Published: 24 March 2026 | 6.13 AM
Last Updated: 24 March 2026 | 6.00 AM
IPO Overview
GSP Crop Science IPO is entering the primary market with a total issue size of Rs. 400.00 crore, comprising a fresh issue of 0.75 crore shares aggregating to Rs. 240.00 crore and an offer for sale of 0.50 crore shares worth Rs. 160.00 crore. The IPO will open for subscription on March 16, 2026, and close on March 18, 2026, with the allotment likely to be finalised on March 20, 2026. The company plans to list its shares on BSE and NSE, with the tentative listing scheduled for March 24, 2026. The price band has been fixed at Rs. 304 to Rs. 320 per share, and investors can apply for a minimum lot of 46 shares, requiring a retail investment of Rs. 14,720 at the upper price band. Equirus Capital Pvt. Ltd. is acting as the book running lead manager to the issue, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar.
GSP Crop Science IPO Summary
IPO Date: 16–18 March 2026
Price Band: Rs.304-320
Lot Size: 46 Shares
Issue Size: Fresh Issue Rs. 240.00 crore + OFS 50,00,000 shares
Listing Date: 24 March 2026
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👉 Latest GSP Crop Science IPO GMP, subscription status, financials, valuation and Chanakya review explained below.
GSP Crop Science IPO GMP – Latest Update
| GMP | Estimated Listing Price | Expected Gains |
|---|---|---|
| 0 | To be updated | 0 |
Grey Market Premium (GMP) indicates the estimated listing sentiment based on unofficial market demand and may change frequently.
GSP Crop Science IPO Subscription Status – Live Update
Decent traction led by QIB and HNI interest, but retail participation remains subdued.
| Category | Subscription |
|---|---|
| QIB | 2.66 |
| NII | 3.14 |
| Retail (RII) | 0.42 |
| Total | 1.64 |
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Monday, 16 Mar 2026 |
| IPO Closing Date | Wednesday, 18 Mar 2026 |
| Listing Date (Tentative) | Tuesday, 24 Mar 2026 |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 304-320 |
| Lot Size | 46 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | Fresh Issue Rs. 240.00 crore + OFS 50,00,000 shares |
| Fresh Issue | Shares aggregating up to Rs. 240.00 crore |
| Offer for Sale | 50,00,000 Equity Shares |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,90,18,750 shares |
| Share Holding Post Issue | 465,18,750 Shares |
IPO Timetable
| Event | Date |
|---|---|
| IPO Opens | Mon, Mar 16, 2026 |
| IPO Closes | Wed, Mar 18, 2026 |
| Allotment | Fri, Mar 20, 2026 |
| Refunds | Mon, Mar 23, 2026 |
| Credit of Shares | Mon, Mar 23, 2026 |
| Listing | Tue, Mar 24, 2026 |
Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,720 |
| Retail (Max) | 13 | 598 | ₹1,91,360 |
| S-HNI (Min) | 14 | 644 | ₹2,06,080 |
| S-HNI (Max) | 67 | 3,082 | ₹9,86,240 |
| B-HNI (Min) | 68 | 3,128 | ₹10,00,960 |
Company Details
GSP Crop Science Limited, incorporated in 1985, is an agrochemical company engaged in manufacturing insecticides, herbicides, fungicides and plant growth regulators. The company focuses on crop protection solutions designed to help farmers improve productivity through effective pest, weed and disease management.
The company develops and manufactures both Formulations and Technicals. Formulations consist of active ingredients combined with additives to create ready-to-use products, while Technicals are concentrated active ingredients that are further processed to manufacture agrochemical products.
GSP Crop Science has built a diversified agrochemical portfolio with strong in-house manufacturing capabilities. As of September 30, 2025 the company has 524 product registrations across formulations and technicals and has developed a wide range of crop protection solutions for domestic and international markets.
The company serves customers across 20 states in India and exports its products to 37 countries, including the United States, Brazil, Uruguay, Vietnam, Singapore, UAE and Australia. Its international business spans Latin America, Asia Pacific, North America and other key geographies.
Research and development remains a key pillar of the company’s growth strategy. As of March 10, 2026, the company has been granted 102 patents and has 108 patent applications under process, reflecting continuous innovation in agrochemical chemistry.
The company operates dedicated R&D and testing facilities in Kathwada and Odhav, enabling product development, testing and commercialization of complex agrochemical formulations.
As of September 30, 2025, the company had 1,221 permanent employees supporting its manufacturing, research, distribution and export operations.
Competitive Strengths
• Diversified agrochemical product portfolio across insecticides, herbicides, fungicides and plant growth regulators
• Strong domestic distribution network and growing international presence
• Robust in-house R&D capabilities with focus on innovation
• Integrated manufacturing infrastructure supporting complex chemistries
• Experienced promoters and professional management team
Financials
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| 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 |
| EBITDA | 138.86 | 164.03 | 130.41 | 81.28 |
| Profit After Tax | 81.07 | 81.42 | 55.54 | 17.57 |
| 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 |
Amount in Rs. crore
Valuation
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 15.62% | 18.38% |
| ROCE | 15.45% | 19.80% |
| Debt / Equity | 0.55 | 0.58 |
| PAT Margin | 9.56% | 6.26% |
| EBITDA Margin | 16.45% | 12.74% |
| Particular | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 20.87 | To be declared |
| Promoter Holding | 98.32% | To be declared |
| Market Cap | To be declared | To be declared |
Chanakya View
GSP Crop Science operates in the agrochemical sector, which benefits from structural demand driven by rising food consumption, increasing crop protection awareness and expanding global agriculture markets. The company has built a diversified portfolio of formulations and technicals supported by strong in-house R&D capabilities and a growing international presence.
The company’s exports to 37 countries and its strong product registration base provide an important growth lever in global agrochemical markets. Continued investment in research and development, combined with a large patent portfolio, strengthens its ability to develop differentiated products.
Financial performance has improved steadily over recent years with growth in revenue and profitability. However, investors should monitor raw material price volatility, regulatory approvals and working capital requirements typical of the agrochemical industry.
Overall, the IPO provides exposure to a well-established agrochemical manufacturer with export reach and R&D strength. Final investment decision should depend on valuation comfort once the price band is announced.
Chanakya View: Neutral to Positive. Investors may track valuation and subscription momentum before taking a call.
Company Address
| Particular | Details |
|---|---|
| Address | 404, Lalita Complex, Rasala Road, Mithakhali Six Road |
| Area | Navrangpura |
| City | Ahmedabad |
| State | Gujarat |
| Pincode | 380009 |
| Phone | +91 79 61915165 |
| cs@gspcrop.com |
IPO Lead Manager(s)
| Lead Manager |
|---|
| Equirus Capital Pvt. Ltd. |
| Motilal Oswal Investment Advisors Ltd. |
IPO Registrar
| Registrar | Contact |
|---|---|
| MUFG Intime India Pvt. Ltd. | +91-22-4918 6270 |
| gspcrop.ipo@linkintime.co.in |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
GSP Crop Science IPO GMP today is not available yet as the grey market activity has not started.
GSP Crop Science IPO price band is yet to be announced.
GSP Crop Science IPO lot size will be announced along with the price band.
GSP Crop Science IPO is expected to list on BSE and NSE on 24 March 2026.