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

GSP Crop Science Ltd, a research-focused agrochemical company, has gathered Rs 120 crore from anchor investors before its IPO, which opens next week. The IPO includes a fresh issue worth Rs 240 crore and an Offer For Sale of 50 lakh shares. Funds will assist in debt reduction and corporate purposes.

GSP Crop Science Ltd, an agrochemical company headquartered in Ahmedabad, has successfully raised Rs 120 crore from anchor investors prior to its initial public offering (IPO) scheduled for next week. Anchor investors include Shine Star Build Cap Pvt Ltd, Craft Emerging Market Fund PCC-Citadel Capital Fund, and Craft Emerging Market Fund PCC-Elite Capital Fund, as reported in a circular on BSE's website.

The company's IPO, valued at Rs 400 crore, will open for public subscription from March 16 to March 18. The price band is set between Rs 304 and Rs 320 per share, valuing the company at Rs 1,489 crore at the higher end. The IPO comprises a fresh issue of Rs 240 crore and an Offer For Sale of Rs 160 crore by promoters.

The IPO proceeds, with Rs 170 crore from the fresh issue earmarked for debt repayment and corporate purposes, mark GSP Crop Science's foray into the stock market on March 24. As of September 2024, the company boasted 507 agrochemical registrations and revenue of Rs 1,152.16 crore in fiscal 2024, with a profit after tax increase to Rs 61.29 crore.