GSP Crop Science IPO subscribed 9% so far on Day 1: Check price band, lot size, objectives and key dates

GSP Crop Science IPO: The initial public offering of agrochemical company GSP Crop Science opened for subscription on Monday, March 16. The issue will conclude on March 18. The price band has been fixed at ₹304 to ₹320 per share.

The initial share sale is a mix of new equity shares valued at ₹240 crore and an offer for sale (OFS) of ₹160 crore by promoters Kappa Trust, Bhavesh Vrajmohan Shah and Vilasben Vrajmohan Shah.

The funds raised will be used towards repayment of certain outstanding borrowings and general corporate purposes.

GSP Crop Science IPO Day 1: Subscription status

The issue has been subscribed 9% so far on Day 1, with bids for 8,40,328 shares as against 89,47,367 shares on offer, according to the NSE data until 1:01 pm.

GSP Crop Science IPO lot size

A lot consists of 46 shares and multiples thereof. The company has reserved 50% of the net offer for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors.

Before the IPO, the company mobilised ₹120 crore in the anchor round from investors including Shine Star Build Cap Pvt Ltd, Craft Emerging Market Fund PCC-Elite Capital Fund and Craft Emerging Market Fund PCC-Citadel Capital Fund. It allocated 37.50 lakh shares at ₹320 per share to anchor investors.

GSP Crop Science IPO key dates

GSP Crop Science, a research-focused agrochemical company, develops and manufactures insecticides, fungicides, herbicides, and plant growth regulators in India.

It provides crop protection solutions that help farmers improve productivity and agricultural output, offering formulations (precisely composed products combining active ingredients and additives) and technical (concentrated active ingredients used to create formulations).

Equirus Capital and Motilal Oswal Investment Advisors are the issue's merchant bankers, while MUFG Intime India serves as the registrar.