GSP Crop Science makes modest debut on Dalal Street; lists above IPO price

GSP Crop Science, which manufactures insecticides, herbicides, fungicides and plant growth regulators, plans to use ₹170 crore from the fresh issue proceeds to repay debt, with the remaining funds allocated for general corporate purposes. Proceeds from the OFS will go to the selling shareholders.

By Meghna Sen

Shares of GSP Crop Science Ltd. made their debut on Dalal Street on Tuesday, March 24. The stock listed at a premium of 4% at ₹332.3 on the BSE and at a premium of 2.5% at ₹328 on the NSE.

Post listing, GSP Crop Science commanded a market capitalisation of ₹1,545.82 crore.

Ahead of its debut, the company's shares were trading at a marginal premium of around 1% in the grey market.

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The initial public offering (IPO) of GSP Crop Science was open for subscription from March 16 to March 18.

The agrochemical company had raised ₹120 crore from anchor investors ahead of the issue opening.

Mauritius-based Craft Emerging Market Fund PCC was the largest anchor investor, purchasing nearly 25 lakh shares through its investment vehicles, Citadel Market Fund and Elite Capital Fund, for a total of ₹80 crore.

Shine Star Build Cap was the other anchor investor, acquiring 12.5 lakh shares worth ₹40 crore.

The company offered its shares in a price band of ₹304 to ₹320 per equity share. Investors could bid for a minimum of one lot of 46 shares and in multiples thereafter.

At the upper end of the price band, the company raised ₹400 crore.

The IPO comprised a fresh issue of ₹240 crore and an offer for sale (OFS) of 50 lakh equity shares. Under the OFS, promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah and Kappa Trust offloaded part of their holdings.

The company had filed its draft red herring prospectus in November 2024 and received approval from the Securities and Exchange Board of India (SEBI) in the last week of March 2025.

Under regulatory norms, a company must launch its IPO within one year of receiving SEBI's observations, and the validity of this approval was set to expire this month.

Compared to the draft papers, the company reduced the size of the fresh issue from ₹280 crore and the OFS component from 60 lakh shares.

GSP Crop Science, which manufactures insecticides, herbicides, fungicides and plant growth regulators, plans to use ₹170 crore from the fresh issue proceeds to repay debt, with the remaining funds allocated for general corporate purposes. Proceeds from the OFS will go to the selling shareholders.

The company's outstanding borrowings stood at ₹478.8 crore as of December 2025, of which ₹282.7 crore were fund-based.

As of September 2025, the company had secured 524 registrations across agrochemical formulations and technicals, and had been granted 102 patents. It also has 108 patent applications under process.

The company competes with listed peers such as PI Industries, Sumitomo Chemical, Dhanuka Agritech, Rallis India, Bharat Rasayan, India Pesticides, Excel Industries and Heranba Industries.

Financially, the company has posted steady growth. Profit for FY25 rose 36% to ₹83.4 crore from ₹61.3 crore in the previous year, while revenue increased 11.7% to ₹1,287.4 crore from ₹1,152.2 crore.

For the six-month period ended September 2025, the company reported a profit of ₹82.7 crore on revenue of ₹844.2 crore.

Equirus Capital and Motilal Oswal Investment Advisors were the book-running lead managers to the issue, while MUFG Intime India was the registrar.