GC
GSP Crop Science Limited IPO
Agrochemicals · Insecticides · Herbicides · Fungicides · Plant Growth Regulators
📋 Mainboard IPO
Fresh + OFS
BSE & NSE
₹320
Issue Price
₹400 Cr
Issue Size
Mar 24, 2026
Listing Date
₹1,488.60 Cr
Market Cap (Pre-IPO)
📅 IPO Timetable
All dates tentative🔓
IPO Opens
Monday, 16 March 2026
Bidding starts — apply before close
🔒
IPO Closes
Wednesday, 18 March 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Friday, 20 March 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Monday, 23 March 2026
Unallotted funds returned; shares credited to demat
🏷️
Listing on BSE & NSE
Tuesday, 24 March 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date16 March 2026 (Mon)
IPO Close Date18 March 2026 (Wed)
Listing Date24 March 2026 (Tue)
Face Value₹10 per share
Price Band₹304 to ₹320
Issue Price (Upper Band)₹320 per share
Issue TypeBook Build — Fresh + OFS
Lot Size46 shares
Total Issue Size1,25,00,000 shares (₹400 Cr)
Fresh Issue75,00,000 shares (₹240 Cr)
Offer for Sale (OFS)50,00,000 shares (₹160 Cr)
Market Maker ReservationN/A — Mainboard IPO
Pre-Issue Shares3,90,18,750
Post-Issue Shares4,65,18,750
Promoter Holding (Pre)98.32%
Market Cap (Pre-IPO)₹1,488.60 Cr
Listing ExchangeBSE & NSE
Lead ManagersEquirus Capital, Motilal Oswal
RegistrarMUFG Intime India Pvt. Ltd.
Employees1,221 (as of Sep 30, 2025)
💰 Lot Size & Minimum Investment
At issue price ₹320| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 46 | ₹14,720 |
| Retail — Maximum | 13 | 598 | ₹1,91,360 |
| S-HNI (sNII) — Min | 14 | 644 | ₹2,06,080 |
| S-HNI (sNII) — Max | 67 | 3,082 | ₹9,86,240 |
| B-HNI (bNII) — Min | 68 | 3,128 | ₹10,00,960 |
⚠️ Note: Retail investors can apply for a maximum of 13 lots (598 shares = ₹1,91,360). Minimum retail bid is 1 lot (46 shares = ₹14,720). This is a mainboard IPO listing on BSE & NSE.
👥 Investor Reservation
Out of 1,25,00,000 total shares (Net Offer)≤50%
QIB
Not more than 50%
of the Net Offer
N/A
Anchor Investors
Within QIB portion
(details in RHP)
≥35%
Retail (RII)
Not less than 35%
of the Net Offer
≥15%
NII / HNI
Not less than 15%
of the Net Offer
💡 Note: Exact share counts per category to be determined basis final subscription. Reservation percentages are as per the RHP. Refer to the offer documents for final allocation details.
📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | H1 FY26 (Sep 25) | FY 2024–25 | FY 2023–24 | FY 2022–23 |
|---|---|---|---|---|
| Total Assets | 1,491.69 | 1,228.50 | 980.34 | 1,132.13 |
| Total Income | 847.61 | 1,301.06 | 1,158.23 | 1,206.05 |
| PAT | 81.07 | 81.42 | 55.54 | 17.57 |
| EBITDA | 138.86 | 164.03 | 130.41 | 81.28 |
| Net Worth | 529.85 | 450.03 | 370.46 | 363.47 |
| Reserves & Surplus | 490.84 | 411.02 | 344.46 | 336.00 |
| Total Borrowings | 321.13 | 295.60 | 235.44 | 324.26 |
Revenue Growth
FY 2022–23₹1,206.05 Cr
FY 2023–24₹1,158.23 Cr
FY 2024–25₹1,301.06 Cr
H1 FY26 (Apr–Sep 2025)₹847.61 Cr
🎯 Key Performance Indicators
18.38%
ROE
FY 2024–25
19.80%
ROCE
FY 2024–25
6.26%
PAT Margin
FY 2024–25
12.74%
EBITDA Margin
FY 2024–25
15.62%
ROE (H1 FY26)
Sep 30, 2025
15.45%
ROCE (H1 FY26)
Sep 30, 2025
0.58x
Debt/Equity
FY 2024–25
16.45%
EBITDA Margin (H1)
Sep 30, 2025
⚖️ Valuation & EPS
Pre-IPO EPS
₹20.87
FY25 earnings + pre-issue shares
P/E: 15.34xPost-IPO EPS
₹21.22
Annualised H1 FY26 + post-issue shares
P/E: 9.18xPrice to Book Value
2.77x
At ₹320 (post-issue book)
Market Cap (Pre-IPO)
₹1,488.60 Cr
At issue price ₹320
ℹ️
Pre-IPO EPS (₹20.87) based on pre-issue shares (3,90,18,750) and FY25 earnings. Post-IPO EPS (₹21.22) based on post-issue shares (4,65,18,750) and annualised H1 FY26 earnings. Indicative figures from the RHP.
🎯 Objects of the Issue
Net proceeds utilisation1
Repayment or pre-repayment of all or a portion of certain outstanding borrowings availed by the Company
₹170.00 Cr
2
General corporate purposes
Balance
Total (specified items)
₹170.00 Cr
🏢 About GSP Crop Science Limited
Est. 1985 · Ahmedabad, Gujarat · AgrochemicalsIncorporated in 1985, GSP Crop Science Limited is an agrochemical company engaged in manufacturing insecticides, herbicides, fungicides and plant growth regulators. The company provides crop protection solutions to help farmers increase productivity, offering both Formulations (active ingredients and additives) and Technicals (concentrated active ingredients) for effective pest, weed, and disease control.
As of September 30, 2025, GSP has received 524 product registrations across Formulations and Technicals, has been granted 102 patents and has 108 patent applications under process. The company serves customers across 20 states in India and exports to 37 countries including the USA, Brazil, Uruguay, Vietnam, Singapore, UAE and Australia.
Business Segments
🌿
Formulations (395 Registrations)
Active ingredients + additives; sold as solids or liquids under own brands or licences
🧪
Technicals (129 Registrations)
Concentrated active ingredients processed into insecticides, herbicides, fungicides
Competitive Strengths
📋Well-diversified portfolio — insecticides, herbicides, fungicides and plant growth regulators
🌐International presence in 37 countries across Latin America, Asia Pacific, North America & more
🔬Strong in-house R&D — 102 patents granted, 108 applications in process as of Mar 10, 2026
🏭Robust manufacturing with dedicated R&D facilities at Kathwada and Odhav, Gujarat
👥1,221 permanent employees (Sep 2025); led by qualified promoters and professional management
Company Promoters
BV
Bhavesh Vrajmohan Shah
Promoter, GSP Crop Science Limited
TK
Tirth Kenal Shah
Promoter, GSP Crop Science Limited
VV
Vilasben Vrajmohan Shah
Promoter, GSP Crop Science Limited
FK
Falguni Kenal Shah | Alpha Trust | Kappa Trust
Promoters, GSP Crop Science Limited
📅 Key Dates
IPO Opens16 Mar 2026
IPO Closes18 Mar 2026
Allotment20 Mar 2026
Refund & Share Credit23 Mar 2026
Listing Day24 Mar 2026
💡 Quick Summary
Price Band₹304 – ₹320
Issue Price₹320 / share
Lot Size46 shares
Min. Investment (Retail)₹14,720
Issue Size₹400 Cr
Fresh Issue₹240 Cr
OFS₹160 Cr
ListingBSE & NSE
🏦 Registrar & Lead Managers
Lead Managers
Equirus Capital Pvt. Ltd.
Motilal Oswal Investment Advisors Ltd.
📍 Company Address
GSP Crop Science Limited
404, Lalita Complex, Rasala Road,
Mithakhali Six Road, Navrangpura,
Ahmedabad, Gujarat – 380009
📞 +91 79 61915165
cs@gspcrop.com
404, Lalita Complex, Rasala Road,
Mithakhali Six Road, Navrangpura,
Ahmedabad, Gujarat – 380009
📞 +91 79 61915165
cs@gspcrop.com
🛡️ Regulatory Note: IPO investments are subject to SEBI regulations. Always read the RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the GSP Crop Science IPO RHP for informational purposes only. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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