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GSP Crop Science IPO Details
Issue Date
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IPO Size
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Schedule of GSP Crop Science IPO
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End date
Allotment of bids
Refund Initiation
Listing on exchange
About IPO
GSP Crop Science Ltd will soon launch its IPO, which will comprise a fresh issue and an offer for sale. While the fresh issue size is pegged at ₹280 crores, the offer for sale consists of up to 6,000,0000 equity shares with a face value of ₹10 each. The basis of allotment will take place on TBA. Credit of shares will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of GSP Crop Science Ltd
The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner:
- Repayment or pre-repayment of all or a portion of certain outstanding borrowings availed by our Company.
- General corporate purposes.
GSP Crop Science Ltd Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | ₹280 crore |
Offer for Sale | Up to 6,000,000 equity shares |
EPS (in ₹) for FY 24 | 1.40 |
GSP Crop Science Ltd IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the Net Offer |
Non-institutional Investors (NIIs) | Not less than 15% of the Net Offer |
Retail-individual Investors (RIIs) | Not less than 35% of the Net Offer |
Industry Outlook
India’s agriculture sector, contributing ~17.7% to GVA in FY2024, is crucial for the economy and food security. Advances in high-yield crops, modern irrigation, and mechanisation have boosted productivity, while government initiatives like PM Fasal Bima Yojana, e-NAM, and PM Krishi Sinchayee Yojana support farmers.
However, challenges such as climate change, erratic monsoons, water scarcity, and fragmented land holdings impact yields. To address this, sustainable practices and digital integration like precision farming and real-time data analytics are enhancing efficiency, resilience, and scalability in Indian agriculture.
Company Information
GSP Crop Science Ltd is a research-driven agrochemical company with 39+ years of experience, it specialises in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India. Focused on crop protection solutions, it offers formulations (active ingredients with additives) and technicals (concentrated active ingredients for formulations).
As of September 30, 2024, the company holds 507 agrochemical registrations and has been granted 89 patents, with 98 more applications pending. In the six months that ended September 30, 2024, patented product sales reached ₹144.11 crore, contributing 20.73% of product revenue. Its subsidiary, Rajdhani Petrochemicals Private Limited, ranked among the top 10 Indian applicants for Patent Cooperation Treaty filings in FY2022
GSP Crop Science Ltd Strengths
A well diversified portfolio of insecticides, herbicides, fungicides, and growth regulators positions them as a comprehensive solution provider.
A research-driven agrochemical company, it specialises in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India. With strong product development capabilities, it operates across Formulations and Technicals. As of September 30, 2024, the company holds 507 registrations across both segments, driven by its focus on research and innovation.
Serving a diverse clientele domestically and internationally.
The company has established strong B2B relationships in both domestic and international markets, enabling the expansion of product offerings and geographic reach. Its ability to manufacture complex off-patent formulations and technicals cost-effectively while meeting strict quality and environmental standards has fostered long-standing customer associations, with several partnerships exceeding 10 years. Key clients include Bharat Rasayan, Dharmaj Crop Guard, Indogulf Cropsciences, SML, Willowood Chemicals, and Agrico Organics. A diverse customer base minimises reliance on any single client, enhancing resilience and adaptability in dynamic market conditions.
Strong in-house R&D capabilities with a focus on innovation and product development.
The company’s R&D-driven approach has enabled the development of advanced technological processes for its facilities and a proven track record in introducing Formulations and Technicals to the Indian agrochemical market (Source: ICRA Report). In 2022, it commissioned an R&D and pilot plant facility to test product commercialisation, focusing on new off-patent products, process improvements, and quality enhancement. Investments in R&D facilities include a Formulation facility in Kathwada and a technical facility in Odhav, both equipped for complex chemistries. The company specialises in manufacturing Chlorantraniliprole Technical (96% purity), Clothianidin Technical (98% purity), and Pymetrozine Technical (98% purity).
Risks of GSP Crop Science Ltd IPO
- International Regulatory Compliance
The company must comply with regulations in international markets and secure registrations from foreign regulatory authorities, either directly or through customers, to facilitate product sales. Its international business is subject to regulatory risks, which could adversely impact operations and financial performance.
- Material Cost Risks
The cost of materials consumed constituted a major portion of total expenses in the six months that ended September 30, 2024, and in Fiscals 2024, 2023, and 2022. Any increase in material costs or an inability to adjust product prices accordingly could negatively impact profitability.
- Dependence on a Limited Supplier Base
The company relies on a limited number of suppliers for raw materials. Any disruption in procurement from these suppliers could adversely affect manufacturing operations and overall business performance.
All Financial Information about GSP Crop Science Ltd
Comparison with peers
| Parameter | GSP Crop Science Limited | PI Industries Limited | Sumitomo Chemical India Limited | Dhanuka Agritech Limited |
|---|---|---|---|---|
Revenue from operations for Fiscal 2024 (in ₹ crore) | 1152.16 | 7665.80 | 2843.94 | 1758.54 |
P/E for FY 24 | NA | 37.20 | 73.70 | 30.57 |
Return on Net Worth for FY 24 in % | 15.00 | 19.26 | 15.14 | 19.04 |
EPS in ₹ for FY 24 | 13.49 | 110.85 | 7.40 | 52.46 |
IPO Registrar and Book Running Lead Manager
Link Intime India Private Limited is the registrar of the GSP Crop Science Ltd IPO. The book-running lead managers are:
- Motilal Oswal Investment Advisors Limited
- Equirus Capital Private Limited
Business Model
GSP Crop Science Ltd is a research-driven agrochemical company with 39+ years of experience, specialising in the development and manufacturing of insecticides, herbicides, fungicides, and plant growth regulators in India. It provides crop protection solutions through Formulations (active ingredients with additives) and Technicals (concentrated active ingredients for formulations).
Company Growth Trajectory
As of September 30, 2024, the company holds 507 registrations across Formulations and Technicals, backed by a strong R&D focus. It has been granted 89 patents, with 98 more applications pending, and generated ₹144.11 crores in revenue from patented products in the six months ended September 30, 2024 (20.73% of total sales). Its subsidiary, Rajdhani Petrochemicals Private Limited, ranked among the top 10 Indian applicants for Patent Cooperation Treaty filings in FY2022.
GSP Crop Science Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crore) | 1158.22 | 1206.04 | 1202.51 |
Profit Before Tax ( in ₹ crore) | 76.55 | 23.32 | 96.85 |
Profit After Tax ( in ₹ crore) | 55.54 | 17.53 | 72.30 |
EBITDA (in ₹ crore) | 130.40 | 81.28 | 140.52 |
EPS (in ₹) | 1.40 | 0.96 | 0.74 |
GSP Crop Science Ltd Cash Flow
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Net Cash Used in Operating Activities (in ₹ crore) | 206.74 | 103.51 | (43.82) |
Net Cash Used in Investing Activities (in ₹ crore) | (18.96) | (46.81) | (42.24) |
Net Cash Generated from Financing Activities (in ₹ crore) | (178.32) | (158.94) | 157.04 |
Cash and Cash Equivalent at the End of the Year (in ₹ crore) | 29.96 | 20.45 | 122.54 |
How to Check the Allotment Status of GSP Crop Science Ltd?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of Link Intime Private Ltd. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is GSP Crop Science Ltd.
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
To check status on the website of Link Intime Private Ltd:
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Visit the website of Link Intime Private Ltd.
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Choose ‘Public Issues’ from the Investor Services dropdown.
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Choose the name of the company from the ‘Select Company’ dropdown.
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Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC.
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Click on Submit to check the status.
How to Apply for GSP Crop Science Ltd?
Here are the steps to apply for GSP Crop Science Ltd IPO:
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Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
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Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
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Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
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Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
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Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
GSP Crop Science IPO FAQs
What is GSP Crop Science Ltd?
The GSP Crop Science Ltd IPO is a 100% book-built issue comprising a fresh offer and an offer-for-sale. The fresh issue size is pegged at ₹280 crores.
Is GSP Crop Science Ltd IPO coming?
Yes, GSP Crop Science Ltd is expected to come up with its IPO soon.
Who is the CEO of GSP Crop Science Ltd?
Bhavesh Vrajmohan Shah is the CEO of GSP Crop Science Ltd.
From where can I read more about the IPO of GSP Crop Science Ltd
You may read more about GSP Crop Science Ltd and its IPO from the company’s draft red herring prospectus (DRHP) here.