GSP Crop Science IPO
GSP Crop Science IPO was a Mainboard book-built issue of approximately ₹400 crore, comprising a fresh issue of around ₹240 crore and an Offer for Sale of up to 50 lakh equity shares. The IPO price band was ₹304 to ₹320 per share, with a lot size of 46 sha
GSP Crop Science IPO Details
GSP Crop Science IPO bidding started from Mar 16, 2026 and ended on Mar 18, 2026. The allotment for GSP Crop Science IPO was finalized on Mar 20, 2026. The shares got listed on the NSE and the BSE on Mar 24, 2026.
GSP Crop Science IPO Timeline (Tentative)
The GSP Crop Science IPO timeline covers the key dates from the opening and closing of the issue to allotment, refund initiation, credit of shares, and listing. The IPO opened on March 16, 2026, and closed on March 18, 2026. The shares were listed on the BSE and NSE on March 24, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Mar 16, 2026 |
| IPO Close Date | Wed, Mar 18, 2026 |
| Basis of Allotment | Fri, Mar 20, 2026 |
| Initiation of Refunds | Mon, Mar 23, 2026 |
| Credit of Shares to Demat | Mon, Mar 23, 2026 |
| Listing Date | Tue, Mar 24, 2026 |
| IPO Opens | March 16, 2026 |
| IPO Closes | March 18, 2026 |
| Basis of Allotment | March 20, 2026 |
| Initiation of Refunds / ASBA Unblocking | March 23, 2026 |
| Shares Credited to Demat Accounts | March 23, 2026 |
| IPO Listing Date | March 24, 2026 |
GSP Crop Science IPO Lot Size
Investors can bid for a minimum of 46 shares and in multiples thereof.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail – Minimum | 1 | 46 | 14,720 |
| Retail – Maximum | 13 | 598 | 1,91,360 |
| sNII – Minimum | 14 | 644 | 2,06,080 |
| bNII – Minimum | 68 | 3,128 | 10,00,960 |
GSP Crop Science IPO Reservation
GSP Crop Science IPO comprises a total issue size of 1,25,00,000 shares. Out of which, 62,50,000 (50.00%) are allocated to QIB, 18,75,000 (15.00%) allocated to NII 43,75,000 (35.00%) allocated to RII.
GSP Crop Science IPO Subscription
The GSP Crop Science IPO received an overall subscription of 1.61 times by the close of bidding on March 18, 2026. The NII category was subscribed 3.05 times, while QIBs were subscribed 2.66 times. Retail participation stood at 0.40 times.
| Category | Subscription (times) |
|---|---|
| QIB | 2.66x |
| NII | 3.05x |
| RII | 0.40x |
| Total | 1.61x |
About GSP Crop Science
Incorporated in 1985, GSP Crop Science Limited is an agrochemical company engaged in the business of manufacturing insecticides, herbicides, fungicides and plant growth regulators.
The company provides crop protection solutions to help farmers increase productivity, offering formulations (active ingredients and additives) and technicals (concentrated active ingredients) for effective pest, weed, and disease control.
The company offers a diverse portfolio of in-house manufactured agrochemicals, providing crop protection solutions through the development, manufacturing, supply, and distribution of Formulations and Technicals to meet customer needs.
The company have served customers spread across 20 states in India in the six months ended September 30, 2025 and Fiscals 2025, 2024 and 2023.
The company's international business is spread across 37 countries, including the United States of America, Uruguay, Brazil, Vietnam, Singapore, UAE and Australia during the six months ended September 30, 2025, Fiscals 2025, 2024 and 2023, including in Latin America, Asia Pacific (excluding India), North America and other geographies.
As of September 30, 2025 the company have received 524 registrations across Formulations and Technicals for agrochemicals. The company's research and development efforts over the years have led to being granted 102 patents, and also have 108 patent applications under process as of March 10, 2026.
The company invests in R&D to develop and improve Formulations and Technicals, with dedicated facilities in Kathwada and Odhav for testing, commercialization, and producing complex chemistries for the agrochemical market.
Business Operations:
- Formulations: As of September 30, 2025, the company has 395 registrations for Formulations, composed of active ingredients and additives, available as solids or liquids, marketed under the company's brands or licenses.
- Technicals: As of September 30, 2025, the company has 129 registrations for Technicals, which are concentrated active ingredients processed with other ingredients to create products like insecticides, herbicides, and fungicides.
As of September 30, 2025, the company has 1,221 permanent employees.
Competitive Strengths:
- Well-diversified product portfolio including a wide range of insecticides, herbicides, fungicides, and plant growth regulators, making us a comprehensive solution provider for the customers.
- Catering to a large and diverse clientele both domestically as well as internationally.
- Strong in-house R&D capabilities with focus on innovation and product development
- Robust manufacturing facilities with ability to manufacture a wide range of products with a focus on sustainability.
- Led by qualified and experienced Promoters and supported by a professional management team
Strengths
- Diversified crop-protection portfolio: GSP Crop Science offers insecticides, herbicides, fungicides and plant growth regulators, giving it exposure to multiple crop-protection segments.
- Experienced promoters and management: The company has around 40 years of experience in the agrochemical industry.
- Strong R&D capabilities: Its in-house R&D focus supports the development of new and differentiated agrochemical products. The company had 108 patent applications under process as of March 10, 2026.
- Diversified customer and export base: GSP Crop Science has a presence across 20 Indian states and exports its products to 37 countries, reducing dependence on a single market.
- Improving financial performance: FY2025 revenue increased to ₹1,287.38 crore from ₹1,152.16 crore, while PAT rose to ₹81.42 crore from ₹55.54 crore.
- IPO proceeds support deleveraging: The company planned to use ₹170 crore of the fresh issue proceeds toward repayment or prepayment of certain borrowings, which can help reduce debt.
Risks to Consider
- Dependence on limited suppliers: The company relies on a relatively small number of suppliers for certain raw materials. Delays or disruptions in sourcing could affect production and operations.
- Geographical concentration: Around 62% of revenue comes from Gujarat, Maharashtra, Andhra Pradesh, Rajasthan and Karnataka, creating regional concentration risk.
- No long-term customer agreements: The company does not have long-term agreements with its customers, which creates a risk of losing existing customers or facing difficulty in acquiring new ones.
- Moderate historical sales growth: Revenue growth over the preceding five-year period was relatively modest, at around 7.34%, according to IPO Watch's review.
- Raw-material and freight-cost risk: Rising raw-material and freight costs can put pressure on margins. SBI Securities also highlighted these concerns around the IPO period.
- Weather and monsoon dependency: Agrochemical demand is linked to crop acreage and agricultural conditions. A weaker monsoon or adverse weather can affect demand for crop-protection products.
GSP Crop Science Financials (₹ Cr)
The financial performance of GSP Crop Science Limited shows improvement in revenue and profitability over the reported financial years. Revenue increased from ₹1,158.23 crore in FY2024 to ₹1,301.06 crore in FY2025, while profit after tax increased from ₹61.29 crore to ₹82.14 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 6M FY2026* | 847.61 | 81.06 | 1,491.69 | |
| FY2025 | 1,301.06 | 82.14 | 1,228.50 | |
| FY2024 | 1,158.23 | 61.29 | 980.34 | |
| FY2023 | 1,206.05 | 21.55 | 1,132.13 |
KPIs & Valuation
The KPIs and valuation metrics provide an overview of GSP Crop Science's profitability, earnings, return ratios, and valuation. At the upper price band of ₹320, the company was valued at approximately 15.34x FY2025 earnings, according to IPO Watch.
Objects of the Issue
The GSP Crop Science IPO comprised a fresh issue of ₹240 crore and an Offer for Sale of ₹160 crore at the upper price band. The company proposed to use a major portion of the fresh issue proceeds for repayment or prepayment of certain outstanding borrowings.
- The net proceeds from the fresh issue were proposed to be utilised for:
- Repayment or prepayment of certain outstanding borrowings: ₹170 crore
- General corporate purposes: Remaining net proceeds after the above utilisation and issue-related expenses
Promoters, Lead Managers & Registrar
GSP Crop Science Limited is promoted by the Shah family and Kappa Trust. The IPO included an Offer for Sale by the promoter selling shareholders, while the fresh issue proceeds were intended for debt repayment/prepayment and general corporate purposes.
Promoters
Lead Managers (BRLM)
GSP Crop Science IPO Review
GSP Crop Science Limited operates in the agrochemical industry and has an established presence in the development, manufacturing, and sale of crop-protection products. Its portfolio includes insecticides, herbicides, fungicides, and plant growth regulators.
The company reported improving financial performance, with FY2025 revenue of ₹1,287.38 crore and PAT of ₹81.42 crore. The IPO also provided an opportunity to reduce borrowings, with ₹170 crore of the fresh issue proceeds earmarked for repayment or prepayment of certain debt.
The key positives include its diversified product portfolio, manufacturing capabilities, R&D focus, and established industry presence. However, investors should also consider raw-material and freight-cost volatility, dependence on agricultural conditions and monsoons, geographical concentration, and the competitive nature of the agrochemical market.
How to Apply
Through UPI
- Log in to your stockbroker's mobile app or website.
- Go to the IPO section and select GSP Crop Science IPO.
- Enter the number of lots you want to apply for.
- Enter your UPI ID linked to your own bank account.
- Select the bid price. You can choose the Cut-off Price if eligible.
- Submit the IPO application.
- Open your UPI application and approve the IPO mandate.
- The required amount will be blocked in your bank account.
- If shares are allotted, the applicable amount will be debited and the shares will be credited to your Demat account.
- If no shares are allotted, the blocked amount will be released.
SEBI states that the UPI process involves submitting the bid with the UPI ID, authorising the fund block, and debiting the amount only to the extent of shares allotted. A third-party UPI ID or third-party bank account is not valid for allotment.
Last updated Aug 11, 2026.