GSP Crop Science IPO
UPCOMINGMAINBOARDUpcoming Issue
₹400.00 Cr
Fresh / OFS
₹240.00 Cr / ₹160.00 Cr
- Price Band
- ₹304 – ₹320
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- TBATBA
- Close Date
- TBATBA
About GSP Crop Science
Manufactures and sells agrochemical formulations and technicals for crop protection, distributing through B2B and B2C channels in India and internationally.
Use of IPO Proceeds
Total allocation: ₹220.32 Cr (excludes issue expenses)
Promoters
Bhavesh Vrajmohan Shah
Chairman and Managing Director · age 54
Tirth Kenal Shah
Whole-Time Director · age 30
Falguni Kenal Shah
Promoter
Vilasben Vrajmohan Shah
Promoter
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: NSE, BSE
Strengths (6)
- •Well-diversified product portfolio across insecticides, herbicides, fungicides, and plant growth regulators
- •Research-driven agrochemical company with 524 registrations for formulations and technicals
- •Strong relationships with B-to-B customers enabling geographic expansion and product offerings
- •Efficient distribution network with thousands of distributors across domestic markets
- •Diverse product portfolio meeting unique needs of both B-to-B and B-to-C customers
- •Cost-effective manufacturing of complex formulations and technicals for off-patent products
Risk Factors (6)
- •First public issue with no formal market for equity shares; offer price may not indicate post-listing market price
- •Company involved in 17 misbranding cases under Insecticides Act and 21 labour law reinstatement cases
- •Terminal excise duty contingent liability of ₹355.31 million with recovery notice pending before Gujarat High Court
- •Agrochemical industry subject to regulatory changes in pesticide registration, environmental standards, and agricultural policies
- •Company operates in cyclical agricultural sector dependent on monsoon patterns, commodity prices, and farmer purchasing power
- •Concentrated customer base in India with exposure to foreign exchange risks from Brazil subsidiary operations
GMP Trend
GMP data will appear a few days before the IPO opens.
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Subscription Status
Subscription data will appear once bidding begins.
Weigh your chances
IPO Timeline
Issue Opens
TBA
Issue Closes
TBA
Allotment
TBA
Listing
TBA
Issue Opens
TBA
Issue Closes
TBA
Allotment
TBA
Listing
TBA
IPO Details
| Registrar | MUFG Intime India Pvt. Ltd. |
| Exchange | NSE, BSE |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹400.00 Cr |
| Fresh Issue | ₹240.00 Cr |
| OFS Size | ₹160.00 Cr |
| Lead Managers | Equirus Capital Private Limited, Motilal Oswal Investment Advisors Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 1,287.39 | 81.42 | 21.20 | — | 18.38% |
| FY24 | 1,152.16 | 55.54 | — | — | — |
| FY23 | 1,203.31 | 17.57 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 1,206.05 | 1,158.23 | 1,301.06 |
| EBITDA | 81.28 | 130.41 | 164.03 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
15.1x
Price ÷ EPS
EPS (FY25)
₹21
Earnings per share
RoNW
18.38%
Return on net worth
ROCE
19.80%
as reported in filing
EBITDA margin
12.7%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹3.90 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: GSP Crop Science offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in GSP Crop Science's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in GSP Crop Science's filing.
Source: GSP Crop Science offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Vilasben Vrajmohan Shah₹64.00 Cr
- Bhavesh Vrajmohan Shah₹48.00 Cr
- Kappa Trust₹48.00 Cr
Source: GSP Crop Science offer document (DRHP/RHP).
Board & Management
Board of Directors (7)
- Bhavesh Vrajmohan Shah
Chairman and Managing Director
- Tirth Kenal Shah
Executive Director
- Shail Jayesh Shah
Whole-time Director and Chief Financial Officer
- Apurva Soham Mashruwala₹0.00 Cr p.a.
Independent Director
Bachelor's degree in law from I.M. Nanavati Law College, Gujarat University; Fellow member of the Institute of Chartered Accountants of India
Over 10 years of experience in the finance sector
- Ashish P Mehta₹0.00 Cr p.a.
Independent Director
Bachelor's degree in commerce from St. Xavier's College, Calcutta University; Associate member of the Institute of Chartered Accountants of India
Over 34 years of experience in finance, banking and taxation; Over 19 years of experience in the agro-chemical industry
- Bharat Ramniklal Shah₹0.00 Cr p.a.
Independent Director
Bachelor's degree in science (agriculture) from Faculty of Agriculture, Gujarat Agriculture University; Master's degree in science (agriculture) and PhD in agriculture entomology from Faculty of Agriculture, Gujarat Agriculture University
Over 15 years of experience in education and agricultural industry
- Nakul J Sharedalal₹0.00 Cr p.a.
Independent Director
Bachelor's degree in commerce from H.L. Institute of Commerce, Gujarat University; Bachelor's degree in law (general) and law (special) from L.A. Shah law college, Gujarat University; Master's degree in law specialising in commercial and corporate law from Queen Mary and Westfield College, University of London; Honorary degree of Doctor of Advanced Studies (DAS) in international law from the University of Azteca
Over 16 years of experience in the legal sector
Key Managerial Personnel (2)
- Shail Jayesh Shah
Chief Financial Officer
- Kamleshbhai D Patel
Company Secretary and Compliance Officer
Source: GSP Crop Science offer document (DRHP/RHP).
Industry & Market
Per ICRA Report, IMARC Group, Department of Agriculture and Farmers Welfare, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| GSP Crop Science Limited | — | 21.2 | 18.38 | 115.34 |
Material Litigation
The company faces 17 criminal misbranding cases under the Insecticides Act, 1968 for alleged non-conformance to standard specifications, with potential imprisonment and fines; additionally, there are 20 criminal proceedings against the company, 43 tax proceedings, 1 statutory/regulatory proceeding, and 31 material civil litigations involving aggregate amounts of ₹524.21 million, plus contingent liabilities of ₹356.40 million related to VAT/CST and terminal excise duty disputes.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Pvt. Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the GSP Crop Science IPO opening?
The GSP Crop Science IPO dates have not yet been announced. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the GSP Crop Science IPO?
The price band for the GSP Crop Science IPO is ₹304 to ₹320. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the GSP Crop Science IPO?
The minimum lot size is TBA shares with a minimum investment of not yet announced. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of GSP Crop Science IPO today?
Grey Market Premium data for GSP Crop Science is not available yet. It typically starts appearing a few days before the IPO opens.
When will the GSP Crop Science IPO list on NSE and BSE?
The listing date for the GSP Crop Science IPO has not been announced yet. It is typically 5 to 6 working days after the subscription closes.
How can I check the GSP Crop Science IPO allotment status?
The registrar for this IPO is MUFG Intime India Pvt. Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the GSP Crop Science IPO a mainboard or SME issue?
GSP Crop Science is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the GSP Crop Science IPO?
You can apply for the GSP Crop Science IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| A-One Steels India | 01 Oct 2026 | +12.35% |
| Moneyview | 01 Oct 2026 | +61.76% |
| ArMee Infotech | 30 Sep 2026 | +0.00% |
Related IPOs
Related Articles
How to Use 10 Minutes of Research to Validate Any IPO Video You Watch
SEBI now requires issuers to publish a 10-minute IPO disclosure video. Here is a practical, source-by-source method to verify what you watch against the DRHP and official exchange records in about ten minutes.
Read more →
How-ToHow to Read Past IPO Data to Set Realistic Listing Gain Targets
Median listing gains fell to 3.8% in 2025 from 15.2% in 2024. Here is how to read past IPO data, GMP, and subscription numbers to set realistic listing day expectations instead of chasing hype.
Read more →
How-ToHow to Compare an IPO With Listed Peers Using Key Ratios and Growth Metrics
A practical framework for Indian retail investors on comparing an IPO with its listed peers using P/E, P/B, EV/EBITDA and growth metrics, illustrated with the NSE vs BSE case study.
Read more →