Crystal Crop Protection Gears Up for IPO to Fuel Growth

Crystal Crop Protection is set to launch an IPO, aiming to raise Rs 600 crore through fresh share issuance for debt repayment and strategic growth initiatives. The offering includes a sale of shares by key investors. Previously, the company had postponed its IPO plans in 2018 despite regulatory approval.

Crystal Crop Protection, a crop solutions firm, has officially filed draft papers with the market regulator Sebi to raise capital through an initial public offering (IPO). The offering will comprise a fresh issue of shares valued at Rs 600 crore.

Apart from the fresh issue, the IPO will feature an offer for sale (OFS) involving 74,05,387 shares held by promoters and investors. Key stakeholders such as the International Finance Corporation and IFC Emerging Asia Fund LP are set to offload some shares as detailed in the draft red herring prospectus (DRHP).

The proceeds from the fresh issuance will primarily be utilized for settling company and subsidiary debt, facilitating inorganic growth via acquisitions, and executing strategic initiatives. Founded in 1994, Crystal Crop Protection specializes in agrochemicals and seeds. The firm previously filed for an IPO in 2018 but retreated despite securing Sebi's approval.

(With inputs from agencies.)