertisement cited by Bloomberg.

Crystal Crop IPO: Key details

The IPO's price band has been set between Rs 259 and Rs 272 per share. Eligible anchor investors will be able to participate in the offering on November 17, a day before the issue opens for other investors.

The fresh issue component is expected to generate up to Rs 355 crore for the company, while proceeds from the OFS portion will go to the selling shareholders. The total issue size could reach Rs 456 crore, depending on the final subscription and issue pricing.

Crystal Crop's pre-IPO fundraising

Before the public offering, Crystal Crop Protection raised Rs 84.3 crore through a pre-IPO placement on October 26. The company allotted 31 lakh shares at Rs 272.07 apiece, according to the Bloomberg report.

The pre-IPO placement took place ahead of the company's public issue, for which it has now announced the price band and bidding schedule.

Who is managing the Crystal Crop Protection IPO?

IIFL Capital, DAM Capital Advisors and Motilal Oswal Investment Advisors have been appointed as the managers for the proposed IPO.

Crystal Crop Protection provides crop solutions across agrochemicals and seeds, serving the agricultural sector. The proposed listing will include both a fresh issue to raise funds for the company and an OFS through which existing shareholders will partially sell their holdings.