New Delhi, March 24 Shares of agrochemical company GSP Crop Science Ltd closed with a premium of over 11 per cent against the issue price of Rs 320 on Tuesday.
The stock started trading at Rs 332.30, up 3.84 per cent from the issue price on the BSE. During the day, it jumped 13.62 per cent to Rs 363.60. Shares of the firm later ended at Rs 356.10, up 11.28 per cent.
At the NSE, the stock listed at Rs 328, a premium of 2.5 per cent. The stock ended at Rs 356.25, an increase of 11.32 per cent.
The company's market capitalization stood at Rs 1,656.53 crore.
The initial public offer of GSP Crop Science Ltd received 1.61 times subscription on the closing day of bidding on Wednesday last week.
The Rs 400-crore IPO had a price band of Rs 304-320 per share.
The Ahmedabad-based company's initial public offering (IPO) had 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.
Proceeds from the fresh issue, totalling Rs 170 crore, will be used for debt payment, 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.