GSP Crop Science IPO is 81% subscribed on Day 2 with strong QIB and NII demand. Check latest GMP, price band, key dates, and whether you should apply.

GSP Crop Science IPO Day 2 update: 81% subscribed, GMP at Rs 0; apply or avoid?

GSP Crop Science has been seeing steady investor interest. The IPO worth Rs 400 crore is witnessing strong subscription in the QIB and NII segments.

The grey market premium (GMP) of the issue remains flat, although trends may shift with one more day of bidding left for the agrochemical company.

If you are planning to bid, here are some key factors to consider, including the issue structure, grey market premium, subscription status, and timeline:

GSP Crop Science IPO: Offer size and BRLMs

The IPO is a book-built issue worth Rs 400 crore, of which the company aims to raise Rs 200 crore through a fresh issue of 75 lakh equity shares. The remaining Rs 160 crore will be raised via the offer for sale (OFS) route, with promoters and shareholders offloading 50 lakh shares.

The book-running lead managers (BRLMs) for the issue are Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited, while MUFG Intime India will act as the registrar to the issue.

The price band for the IPO has been fixed at Rs 304 to Rs 320 per share, with a face value of Rs 10 per share.

GSP Crop Science IPO: Key dates

The offer opened for bidding on March 16 and will close on March 18. The share allotment process is expected to be finalised by March 20, while refunds and credit of shares to demat accounts are likely to be completed by March 23.

The company is expected to list on the stock exchanges on March 24.

GSP Crop Science IPO: Subscription details and GMP

On the second day of bidding, the IPO was subscribed 0.81 times overall, with the NII segment leading at 1.65 times subscription. The QIB portion was also oversubscribed at 1.28 times.

However, the retail individual investor segment saw muted interest, with subscriptions at just 0.18 times.

Meanwhile, shares of GSP Crop Science are trading flat in the grey market, with the GMP currently at Rs 0. It is important to note that GMP is an unofficial indicator of listing price and can fluctuate based on market conditions.