New Delhi, March 16 The initial public offering of agrochemical company GSP Crop Science Ltd received subscriptions worth 47 per cent on the first day of bidding on Monday.
According to NSE data, the IPO received bids for 42,37,658 shares against 89,47,367 shares on offer.
The portion for Qualified Institutional Buyers (QIBs) received 1.28 times the subscription. The non-institutional investors' portion fetched 28 per cent subscription, and the quota for Retail Individual Investors (RIIs) attracted 11 per cent.
GSP Crop Science Ltd said on Friday that it has raised Rs 120 crore from anchor investors.
The company's initial share sale of Rs 400 crore will conclude on March 18.
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 Ahmedabad-based company's initial public offering (IPO) 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, amounting to Rs 170 crore, will be used for debt repayment, and a portion will be utilized 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.
Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the issue.
