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GSP Crop Science IPO: Will Shares List At Par?
18 Mar
Summary
- GSP Crop Science IPO's third bidding day began on March 18.
- The company aims to raise ₹400 crore through its initial public offering.
- Proceeds will primarily fund debt repayment and general corporate needs.
The GSP Crop Science IPO has reached its final day of bidding on Friday, March 18, with investors able to participate until 5 PM. This ₹400 crore offering saw significant demand by the close of the second day, achieving 96% subscription.
Strong interest was noted from Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs), whose portions were fully subscribed. However, the retail investor portion remained at only 20% subscribed as of March 17. The IPO, which opened on March 16, has a price band of ₹304-₹320 per share.
The company plans to utilize ₹170 crore from the fresh issue proceeds to repay outstanding debt, with the remainder allocated for general corporate purposes. GSP Crop Science had previously raised ₹120 crore from anchor investors ahead of the IPO launch. The current nil Grey Market Premium (GMP) suggests shares might list at par with the upper price band.
