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GSP Crop Science IPO Day 1 Highlights: Agrochemical company GSP Crop Science's initial public offering (IPO) opened for bidding on Monday, March 16, looking to raise ₹400 crore. The three-day public offer will close on Wednesday, March 18. The offer was booked 47% at the end of first day.

Ahead of the share sale, GSP Crop Science raised ₹120 crore from anchor investors. The company allocated 37.50 lakh equity shares at ₹320 per share to anchor investors. The entities that participated in the anchor round include Shine Star Build Cap Pvt Ltd, Craft Emerging Market Fund PCC-Citadel Capital Fund, and Craft Emerging Market Fund PCC-Elite Capital Fund.

The Ahmedabad-based company’s IPO price band has been fixed at ₹304– ₹320 per share, which values the company at around ₹1,489 crore at the upper end.

GSP Crop Science IPO comprises a fresh issue of shares worth ₹240 crore and an Offer for Sale (OFS) of 50 lakh equity shares worth ₹160 crore by promoters, aggregating to ₹400 crore.

Proceeds from the fresh issue will be used mainly for debt repayment, with about ₹170 crore earmarked for this purpose, while the remaining funds will be utilised for general corporate purposes. The company is expected to make its stock market debut on March 24.

GSP Crop Science Ltd is a research-focused agrochemical company with more than 39 years of experience in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators.

The company provides crop protection solutions that help farmers improve productivity by producing formulations—products that combine active ingredients targeting pests, weeds, or diseases with additives that enhance performance and stability—as well as technicals, which are concentrated active ingredients used to manufacture formulations.

As of September 30, 2024, the company had secured 507 registrations across formulations and technicals for its manufactured agrochemicals, supported by a strong focus on research and development.

On the financial front, revenue from operations stood at ₹1,152.16 crore in FY24 compared with ₹1,203.31 crore in the previous fiscal, while profit after tax rose to ₹61.29 crore from ₹21.55 crore in FY23.

According to the company, 50% of the IPO has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

The grey market premium (GMP) for GSP Crop Sciences remains nil. This means that GSP Crop Science IPO GMP is ₹0, suggesting lack of investor interest in the unofficial market. At the current levels, GSP Crop Science IPO listing price could be the same as IPO price.

Track this space for LIVE updates on GSP Crop Science IPO Day 1.

GSP Crop Science IPO was subscribed 47% at the end of the first day on strong QIB demand. The QIB segment was booked 1.28 times, the NII quota 28% and the retail segment 11%.

During 1HFY26 and FY25, the company imported ~42% and ~38% of its raw materials from China, respectively. Any geopolitical tensions or export curbs from the Chinese authorities may cause business operation interruptions.

The company has developed a well-rounded product portfolio which includes a wide range of insecticides, herbicides, fungicides, and plant growth regulators, making it a comprehensive solution provider in the agrochemical industry. GSP’s diversified product portfolio enables it to effectively meet the unique needs of both the B2B and B2C customers, aligns with customer preferences and adapts to changing market dynamics. This flexibility enhances the company’s ability to deliver tailored solutions that resonate with its diverse clientele.

The company’s R&D efforts place significant emphasis on identifying Formulations and Technicals that are suitable for commercialization, enhancing the production process, improving the quality and purity of the present products and manufacturing new off-patent products. GSP has a dedicated R&D team comprising 35 employees. It has been granted 102 patents as of Sep’25 and has 108 patent applications under process.

GSP Crop Science IPO's QIB quota was fully booked on the first day of the book-building process. As of 2.55 pm, the QIB segment was booked 1.19 times. NII and retail portions were booked 19% and 7%, respectively. Overall, IPO was susbcribed 42%.

At the upper price band of the issue price of ₹320, the IPO is valued at 18.3x FY25 P/E, which is at a premium to peers that are domestic market focused. The second half of the fiscal is seasonally weak for crop protection chemical manufacturers, and the current rise in raw material and freight costs due to the Middle East war is likely to impact performance in 4QFY26. Moreover, monsoon 2026 is likely to be weaker than last year due to the possible development of El Niño conditions, which could impact acreage and the resultant demand for insecticides, herbicides and fungicides. Hence, we assign a NEUTRAL rating and would like to monitor the company's performance for a few quarters post-listing.

— SBI Securities

The company operates 5 manufacturing facilities located at Odhav (Ahmedabad, Gujarat), Kathwada (Ahmedabad, Gujarat), Nandesari (Vadodara, Gujarat), Samba (UT of Jammu & Kashmir) and Saykha (Dahej, Gujarat.

GSP Crop Science is an agrochemical company engaged in the business of manufacturing insecticides, herbicides, fungicides and plant growth regulators. The company has developed a well-diversified portfolio across insecticides, herbicides, fungicides and plant growth regulators, positioning it as a comprehensive agrochemical solutions provider. The broad product mix enables it to cater to both B2B and B2C segments, supporting adaptability to evolving customer preferences and market dynamics.

On the valuation front, based on annualized FY26 earnings, the company is seeking a P/E of 9.2x times and a post-issue market capitalization of approximately ₹14,886 million, making the issue appear to be fully priced. The second half of the fiscal is seasonally weaker for crop protection manufacturers, and rising raw material and freight costs amid Middle East tensions may pressure H2-FY26 margins. While the company operates in a competitive and fragmented industry, its diversified portfolio and market positioning support long-term growth. Hence, we assign a Subscribe–Long Term rating for the issue.

GSP Crop Science IPO was subscribed 10% so far as of 1.10 pm on the first day of the bidding process. The offer was subscribed 23% in the QIB category, 2% in NII and 5% in retail quotas.

• Leverage the diverse offerings to expand into international markets and capitalize on the growing agrochemical industry.

• Continue to expand the product offerings by leveraging its R&D capabilities.

• Diversify customer base by adding new customers and increase wallet share with existing customers.

• Optimize manufacturing capabilities through backward integration and focus on improving operational efficiencies.

GSP Crop Science plans to use the proceeds from fresh share sale for debt repayment of existing borrowings and general corporate purposes.

In terms of valuation, it's clearly cheaper compared to its peers. P/E of just 15x, RoNW best in class — this is a quality company coming to the IPO market at a fair price. Revenue from operations was ₹1,203 crore in FY23, which actually dipped to ₹1,152 crore in FY24 before recovering — shows cyclicality.

Agrochemical margins are volatile due to crude oil & chemical input prices. Broader market is weak right now; IPO listings in weak markets tend to underperform. However, our recommendation is to AVOID this IPO.

— Swastika Investmart

In International Business, GSP Crop Science catered to customers in 37 countries 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.

GSP Crop Science Ltd is a research-driven agrochemical company, specializing in the development and manufacturing of insecticides, herbicides, fungicides and plant growth regulators in India, with over 40 years of experience in the agrochemical industry.

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.

Since commencing their operations in 1985, they have expanded their product portfolio to include insecticides, herbicides, fungicides and plant growth regulators.

Considering the Annualised EPS – Sep 2025/FY25 EPS of ₹34.85/17.50 on a post issue basis, the company is set to list at a P/E of approximately ~9x/18x with a market cap of ₹1,489 Cr. Whereas its peers namely PI Industries Ltd, Sumitomo Chemical India Ltd, Dhanuka Agritech Ltd,Rallis India Ltd, Bharat Rasayan Ltd, India Pesticides Limited and Excel Industries Ltd, are trading at a P/E ratio of approximately ~33x, ~36x, ~17x, ~26x, ~16x, ~15x, ~15x.

We assign “Subscribe” rating to this IPO as the have a well-diversified product portfolio along with a large and diverse clientele both domestically as well as internationally. Also it is available at a reasonable valuation as compared to its peers.

— Marwadi Financial Services

Revenue increased to INR 1,287.4 crore in FY25 from INR 1,152.2 crore in FY24, registering an 11.7% YoY growth. EBITDA rose to INR 164.0 crore in FY25 from INR 130.4 crore in FY24, reflecting a 26% YoY increase, while profit after tax increased to INR 83.4 crore in FY25 from INR 61.3 crore in FY24, representing a 36% YoY growth.

EBITDA margin improved to 12.7% in FY25 compared with 11.3% in FY24, while profit margin expanded to 6.5% from 5.3%, supported by improved operating leverage and growth in the company’s agrochemical portfolio.

The grey market premium (GMP) for GSP Crop Sciences remains nil. This means that GSP Crop Science IPO GMP is ₹0, suggesting lack of investor interest in the unofficial market. At the current levels, GSP Crop Science IPO listing price could be the same as IPO price.

GSP Crop Science IPO opened for bidding today. It will remain available for bidding till March 18. The offer is off to a slow start, garnering just 1% bids in nearly 50 mins of opening.Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course ...

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