GSP Crop Science IPO Subscription Status and Updates

The GSP Crop Science IPO has entered its second day of bidding, showing a steady increase in interest across investor categories. As of March 17, 2026, the issue has seen a total subscription of 0.61 times, as it moves toward its closing day on Wednesday, March 18, 2026.

While the Qualified Institutional Buyers (QIB) segment has already crossed the fully subscribed mark, participation from retail and non-institutional investors remains more measured in the early stages of the bidding window.

The company has set its price band at Rs. 304 to Rs. 320 per share, with a minimum lot size of 46 shares. The total issue size is Rs. 400.00 crore, which includes a fresh issue of Rs. 240.00 crore and an offer for sale (OFS) of Rs. 160.00 crore by the promoting shareholders.

GSP Crop Science IPO Subscription Status - Day 2 

By the afternoon of the second day, the IPO recorded varying levels of demand. The QIB segment is currently leading the subscription charts, while the retail portion is seeing gradual traction.

Last updated: Tuesday, 17 Mar 2026

Company Overview of GSP Crop Science

GSP Crop Science Limited, established in 1985, is a research-driven agrochemical company based in Ahmedabad, Gujarat. With over 40 years of experience, the company specializes in the development, manufacturing, and distribution of a wide range of crop protection solutions, including insecticides, herbicides, fungicides, and plant growth regulators.

The company operates five manufacturing facilities and maintains a robust intellectual property portfolio. As of September 2025, GSP Crop Science has secured 524 product registrations (covering both formulations and technicals) and has been granted 102 patents. Its business is well-diversified geographically, serving 20 states in India and exporting to 37 countries, including the USA, Brazil, and Australia.

Strengths and Risks of GSP Crop Science IPO Key Strengths

• Integrated Business Model: The company manufactures both "Technicals" (active ingredients) and "Formulations," providing better cost control and supply chain stability.

• Strong R&D and IP Portfolio: With over 500 registrations and 100+ granted patents, the company has high entry barriers for its specialized products.

• Global Presence: Exporting to 37+ countries provides a natural hedge against the seasonality of the Indian monsoon.

• Attractive Valuation: At the upper price band, the IPO is priced at a P/E of approximately 9.6x (based on FY25 earnings), which is a significant discount compared to many listed peers.

Potential Risks

• China Dependence: Approximately 42% of raw material requirements (in H1-FY26) were imported from China, making the company vulnerable to global supply chain disruptions.

• Legal Overhang: The company faces outstanding litigations amounting to approximately Rs. 52 crore, which represents a significant portion of its annual profits.

• Regulatory Sensitivity: The agrochemical industry is subject to frequent government bans or restrictions on specific chemical molecules.

• Seasonality: A large portion of domestic revenue is dependent on the Kharif and Rabi seasons, making performance sensitive to rainfall patterns.

How to Apply for GSP Crop Science IPO

• Visit the Rupeezy app or here.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.