GSP Crop Science IPO subscribed 96 pc on day 2

New Delhi, Mar 17 (PTI) The initial public offer of agrochemical company GSP Crop Science Ltd received 96 per cent subscription on day two of bidding on Tuesday.

The IPO received bids for 86,04,622 shares against 89,47,367 shares on offer, as per NSE data.

The category for non-institutional investors fetched 2.33 times subscription. The portion meant for Qualified Institutional Buyers (QIBs) received 1.28 times subscription, while Retail Individual Investors (RIIs) quota got subscribed 20 per cent.

GSP Crop Science Ltd on Friday said it has garnered Rs 120 crore from anchor investors.

The company’s Rs 400-crore initial share sale will conclude on Wednesday.

The price band has been fixed at Rs 304-320 per share for the IPO, valuing the company at Rs 1,489 crore at the higher end.

The Ahmedabad-based company’s initial public offering (IPO) consists of a fresh issue of shares worth Rs 240 crore and an Offer For Sale (OFS) of 50 lakh equity shares valued at Rs 160 crore at the upper end by promoters, aggregating Rs 400 crore.

Proceeds from the fresh issue, totalling Rs 170 crore, will be used for debt payment, and a portion will be utilised for general corporate purposes.

GSP Crop Science is a research-focused agrochemical company with over 39 years of expertise in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India.

Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the issue. PTI SUM SUM ANU ANU