GSP Crop Science IPO 2026: Review, Price, GMP & Analysis

GSP CROP SCIENCE LTD – COMPANY BACKGROUND

GSP Crop Science Ltd is a Gujarat based agrochemicals company with a history of over 40 years in the business. It manufactures herbicides, fungicides, and insecticides to boost crop production. It offers solutions for effective pest, weed, and disease control. It manufactures Formulations and Technicals for specific customer needs; and caters to over 20 states in India. It also has a wide international market with its products reaching to about 37 countries, including the US, Uruguay, Brazil, Vietnam, Singapore, UAE, Australia etc. It has secured about 102 patents till date and nearly 108 patents are under various stages of approval. Its strong in-house R&D capabilities are an added advantage.

GSP Crop Science Ltd has been promoted by Bhavesh Vrajmohan Shah, Tirth Kenal Shah, Vilasben Vrajmohan Shah, Falguni Kenal Shah, Alpha Trust, and Kappa Trust. The fresh funds raised as part of the IPO will be used for repayment of debt and for general corporate purposes. Three of the promoter shareholders; Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust will offer shares in the offer for sale (OFS). The issue is being lead-managed by Equirus Capital and Motilal Oswal Investment Advisors; while MUFG Intime India Private Ltd will be the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF GSP CROP SCIENCE LTD

Here are the key highlights of the public issue of GSP Crop Science Ltd.

1. The IPO of will be open from March 16th, 2026 to March 18th, 2026. It has a face value of ₹10 per share and IPO price band is set in range of ₹304 to ₹320 per share.
2. The IPO of GSP Crop Science Ltd will be a combination of a fresh issue and an offer for sale (OFS) by some of the promoter shareholders of the company.
3. The fresh issue portion comprises the issue of 75,00,000 shares (75.00 lakh shares), which at the upper price band of ₹320 per share translates into ₹240 crore.
4. The offer for sale (OFS) portion comprises the sale of 50,00,000 shares (50.00 lakh shares), which at the upper price band of ₹320 per share translates into ₹160 crore.
5. Promoter shareholders offering shares in the OFS include Vilasben Vrajmohan Shah, Bhavesh Shah, and Kappa Trust. These three promoter shareholders will be offering the entire lot of shares in the OFS.

The overall IPO, therefore, will comprise of the fresh issue and the OFS of 1,25,00,000 shares (125.00 lakh shares), which at the upper price band of ₹320 per share translates into ₹400 crore.

The IPO of GSP Crop Science Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on March 13, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of GSP Crop Science Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of GSP Crop Science Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 46 shares)

FINANCIAL HIGHLIGHTS OF GSP CROP SCIENCE LTD

The table captures the key financials of GSP Crop Science Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

While the top line of the company has been relatively flat, it has seen consistent growth in the net profits which is also evidenced in the gradual growth in the PAT margins of the company. Even the EBITDA margins have double over the last 2 years. The return on equity (ROE) has grown more than three-fold over the last 2 years to a level of 18.5%, while the sweating of assets also looks to be above par.

VALUATION METRICS OF THE GSP CROP SCIENCE LTD IPO

At the IPO price of ₹320 per share, the indicative P/E comes to about 15.0X at the latest year EPS of ₹21.38 per share. The valuation does appear to be reasonable if one looks at the latest year EPS and the first half of FY26 also hints at strong growth sustaining. However, the company does bring some unique advantages to the table in its core business.

To begin with, the company has a well-diversified portfolio of crop-protection products. It also has a strong client base across India and in the global market. The added edge is its in-house R&D capabilities as well as its stream of patents available and in process. Investors looking to participate in the high growth agrochem sector can look at this IPO closely. However, considering the current volatility, it would be best to take a longer-term view.

A BRIEF ON THE ANCHOR ALLOCATION OF GSP CROP SCIENCE LTD

The anchor issue of GSP Crop Science Ltd saw a robust response on 13th March 2026 with 29.53% of the IPO size absorbed by anchors. Out of 1,26,97,367 shares (126.97 lakh shares) on offer in the IPO, anchors picked up 37,50,000 shares (37.50 lakh shares) accounting for 29.53% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹320 per share. This includes the face value of ₹10 per share plus a share premium of ₹310 per share. The anchor bidding opened and closed on 13th March 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of GSP Crop Science Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

ANCHOR ALLOCATION INVESTORS IN GSP CROP SCIENCE LTD

On 13th March 2026, GSP Crop Science Ltd allotted 37,50,000 shares to 3 anchor investors. The allocation was done at the upper IPO price band of ₹320 per share which resulted in overall anchor allocation of ₹120 crore. The anchors have already absorbed 29.53% of the total issue size of ₹406.32 crore. Listed below are the Top 3 IPO anchor investors who accounted for anchor collection of ₹120 crores, or, 100% of the overall anchor allocation of shares, one trading day ahead of the IPO of GSP Crop Science Ltd.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20260313-26&attachedId=3d9969f3-26fd-42de-9692-e9ef802ccaf8

Out of the 37,50,000 shares allocated to the anchors in the IPO, there were no shares allocated either to mutual funds regulated by SEBI or to any life insurance companies regulated by IRDA. AIFs actively participated in anchor allocation of GSP Crop Science Ltd.

NEXT STEPS IN THE GSP CROP SCIENCE LTD IPO

Post the closure of the IPO subscription on 18th March 2026, the basis of allotment will be finalized on 20th March 2026 and the refunds will be initiated on 23rd March 2026. In addition, the demat credits are expected to also happen on 23rd March 2026 and the stock will list on 24th March 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 23rd March 2026 under ISIN (INE713R01022).

GSP CROP SCIENCE LTD - IPO SUBSCRIPTION STATUS ON DAY-1

As of 5.20 pm on 16th March 2026, out of the 89.47 lakh shares on offer in the IPO (excluding anchor portion), GSP Crop Science Ltd saw bids for 42.38 lakh shares. This implies an overall subscription of 0.47X or 47% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of GSP Crop Science Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw steady anchor participation a day ahead of the IPO opening with 29.53% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to March 18, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-1 of the IPO stood at ₹255.61 Crore (including the anchor allocation portion too).

GSP CROP SCIENCE LTD - IPO SUBSCRIPTION STATUS ON DAY-2

As of 5.30 pm on 17th March 2026, out of the 89.47 lakh shares on offer in the IPO (excluding anchor portion), GSP Crop Science Ltd saw bids for 86.05 lakh shares. This implies an overall subscription of 0.96X or 96% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of GSP Crop Science Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company saw steady anchor participation a day ahead of the IPO opening with 29.53% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to March 18, 2026, at which point we will know the final subscription status of the IPO. The total investor investment interest in the IPO as of the close of Day-2 of the IPO stood at ₹395.36 Crore (including the anchor allocation portion too).

GSP CROP SCIENCE LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.15 pm on 18th March 2026, out of the 89.47 lakh shares on offer in the IPO (excluding anchor portion), GSP Crop Science Ltd saw bids for 143.62 lakh shares. This implies an overall subscription of 1.61X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of GSP Crop Science Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue to a limited sense. Both the QIB and NII bids typically pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. However, that was not too evident in this IPO. The company had seen steady anchor participation a day ahead of the IPO opening with 29.53% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of GSP Crop Science Ltd was open up to March 18, 2026, and has closed for subscription as of the close of trading hours on March 18, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹579.58 crore.

CHECKING THE ALLOTMENT STATUS OF GSP CROP SCIENCE LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select GSP Crop Science Ltd from the drop-down box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR
4. Enter your PAN (10-digit alphanumeric) number
5. Once this is done, you need to click on the Captcha to verify you are not a robot

Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of GSP Crop Science Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

CHECKING ALLOTMENT STATUS OF GSP CROP SCIENCE LTD IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity & SME IPO Details Option
2. Under SELECT SYMBOL – Select GSPCROP from the dropdown box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND
4. Enter your PAN (10-digit alphanumeric) number
5. Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of GSP Crop Science Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF GSP CROP SCIENCE LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

There are 4 options available to you to access the allotment status, and you can use any of these options to query.

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.

Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.