Summary of this article
GSP Crop Science's IPO has entered second day of bidding, with nearly half of the issue subscribed
GMP of GSP Crop Science's IPO remains at zero, showing muted listing prospects
Investors have subscribed nearly half of the shares offered by GSP Crop Science at its initial public offering (IPO), as it entered its second day of bidding in the primary market. The subscription window to apply to the issue opened on March 16 and will close on March 18. However, the grey market premium (GMP) continues to indicate muted listing prospects of the agro-chemical company on the stock exchanges.
GSP Crop Science IPO: Offer Size
GSP Crop Science’s public issue is worth Rs. 400 crore, consisting of a combination of 7.5 million fresh issue of equity shares and 5.0 million shares on offer-for-sale (OFS). The price band of the stock in the primary market has been fixed at Rs. 304-320 per share with a minimum lot size of 46 shares. Retail individual investors need to invest a minimum of Rs. 14,720 to apply in the issue.
For the issue, Equirus Capital is the book-running lead manager, while MUFG Intime India is the registrar. Share allotment of the IPO is expected to be finalised on March 20, post the bidding window, and the stock is expected to be listed on NSE and BSE on March 24.
GSP Crop Science IPO: Subscription Status
So far, on the second day of the issue window, investors have subscribed 47 per cent of the shares offered by GSP Crop Science in the primary issue. Qualified institutional buyers (QIBs) have shown the most interest in the issue so far, booking 1.28 times their reserved quota, or applying for 3.20 million shares so far. Non-institutional investors (NIIs) have so far applied for 28 per cent of their quota, booking for 540,914 shares in total.
Meanwhile, retail individual investors have only booked 11 per cent of the shares reserved for them so far. They have applied for 493,672 shares so far.
GSP Crop Science IPO: GMP Today
According to various websites, the GMP of GSP Crop Science remained at zero, showing no changes so far. The expected listing price of the stock is at Rs. 320 per share, at the upper end of the price band at the issue. This indicates no gains or losses for investors at the listing of the stock on NSE and BSE.
GSP Crop Science IPO: Key Financials
GSP Crop Science reported a net profit of Rs. 81.07 crore and a total income of Rs. 847.61 crore during the first six months of the financial year 2025-26. The Ebitda of the company during the first half of FY26 was at Rs. 138.86 crore.
The company posted Rs. 81.42 crore as net profit on a total income of Rs. 1,301.06 crore in FY25. Compared to this, the net profit and total income of the company were at Rs. 55.54 crore and Rs. 1,158.23 crore, respectively, in FY24.
GSP Crop Science IPO: Objective
The company aims to use Rs. 170 crore of net proceeds of the fresh issue in repaying and prepaying debt of the company, according to the red herring prospectus (RHP) filed with the Securities and Exchange Board of India (Sebi). The company plans to use the rest of the funds raised from the fresh issue towards general corporate purposes.
