The Rs 400 crore GSP Crop Science IPO enters its final day with 96% subscription, led by strong NII demand while retail interest remains muted. With GMP at zero, listing expectations remain subdued. The company aims to reduce debt and strengthen operations, backed by steady financial growth and a diversified agrochemical portfolio.

GSP Crop Science IPO Day 3: GMP, subscription status and key highlights

Synopsis

The Rs 400 crore GSP Crop Science IPO enters its final day with 96% subscription, led by strong NII demand while retail interest remains muted. With GMP at zero, listing expectations remain subdued. The company aims to reduce debt and strengthen operations, backed by steady financial growth and a diversified agrochemical portfolio.

The Rs 400 crore IPO of GSP Crop Science has reached its third and final day of bidding. Grey market signals suggest a cautious outlook, with the grey market premium (GMP) hovering around 0%, indicating expectations of a flat listing.

By the end of Day 2, the issue was subscribed 96% of the 89.47 lakh shares on offer. Non-Institutional Investors (NIIs) showed the strongest demand, subscribing 2.33 times their allocated portion. Meanwhile, retail investor participation remained subdued, with only 20% of their quota subscribed.

The IPO comprises a fresh issue of Rs 240 crore along with an offer for sale (OFS) of Rs 160 crore. The price band is set at Rs 304 to Rs 320 per share. Investors can apply for a minimum of 46 shares, with bids accepted in multiples of 46 thereafter. The company plans to list on both the BSE and NSE, with a tentative listing date of March 24, 2026.

GSP Crop Science IPO Subscription Update

By the close of the second day of bidding, the IPO was subscribed 96% overall, indicating that the issue is close to being fully covered but still awaiting stronger participation in some segments.

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Retail Individual Investors (RIIs): The retail portion saw relatively weak demand, with only 20% of the 45.13 lakh shares subscribed, suggesting cautious interest from small investors.

Non-Institutional Investors (NIIs): This segment showed the highest enthusiasm, subscribing 2.33 times their allotted 19.35 lakh shares, reflecting strong demand from high net worth individuals and corporates.

Qualified Institutional Buyers (QIBs): Institutional investors also showed healthy participation, with their quota subscribed 1.28 times against 24.99 lakh shares, indicating moderate confidence from large financial institutions.

The IPO is being launched via the book building route, with up to 50% of the issue allocated to Qualified Institutional Buyers (QIBs), 35% reserved for retail investors and the remaining 15% set aside for non-institutional investors.

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Use of Proceeds

The company intends to primarily utilise the funds raised from the fresh issue to strengthen its balance sheet by reducing debt. Around Rs 170 crore has been allocated for the repayment or prepayment of certain borrowings, while the remaining amount will be deployed for general corporate purposes such as operational and business needs.

Business Profile

GSP Crop Science is a research driven agrochemical company involved in developing and manufacturing a wide range of products, including insecticides, herbicides, fungicides and plant growth regulators. With over 40 years of industry experience, the company focuses on crop protection solutions aimed at enhancing farm productivity and improving agricultural yields.

As of September 2025, GSP Crop Science had a strong portfolio of 524 product registrations, spanning both formulations and technical agrochemicals produced in house.

Financial Performance

The company has demonstrated consistent growth over recent years. For the six month period ending September 2025, it reported revenue from operations of Rs 847 crore and a net profit of Rs 81 crore. In FY25, revenue increased to Rs 1,301 crore from Rs 1,206 crore in FY23, while net profit saw a significant jump to Rs 81.4 crore from Rs 17.5 crore during the same period, reflecting improved profitability.

Lead Managers and Registrar

The IPO is being managed by Equirus Capital and Motilal Oswal Investment Advisors as book running lead managers, while MUFG Intime India has been appointed as the registrar for the issue.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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