At the upper end of the price band, the company aims to raise ₹400 crore. This includes a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 50 lakh equity shares.
Under the OFS, promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust will offload shares.GSP Crop Science will have a post-listing market capitalisation of ₹1,488.6 crore at the upper end of the price band.
The IPO will open on March 16 and close on March 18. The company will raise funds from anchor investors on March 13.
Of the total issue size, 50% has been reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.
The company had filed its draft papers for the IPO in November 2024 and received approval from Securities and Exchange Board of India in the last week of March 2025. Under regulatory norms, a company must launch its IPO within one year of receiving SEBI’s observations, with the validity of the approval set to expire this month.
Compared with the details in the Draft Red Herring Prospectus (DRHP), the company has reduced the fresh issue size from ₹280 crore and the OFS component from 60 lakh shares.GSP Crop Science, which manufactures insecticides, herbicides, fungicides, and plant growth regulators, will utilise ₹170 crore from the fresh issue to repay debt, while the remaining funds will be used for general corporate purposes. Proceeds from the OFS will go to the selling shareholders.
The company said its outstanding borrowings as of December 2025 stood at ₹478.8 crore, of which ₹282.7 crore were fund-based.
As of September 2025, GSP Crop Science had received 524 registrations across agrochemical formulations and technicals and had been granted 102 patents. It also has 108 patent applications under process.
The company competes with several listed peers, including PI Industries, Sumitomo Chemical, Dhanuka Agritech, Rallis India, Bharat Rasayan, India Pesticides, Excel Industries, and Heranba Industries.
Financially, the company has posted healthy growth in recent years. Profit for FY25 stood at ₹83.4 crore, rising 36% from ₹61.3 crore in the previous year. Revenue during the same period increased 11.7% to ₹1,287.4 crore from ₹1,152.2 crore.
For the six-month period ended September 2025, the company reported a profit of ₹82.7 crore on revenue of ₹844.2 crore.
Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
The basis of allotment is expected to be finalised on March 20. The company’s equity shares are scheduled to list on both the BSE and the National Stock Exchange of India on March 24.
