GSP Crop Science Limited

GSP Crop Science Limited is an agrochemical manufacturer incorporated in 1985 and headquartered in Ahmedabad, Gujarat. The company develops, produces and sells crop protection products, spanning insecticides, herbicides, fungicides and plant growth regulators, and organises its operations across two main streams: formulations, which are the finished products sold to farmers, and technicals, which are the concentrated active ingredients used to make those formulations. This integration across the value chain lets the company supply both ready-to-use products and the raw active substances behind them. Over roughly four decades in the sector the company has built a research-led business, backed by a broad set of product registrations that let it sell across a range of crops and geographies, and a portfolio of granted patents alongside further patent applications under process. As of late 2024 it held several hundred product registrations. Manufacturing is carried out at five plants located in Gujarat and Jammu and Kashmir, with installed capacity measured in the tens of thousands of tonnes per year for both technicals and formulations. The company serves domestic customers as well as international markets, and in recent years has grown the share of revenue coming from patented and higher-value products, which has supported an improvement in its margins and returns. Its business is tied to the agricultural cycle, so demand is influenced by cropping patterns, the monsoon and the prices of key raw materials.

The company raised about 120 crore rupees from anchor investors ahead of the issue, allotting 37,50,000 equity shares at 320 rupees each, the top of the price band. The anchor book was led by Craft Emerging Market Fund PCC, which subscribed for roughly 80 crore rupees through its Elite Capital Fund and Citadel Capital Fund cells, alongside Shine Star Build Cap Private Limited with about 40 crore rupees.