GSP Crop Science IPO Nears Full Subscription Amid Strong Investor Demand

GSP Crop Science Ltd's IPO received 96% subscription by the second day, targeting Rs 400 crore. The Ahmedabad-based agrochemical company looks to utilize proceeds for debt payment and corporate purposes. The IPO’s price ranges between Rs 304-320 per share, valuing the company at Rs 1,489 crore.

GSP Crop Science Ltd's initial public offering (IPO) approached full subscription, garnering 96% interest on its second day. According to NSE data, bids were received for 86,04,622 shares against the 89,47,367 on offer. The non-institutional investor category alone saw a 2.33 times subscription rate.

The IPO aimed to raise Rs 400 crore, with the company already securing Rs 120 crore from anchor investors. Set to conclude on Wednesday, the IPO featured a price band of Rs 304 to Rs 320 per share, valuing the company at Rs 1,489 crore at the top end.

The funds raised from the fresh issue, amounting to Rs 170 crore, are intended for debt clearance, alongside general corporate purposes. With over 39 years of experience, GSP Crop Science Ltd specializes in developing and producing insecticides, herbicides, fungicides, and plant growth regulators. Equirus Capital and Motilal Oswal Investment Advisors are overseeing the issue as book-running lead managers.

(With inputs from agencies.)