GSP Crop Science IPO

GSP Crop Science IPO is a book-building issue of 1.25 crore equity shares worth up to ₹400 crore, which is a combination of a fresh issue of 75 lakh equity shares worth up to ₹240 crore and an offer for sale (OFS) of 50 lakh equity shares worth up to ₹160 crore.

The price band for this IPO is set at ₹304 to ₹320 per share, while the lot size for an application is 46. The minimum amount of investment required by an individual investor is ₹14,720 (46 shares). The IPO will open for subscription from March 16 to 18, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as March 24, 2026.

Company Background

GSP Crop Science Ltd. is a research-driven agrochemical company incorporated in 1985 and located in Ahmedabad, Gujarat. The company started its operations as Gujarat Superphosphate Industries. Over time, it has changed its focus from being a single-product fertilizer company to becoming a total solution provider for the agricultural industry. For over 40 years, the company has grown to become a major manufacturer of high-quality formulations and technicals used in the Indian subcontinent and over 35 countries worldwide.

Operations & Product Range

GSP Crop Science Ltd. deals in the development and manufacturing of a wide array of agrochemicals. They cover the entire spectrum of the agrochemical industry and provide their customers with technical and formulation services. Its products include both advanced off-patent items and new inventions like its patented Diafenthiuron and Chlorantraniliprole (CTPR) formulations, which help farmers maximize their crop yields by effectively managing pests and diseases.

Facilities & Capacity

The manufacturing plants of GSP Crop Science Ltd. are fully automated and are located at Odhav and Nandesari in Gujarat, as well as a formulation plant at Samba in Jammu & Kashmir. These plants are designed to undertake complex chemical operations like hydrogenation as well as alkylation. The company has an in-house R&D facility as well as a pilot plant facility. The company has recently established an intermediate plant at Sykha, located at Dahej.

Brands & Market Presence

GSP Crop Science Ltd. has a strong market standing through its distribution strength of 24 depots and over 8,600 dealers across India. The company's brand portfolio comprises established brands like "Element," "Helipro," and "Ballot," which are suitable for various crops such as rice, cotton and vegetables. Geographically, GSP Crop Science Ltd. has a significant market standing in Latin American countries, North America and the Asia Pacific; it has recently acquired a subsidiary company in Brazil to expand its footprint in the global market for agrochemicals.

Revenue Streams & Business Model

• • Branded and ready-to-use crop protection products are sold directly to the farming community through an • extensive network of dealers.
• • High-purity active ingredients are sold to other major agrochemical companies (domestic and international)
• • Generation of revenues through exports to 37 countries and proprietary R&D solutions

Management & Shareholding

GSP Crop Science Ltd. is a promoter-led entity, with the Bhavesh Vrajmohan Shah family at the helm. Before the IPO, the promoters of the company held a 98.25% stake. The shareholding structure also includes institutional backing from the Oman India Joint Investment Fund. The leadership maintains a focus on sustainable growth, leveraging decades of industry experience to drive the company’s expansion into high-margin intermediate manufacturing.

Board & Key Management

The board and management team of GSP Crop Science Ltd. are headed by its MD, Bhavesh Shah, who oversees strategic direction for its domestic as well as international operations. The management team consists of full-time directors such as Tirth Shah, Shail Shah (Finance) and Mehul Pandya (Operations), who are responsible for managing various verticals of the business. The board is complemented by independent directors such as Bharat Shah and Ashish Mehta.