GSP Crop Science IPO Sees Strong Opening with 47% Subscription

GSP Crop Science, an agrochemical firm, launched its initial public offering with a 47% subscription rate on its first day. Institutional buyers showed significant interest, while the retail and non-institutional categories lagged. The IPO aims to raise Rs 400 crore, with proceeds addressing debt and corporate needs.

The initial public offering (IPO) of GSP Crop Science Ltd, an agrochemical company, attracted a 47 percent subscription on its first day of bidding on Monday. According to data from the National Stock Exchange (NSE), investors bid for 42,37,658 shares compared to the 89,47,367 shares available.

The segment for Qualified Institutional Buyers (QIBs) witnessed a 1.28 times oversubscription, highlighting strong interest, while the non-institutional investors' section saw a 28 percent subscription. The Retail Individual Investor (RII) category attracted an 11 percent subscription rate.

On Friday, GSP Crop Science raised Rs 120 crore from anchor investors. The IPO, which includes a fresh issue of shares valued at Rs 240 crore and an Offer For Sale of 50 lakh equity shares, aims to raise a total of Rs 400 crore. The price is set at Rs 304-320 per share, valuing the Ahmedabad-based company's IPO at Rs 1,489 crore on the high end.

(With inputs from agencies.)