GSP Crop Science raises Rs 120 crore via anchor book, IPO to open on March 16

GSP Crop Science Secures Rs 120 Crore from Anchor Investors Ahead of IPO

GSP Crop Science, a Gujarat-based agrochemical company, has successfully raised Rs 120 crore from two anchor investors on March 13, a day before the IPO opening.

• The company's Rs 400-crore offer comprises a fresh issue of shares worth Rs 240 crore and an offer-for-sale of shares worth Rs 160 crore, set to open for public subscription on March 16 and close on March 18.
• The price band for the public issue has been fixed at Rs 304–320 per share.

Anchor Investors

The company has finalised the allocation of 37.5 lakh shares to anchor investors at the upper price band.

• Mauritius-based Craft Emerging Market Fund PCC is the largest investor in the anchor book, buying nearly 25 lakh shares through two investment vehicles — Citadel Market Fund and Elite Capital Fund — for Rs 80 crore.
• Shine Star Build Cap is the other anchor investor, acquiring 12.5 lakh shares amounting to Rs 40 crore.

Company Plans

GSP Crop Science, which manufactures insecticides, herbicides, fungicides, and plant growth regulators, will spend Rs 170 crore of the fresh issue proceeds on repaying certain borrowings, while the remaining funds will be used for general corporate purposes.

• The company has 524 registrations across formulations and technicals for agrochemicals.
• GSP Crop Science has been granted 102 patents and has 108 patent applications under process.