GSP Crop Science initial public offering (IPO) got subscribed 96 percent on the second day day of bidding on Tuesday. The agrochemical company received bids for more than 86-lakh shares against 89.47-lakh shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) received 1.28 times subscription. Non-institutional investors' portion fetched 2.33 times subscription, and the quota for Retail Individual Investors (RIIs) attracted 20 percent. Earlier, it garnered Rs 120 crore from anchor investors.
The company's Rs 400-crore initial share sale will conclude on March 18. The price band has been fixed at Rs 304-320 per share for the IPO, valuing the company at Rs 1,489 crore at the higher end.
According to platforms tracking the grey market activities, the shares of GSP Crop Science are commanding a flat GMP in the unofficial market.
Proceeds of the Ahmedabad-based company totalling Rs 170 crore, will be used for debt payment, and a portion will be utilised for general corporate purposes.
GSP Crop Science is a research-focused agrochemical company with over 39 years of expertise in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India.
GSP Crop Science IPO allotment is expected by March 20, while share listing is proposed to take place on March 24.
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