The initial public offering (IPO) of GSP Crop Science was oversubscribed 1.61 times on the third and final day of bidding on March 18. The IPO received bids for 1,43,61,844 shares against 89,47,367 offered. The Qualified Institutional Buyers (QIBs) booked the issue 2.66 times. The Non-Institutional Investors' (NIIs) category was subscribed 3.05 times. Retail investors booked their quota 0.40 times.
Ahead of the company's market debut, the grey market premium (GMP) indicated a premium of less than 1% for the issue. This means GSP Crop Science shares are expected to list at Rs 322, indicating a muted listing.
GSP Crop Science IPO GMP Today
According to InvestorGain, the GMP for the GSP Crop Science IPO stood at Rs 2 on March 24. It indicates a listing price of Rs 322 apiece at a premium of 0.62% on the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
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GSP Crop Science IPO: Key Details
The GSP Crop Science IPO was a book build issue of Rs 400 crore. It comprised a fresh issue of 75 lakh shares worth Rs 240 crore and an offer-for-sale (OFS) of 50 lakh shares amounting to Rs 160 crore.
The price band for the IPO was set at Rs 304 to Rs 320 per share.
To participate in the IPO, retail investors needed to bid for a single lot size of 46 shares, requiring an investment of Rs 14,720. Small Non-Institutional Investors were required to bid for 14 lots, amounting to an investment of Rs 2,06,080. Big Non-Institutional Investors could participate in the IPO by bidding for a minimum of 68 lots. It led to an investment of Rs 10,00,960.
The subscription window was open from March 16 to March 18. Allotment of shares was finalised on March 20. The company will transfer shares to the demat accounts of successful bidders on March 23 and refunds for non-allottees will be done on the same day.
Equirus Capital Ltd. was the book-running lead manager and MUFG Intime India Ltd. was the registrar of the issue.
Use Of Proceeds
The company will use proceeds from the IPO to clear debt and for general corporate purposes.
About GSP Crop Science
GSP Crop Science is an agrochemical company producing insecticides, herbicides, fungicides, and plant growth regulators. It was established in 1985 and is headquartered in Ahmedabad.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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