GSP Crop Science IPO: Apply or avoid? Here's what market guru Anil Singhvi suggests

GSP Crop Science IPO: The initial public offering (IPO) of GSP Crop Science Limited stepped into the second day of its public bidding on Tuesday, March 17, 2026, with the issue subscribed 63 per cent so far of the net offer as of 11:30 am, with Qualified Institutional Investors (QIBs) leading the demand, according to the provisional exchange data. The IPO is a mix of fresh issue and offer-for-sale (OFS) of shares.

Market guru Anil Singhvi's take on GSP Crop Science IPO

Earlier on Tuesday, market expert Anil Singhvi, Managing Editor at Zee Business, shared his insights on GSP Crop Science Ltd’s business profile and highlighted key positives and negatives.

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Key positives:

1) The promoters are highly experienced, with around 40 years of experience in running this business. They understand the industry very well, which is a strong point.

2) The company also has a well-diversified product portfolio, including insecticides, herbicides, fungicides, and more—covering almost all segments of crop protection. This is a solid business.

3) The company also focuses strongly on research and innovation, which is essential in this sector—another positive.

Key negatives:

1) The market analyst noted that the company's valuations are reasonable—not very expensive, but not particularly attractive either.

Compared to large, established companies, the valuation may seem fair, but when compared to companies of a similar size, it appears average.

2) Singhvi also highlighted that this sector has not delivered strong performance since COVID. Investors haven’t made significant gains here.

According to the market expert, there are many existing options, and so, it’s not a unique or compelling business opportunity in the current market.

What should investors do: Apply or avoid?

Considering both the positives and negatives, market guru Anil Singhvi said that this is a small agrochemical company, and the overall market sentiment is weak. In such a scenario, making gains from listing can be quite difficult.

So, considering the current market conditions, the non-unique business model, and only reasonable valuations, Singhvi recommended to 'avoid' the IPO for now. He suggested evaluating it post-listing and enter at levels that investors find suitable later.

GSP Crop Science IPO subscription status

As of 11:30, the IPO had received bids for 55.99 lakh shares out of the net offer, resulting in a 0.63 times the overall subscription, with Qualified Institutional Buyers (QIBs) leading the bidding.

Qualified Institutional Buyers (QIBs) have booked 1.28 times, with 32.03 lakh shares bid against the 24.99 lakh shares reserved.

Non-Institutional Investors (NIIs) have subscribed 0.90 times, with 17.45 lakh shares bid out of 19.34 lakh reserved.

Retail Individual Investors (RIIs) have booked 0.14 times with 6.50 lakh shares bid out of 45.13 lakh shares allotted.

GSP Crop Science IPO details

The Rs 400 crore IPO is a book build issue consisting of a mix of fresh issue of 0.75 crore shares (Rs 240 crore) and an offer for sale (OFS) of 0.50 crore shares (Rs 160 crore).

Through OFS, the company promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah and Kappa Trust are offloading their stakes.

GSP Crop Science IPO price band and lot size

The price band for the IPO has been fixed at Rs 304 to Rs 320 per share. Investors can bid in lots of 46 shares. At the upper price band of Rs 320 per share, the minimum investment required for retail investors is Rs 14,720.

GSP Crop Science IPO key dates

Subscription date: The public issue opened for bidding on March 16 and will remain open till March 18, 2026.

Allotment date: The allotment of the IPO shares is expected to be finalised on March 20, 2026.

Listing date: The IPO shares are scheduled to list on both the stock exchanges, BSE and NSE, with a tentative listing date of March 24, 2026.

GSP Crop Science IPO Lead Managers and Registrar

The book-running lead managers for the issue are Equirus Capital Pvt Ltd and Motilal Oswal Investment Advisors Limited, while MUFG Intime India Pvt Ltd has been appointed as the registrar.

About GSP Crop Science Limited

Established in 1985, GSP Crop Science Limited operates in the agrochemical space, focusing on the production of insecticides, herbicides, fungicides, and plant growth regulators. The company’s market capitalisation is around Rs 1,500 crore.

The company develops solutions aimed at improving farm productivity by protecting crops from pests, weeds, and diseases. Its offerings include both formulations—combinations of active ingredients and additives—and technical-grade products, which are concentrated active substances used in agrochemical manufacturing.

With a broad in-house product range, the company is involved in the end-to-end process of developing, manufacturing, and distributing agrochemical products, catering to diverse agricultural requirements.