GSP Crop Science files red herring prospectus

GSP Crop Science Limited has filed a red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) to pursue an initial public offering (IPO), according to regulatory filings. The IPO, slated to open on March 16, 2026, and close on March 18, 2026, includes a fresh issue of ₹240 crore and an offer-for-sale (OFS) of up to ₹160 crore by promoters, including Bhavesh Vrajmohan Shah, Vilasben Vrajmohan Shah, and Kappa Trust as reported. The price band is set at ₹304–₹320 per share, with 50% of the net issue reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors according to the filing.

The company aims to allocate approximately ₹170 crore (70% of the fresh issue) to repay outstanding debt, which stood at ₹478 crore as of December 2025 as per the report. This move is expected to reduce leverage, improve the debt-equity ratio, and lower interest expenses while supporting future growth. Promoter ownership will dilute from 98% to approximately 74% post-IPO as stated.

Established over four decades ago, GSP Crop Science specializes in agrochemicals, including insecticides, herbicides, and fungicides, with 524 product registrations as of September 2025 according to the filing. Financially, the company reported revenue of ₹1,287.38 crore in FY25, up from ₹1,203.3 crore in FY23, alongside a net profit of ₹81.4 crore in FY25 compared to ₹17.5 crore in FY23 as reported.

Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers, while MUFG Intime India Private Limited serves as the registrar as per the prospectus. Investors are advised to review the RHP for detailed risk factors and corporate disclosures.