GSP Crop Science IPO Day 2: GMP, subscription status and other key details

The Rs 400 crore IPO of GSP Crop Science has entered its second day of bidding. Grey market trends indicate a cautious start, with the grey market premium (GMP) currently around 0%, suggesting expectations of a largely flat listing.

On the first day, the issue was subscribed 47% of the 89.47 lakh shares on offer. Qualified Institutional Buyers (QIBs) showed the strongest interest, subscribing 1.28 times their allotted portion. In contrast, retail participation remained muted, with only 11% of the quota subscribed.

The IPO consists of a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 160 crore. The price band has been fixed at Rs 304-320 per share, and the issue will remain open for bidding until March 18. Investors can bid for a minimum of 46 shares and in multiples of 46 thereafter. The company plans to list its shares on both the BSE and NSE, with the tentative listing date set for March 24, 2026.

GSP Crop Science IPO Day 1 subscription details

As of the end of Day 1, the IPO was subscribed 47% overall.

Retail Individual Investors (RIIs): 11% subscription against 45.13 lakh shares offered
Non-Institutional Investors (NIIs): 28% subscription against 19.35 lakh shares offered
Qualified Institutional Buyers (QIBs): 1.28 times subscription against 24.99 lakh shares offered
The IPO is being launched through the book-building route, with up to 50% of the issue allocated to Qualified Institutional Buyers (QIBs), 35% reserved for retail investors, and the remaining 15% set aside for non-institutional investors.

Use of proceeds

The company plans to use the funds raised from the fresh issue mainly to repay or prepay certain borrowings, with Rs 170 crore earmarked for debt reduction. The balance amount will be used for general corporate purposes.

Business profile

GSP Crop Science is a research-focused agrochemical company engaged in the development and manufacturing of insecticides, herbicides, fungicides and plant growth regulators. With more than four decades of experience in the agrochemical industry, the company offers crop protection products designed to improve farm productivity and agricultural yields.

As of September 2025, the company held 524 product registrations, covering both formulations and technical agrochemicals manufactured in-house.

Financial performance

GSP Crop Science has reported steady growth in recent years. For the six months ended September 2025, the company posted revenue from operations of Rs 847 crore and a net profit of Rs 81 crore.

In FY25, revenue stood at Rs 1,301 crore compared with Rs 1,206 crore in FY23, while net profit rose to Rs 81.4 crore from Rs 17.5 crore during the same period.

Lead managers and registrar

Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers for the issue, while MUFG Intime India has been appointed as the registrar.

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