Mumbai, March 16, 2026: The Initial Public Offering of GSP Crop Science Limited was subscribed 0.47 times on the first day of bidding, demonstrating strong demand from qualified institutional buyers’ investors for this IPO.
The issue received bids of 42,37,658 equity shares against the offered 89,47,367 equity shares, according to data available on the stock exchanges.
Qualified Institutional Investors was subscribed 1.28 times.Non-institutional investors portion and Retail Portion were subscribed 0.28 and 0.11 times, respectively.
The issue kicked off for subscription on Monday, March 16, 2026, and will close for subscription on Wednesday, March 18, 2026.
A day before the opening of the issue, GSP Crop Science Limited had raised Rs 120 crore from anchor investors.
Leading brokerage firms like Adroit Financial Services, BP Equities, Marwadi Financial Services and Ventura Securities have given their “Subscribe” recommendation to Rajputana Stainless Limited. The business
Adroit Financial Services highlights the company positions itself as a comprehensive solution provider in the agrochemical industry by maintaining a well-diversified product portfolio that encompasses insecticides, herbicides, fungicides, and plant growth regulators (PGRs). As of September 30, 2025, this extensive range is supported by 524 product registrations granted by the Central Insecticides Board and Registration Committee (CIBRC).
The IPO is at a P/E of nearly 9.2 times based on upper price band and lower than most of its peers.
The proceeds of the offer are proposed to be utilized towards the reducing the borrowings, which is expected to strengthen the balance sheet and significantly reduce finance costs. The company’s revenue mix from patented products has increased significantly over the last one year leading to higher margins and improving the company’s return profile.
Recommended a Subscribe for long-term investment, considering the company’s growth potential.
Marwadi Financial Services highlights the company’s sales and distribution network for its business-to-consumer domestic business consisted of 5,644 distributors in Fiscal 2025 and 4,801 distributors in the six months ended September 30, 2025.
On the valuation front, the company is set to list at a P/E of approximately 9 times and below its peers. Give a Subscribe rating since the company has a well-diversified product portfolio along with a large and diverse clientele both domestically as well as internationally.
Company Information
The company 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 its customers with crop protection solutions designed to support farmers in maximizing productivity and achieving optimal agricultural output through development, manufacturing, supply and distribution of formulations, which refer to products composed of active ingredients, chemical compounds in a product responsible for achieving the desired effects on the target pests, weeds, or plant diseases and additives, which improve the product’s performance, stability, and ease of use, in definite proportion obtaining well-defined target properties (Formulations).
The table below shows subscription data for all the categories of investors:
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GSP Crop Science Limited Last updated on |
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|
Sr.No. |
Category |
No.of shares offered / reserved |
No. of shares bid for |
No. of times of total meant for the category |
|
1 |
Qualified Institutional Buyers (QIBs) |
24,99,998 |
32,03,072 |
1.28 |
|
1(a) |
Foreign Institutional Investors (FIIs) |
– |
12,50,510 |
– |
|
1(b) |
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) |
– |
– |
– |
|
1(c) |
Mutual Funds |
– |
– |
– |
|
1(D) |
Others |
– |
19,52,562 |
– |
|
2 |
Non Institutional Investors(NIIS) |
19,34,211 |
5,40,914 |
0.28 |
|
2.1 |
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) |
12,89,474 |
4,47,580 |
0.35 |
|
2.1(a) |
Corporates |
– |
4,06,272 |
– |
|
2.1(b) |
Individuals (Other than RIIs) |
– |
38,180 |
– |
|
2.1(c) |
Others |
– |
3,128 |
– |
|
2.2 |
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) |
6,44,737 |
93,334 |
0.14 |
|
2.2(a) |
Corporates |
– |
– |
– |
|
2.2(b) |
Individuals (Other than RIIs) |
– |
92,690 |
– |
|
2.2(c) |
Others |
– |
644 |
– |
|
3 |
Retail Individual Investors (RIIs) |
45,13,158 |
4,93,672 |
0.11 |
|
3(a) |
Cut Off |
– |
3,57,144 |
– |
|
3(b) |
Price Bids |
– |
1,36,528 |
– |
|
4 |
Employee Reserved |
– |
– |
– |
|
4(a) |
Employee (Cut off) |
– |
– |
– |
|
4(b) |
Employee (Price) |
– |
– |
– |
|
5 |
Reservation PortionShareholder |
– |
– |
– |
|
5(a) |
RPS (Cut off) |
– |
– |
– |
|
5(b) |
RPS (Price) |
– |
– |
– |
|
|
Total |
89,47,367 |
42,37,658 |
0.47 |
