New Delhi, March 17 The initial public offer of agrochemical company GSP Crop Science Ltd received 96 per cent subscription on the second day of bidding on Tuesday.
The IPO received bids for 86,04,622 shares against 89,47,367 shares on offer, according to NSE data.
The category for non-institutional investors fetched 2.33 times the subscription. The portion meant for Qualified Institutional Buyers (QIBs) received 1.28 times the subscription, while the quota for Retail Individual Investors (RIIs) was 20 per cent subscribed.
GSP Crop Science Ltd said on Friday that it has garnered Rs 120 crore from anchor investors.
The company's initial share sale of Rs 400 crore will conclude on Wednesday.
The price band for the IPO has been fixed at Rs 304-320 per share, valuing the company at Rs 1,489 crore at the higher end.
The initial public offering (IPO) of the Ahmedabad-based company consists of a fresh issue of shares worth Rs 240 crore and an Offer For Sale (OFS) of 50 lakh equity shares valued at Rs 160 crore at the upper end by promoters, aggregating Rs 400 crore.
The proceeds from the fresh issue, totalling Rs 170 crore, will be used for debt payment, and a portion will be used for general corporate purposes.
GSP Crop Science is a research-focused agrochemical company with over 39 years of experience in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India.
Equirus Capital and Motilal Oswal Investment Advisors are the lead managers of the issue.