GSP Crop Science IPO sees muted retail response, subscribed 65% by midday on Day 2

The ₹400-crore initial public offering of GSP Crop Science Ltd was subscribed 65 per cent as of 12.15 pm on Day 2 of bidding, with institutional demand providing early support, while retail participation remained subdued.

Qualified institutional buyers (QIBs) had subscribed 1.28 times their allotted portion, non-institutional investors (NIIs) were close to full subscription at 0.98 times, and the retail segment lagged at 0.15 times.

The agrochemical company’s public issue, which opened for subscription on March 16, is priced in the band of ₹304 to ₹320 per share, valuing the Ahmedabad-based firm at around ₹1,489 crore at the upper end.

The IPO comprises a fresh issue of ₹240 crore along with an offer-for-sale of 50 lakh equity shares worth ₹160 crore by promoters, taking the total issue size to ₹400 crore.

Ahead of the public offering, the company had set aside a portion for anchor investors, with bidding scheduled on March 13.

Proceeds from the fresh issue are earmarked primarily for debt reduction, with about ₹170 crore allocated toward repayment, while the remaining funds will be used for general corporate purposes.

GSP Crop Science focuses on research and development of agrochemical products including insecticides, herbicides, fungicides and plant growth regulators. The company has built its presence in both the domestic and international markets over the decades.

The IPO is set to close on March 18, and the company is expected to list on the stock exchanges on March 24. Market participants are likely to watch the final subscription trajectory, particularly in the retail segment, to gauge listing-day performance expectations, which currently appear cautious given the uneven demand across investor categories.

Published on March 17, 2026