GSP Crop Science IPO Overview
GSP Crop Science Limited is an Ahmedabad-based agrochemical company engaged in the manufacturing of crop protection products such as insecticides, herbicides, fungicides, and plant growth regulators. The company develops and supplies technical-grade ingredients and formulations used by farmers and agrochemical companies to protect crops and increase productivity.
The company is launching its mainboard IPO to raise around ₹400 crore, consisting of a fresh issue of ₹240 crore and an Offer for Sale (OFS) of 50 lakh shares by promoters.
The IPO will open on 16 March 2026 and close on 18 March 2026, with listing expected on BSE and NSE around 24 March 2026.
The price band for the IPO is ₹304 – ₹320 per share.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built Issue Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 16 March 2026 |
| IPO Close Date | 18 March 2026 |
| Allotment Date | 20 March 2026 |
| Refund Initiation | 21 March 2026 |
| Credit to Demat | 21 March 2026 |
| Listing Date | 24 March 2026 (Expected) |
| Price Band | ₹304 – ₹320 per share |
| Face Value | ₹10 per share |
| Issue Size | ~₹400 crore |
| Fresh Issue | 75 lakh shares |
| Offer For Sale | 50 lakh shares |
| Total Share | 125 lakh |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Investors | ~35% |
| Employee Reservation | Small portion reserved |
Selling Shareholders (OFS)
The Offer for Sale portion includes shares sold by the promoters:
- Vilasben Vrajmohan Shah
- Bhavesh Vrajmohan Shah
- Kappa Trust
The proceeds from the OFS will go to the selling shareholders, not the company.
Objects of the Issue (Fund Utilization)
The company plans to use the funds raised from the fresh issue for:
- Repayment or prepayment of outstanding borrowings
- Strengthening the balance sheet
- General corporate purposes
As of December 2025, the company had borrowings of about ₹478.8 crore, and a large portion of the IPO funds will be used to reduce this debt.
Lead Managers & Registrar
- Book Running Lead Managers:
- Equirus Capital
- Motilal Oswal Investment Advisors
- Registrar to the Issue:
- MUFG Link Intime India Private Limited
Promoters & Management
The company is promoted by:
- Vrajmohan R. Shah (Founder)
- Bhavesh Vrajmohan Shah
Promoters held around 98% stake in the company before the IPO.
They have decades of experience in the agrochemical manufacturing industry.
Company Details
Founded in 1985, GSP Crop Science is a research-focused agrochemical company producing a wide range of crop protection products.
Key Products
- Insecticides
- Herbicides
- Fungicides
- Plant growth regulators
- Agrochemical intermediates
These products help farmers protect crops from pests, diseases, and weeds, improving agricultural productivity.
Product Portfolio
- 500+ product registrations
- 100+ patents
- Multiple patent applications in progress
The company serves both domestic and international agrochemical markets.
Manufacturing Facilities
GSP Crop Science operates multiple manufacturing plants in India, mainly in Gujarat and Jammu, supporting formulation and technical production of agrochemicals.
The company also focuses on research and development to develop new crop protection formulations.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | 1,287.4 | 83.4 |
| FY24 | 1,152.2 | 61.3 |
For the six months ended September 2025, the company reported:
- Revenue: ₹844.2 crore
- Profit: ₹82.7 crore
The company has shown consistent revenue growth and improving profitability.
Company Strengths
- Nearly four decades of experience in agrochemicals
- Strong product portfolio with patents and registrations
- Growing global demand for crop protection products
- Strong distribution network and export presence
- Consistent growth in revenue and profit
Key Risks & Challenges
- High debt levels before IPO
- Agrochemical industry depends on weather and crop cycles
- Regulatory approvals required for agrochemical products
- Competition from large agrochemical companies
Disclaimer
This information is for educational purposes only and should not be considered investment advice. Investors should read the Red Herring Prospectus (RHP) and consult a financial advisor before making any investment decision.
