Ahmedabad-based agrochemical company GSP Crop Science is set to open its maiden public issue for subscription next week on March 16 despite the US–Iran conflict-driven bloodbath in the secondary market. The price band for the offer will be announced separately by the company on March 12.

The crop protection solutions provider aims to raise Rs 240 crore by issuing fresh shares, while promoters — Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust — will sell 50 lakh shares via an offer-for-sale, as per the Red Herring Prospectus filed on March 10.


The draft document for the IPO was filed by the company in November 2024, which subsequently received approval from SEBI in the last week of March 2025, meaning the one-year validity after approval is set to end this month. Every company, after receiving SEBI’s observations on the draft papers, has to launch its initial public offering within one year.

The company has reduced its fresh issue size from Rs 280 crore and the offer-for-sale component from 60 lakh shares, as highlighted in the Draft Red Herring Prospectus (DRHP).

The one-day IPO anchor book will open on March 13, while the issue will remain open for the public till March 18, followed by the finalisation of the IPO share allotment on March 20. Its equity shares will be available for trading on the BSE and NSE from March 24.

GSP Crop Science, which specialises in the manufacturing of insecticides, herbicides, fungicides, and plant growth regulators, will utilise Rs 170 crore of the proceeds from the fresh issue for repaying debt, and the remainder for general corporate purposes. The offer-for-sale proceeds will go to the selling shareholders.

The company said its outstanding borrowings as of December 2025 stood at Rs 478.8 crore, of which Rs 282.7 crore is fund-based.

As of September 2025, GSP Crop Science had received 524 registrations across formulations and technicals for agrochemicals, while it had been granted 102 patents. Additionally, it also has 108 patent applications under process.

The company, which competes with several listed peers such as PI Industries, Sumitomo Chemical, Dhanuka Agritech, Rallis India, Bharat Rasayan, India Pesticides, Excel Industries, and Heranba Industries, has recorded healthy financial performance in recent years. Profit for FY25 stood at Rs 83.4 crore, growing 36 percent from Rs 61.3 crore in the previous year. Revenue during the same period increased 11.7 percent to Rs 1,287.4 crore from Rs 1,152.2 crore.

Further, it registered a profit of Rs 82.7 crore on revenue of Rs 844.2 crore for the six-month period ended September 2025.

The merchant bankers managing the GSP Crop Science IPO are Equirus Capital and Motilal Oswal Investment Advisors.