GSP Crop Science Files DRHP

New Delhi: Agrochemical Company, GSP Crop Science Ltd, has filed preliminary papers with the capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).The Ahmedabad-based company’s IPO is a mix of fresh issue of shares worth Rs 280 crore and an Offer For Sale (OFS) of 60 lakh equity shares by promoters, according to the Draft Red Herring prospectus (DRHP).

The offer also includes a reservation for a subscription by employees. The company may consider raising Rs 56 crore as pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. As per the draft papers filed on Friday, proceeds from the fresh issue to the tune of Rs 200 crore will be used for payment of debt and 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.