GSP Crop Science lists at a premium on bourses
GSP Crop Science hit the stock market with a bang, listing at a premium of about 2.5% on the NSE and about 3.8% on the BSE.
The IPO, open from March 16-18, was subscribed 1.61 times and raised ₹400 crore in total: ₹240 crore as fresh funds and ₹160 crore through an offer for sale.
Strong financials for the last fiscal
Based in Ahmedabad, GSP Crop Science is an agrochemical company making products for farmers across India.
The company has shown strong growth lately: revenue of about ₹1,287.4 crore / ₹1,301.06 crore (restated consolidated) and profit after tax of about ₹81.4 crore, up from about ₹55.5 crore (fiscal years not specified in the source).
IPO details, listing day highlights
The shares debuted at ₹328 on NSE and ₹332.30 on BSE, both above the issue price band.
Big investors showed keen interest: QIBs subscribed 2.66 times and NIIs 3.05 times their respective quotas.
Before listing, GSP raised ₹120 crore from anchor investors on March 13.
Minimum retail investment at the upper price band of ₹320: ₹14,720 for 46 shares.
Funds raised will help pay off debt and support other business needs.