Bhavesh Vrajmohan Shah Announces ₹240 Crore GSP Crop Science IPO Opening March 16
Bilkul Bazaar
Ahmedabad | 13 March 2026
Gujarat-based GSP Crop Science Limited, a research-driven agrochemical company, has announced that its Initial Public Offering (IPO) will open for subscription on Monday, March 16, 2026, and close on Wednesday, March 18, 2026. The company has fixed the price band at ₹304 to ₹320 per equity share of face value ₹10 each.
Investors can bid for a minimum of 46 equity shares and in multiples of 46 shares thereafter.
The IPO comprises a fresh issue of ₹240 crore and an Offer for Sale (OFS) of up to 5,000,000 equity shares by promoters Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, and Kappa Trust. The company currently has 39,018,750 outstanding equity shares.
The proceeds from the fresh issue will be utilized primarily for repayment or prepayment of certain borrowings, with ₹170 crore earmarked for debt reduction, while the remaining funds will be used for general corporate purposes.
Headquartered in Gujarat, GSP Crop Science specializes in the development and manufacturing of insecticides, herbicides, fungicides, and plant growth regulators. With over four decades of experience in the agrochemical sector, the company focuses on research-driven innovation to deliver crop protection solutions that help farmers improve productivity and agricultural output. As of September 30, 2025, the company had 524 registrations across formulations and technical agrochemicals.
Financially, the company reported revenue from operations of ₹844.2 crore and net profit of ₹81 crore for the six months ended September 30, 2025. For FY25, revenue stood at ₹1,287.38 crore, compared with ₹1,203.3 crore in FY23, while net profit increased significantly to ₹81.4 crore from ₹17.5 crore during the same period.
Bhavesh Vrajmohan Shah, Promoter, Chairman and Managing Director of GSP Crop Science, leads the company’s strategic direction, domestic sales and marketing, product development, and intellectual property rights initiatives. Associated with the company since 1994, he has played a key role in driving its R&D-led innovation and global expansion.
Speaking about the IPO, Bhavesh Vrajmohan Shah said, “Over the past four decades, GSP Crop Science has built a strong foundation in research-driven agrochemical solutions aimed at enhancing farm productivity. The IPO marks an important milestone in our journey as we continue to invest in innovation, strengthen our balance sheet, and expand our presence in global markets.”
The company’s leadership team also includes Shail Jayesh Shah, Executive Director and Chief Financial Officer, who oversees finance, accounting, taxation, legal, secretarial, and IT functions and has been with the company since 2013.
Mehul Premkantbhai Pandya, Whole-Time Director, is responsible for production, operations, safety, environment, and projects, bringing over 27 years of industry experience and having joined the company in 2010.
Tirth Kenal Shah, Whole-Time Director, focuses on strategic international business development and has been associated with the company since 2017, contributing to the company’s expanding global footprint.
Rajesh Valiya Naduvath, Head of International Business and Strategy, manages the company’s global operations and brings over 26 years of experience to the role, having joined the company in 2023.
The board of directors also includes Independent Directors Bharat Ramniklal Shah, Nakul J Sharedalal, Apurva Soham Mashruwala, and Ashish P Mehta, who bring diverse expertise in agriculture, law, and finance.
Commenting on the issue, Malay Shah of Equirus Capital Private Limited, one of the book-running lead managers to the IPO, said,
“GSP Crop Science has established itself as a research-driven agrochemical company with strong product registrations and a growing market presence. The IPO will support the company in strengthening its financial position and pursuing further growth opportunities in domestic as well as international markets.”
Senior members of the GSP Crop Science leadership team along with Malay Shah of Equirus Capital Pvt Ltd were present in Ahmedabad to announce the details of the IPO and interacted with members of the media.
Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers for the issue, while MUFG Intime India Private Limited is acting as the registrar.
The issue is being made through the book-building process, with up to 50% of the net offer reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs).
IPO Snapshot
| Particulars | Details |
| Company | GSP Crop Science Limited |
| IPO Opening Date | March 16, 2026 |
| IPO Closing Date | March 18, 2026 |
| Price Band | ₹304 – ₹320 per share |
| Face Value | ₹10 per share |
| Minimum Lot | 46 shares |
| Issue Size | ₹240 crore (Fresh Issue) |
| Offer for Sale | Up to 5,000,000 shares |
| Promoters Selling Shares | Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah, Kappa Trust |
| Use of Proceeds | ₹170 crore for debt repayment, balance for corporate purposes |
| Lead Managers | Equirus Capital Pvt Ltd, Motilal Oswal Investment Advisors Ltd |
| Registrar | MUFG Intime India Pvt Ltd |
| Sector | Agrochemicals / Crop Protection |
| Experience | Over 40 years in agrochemical industry |
Disclaimer: Informative purposes excerpts from the press meet, details about the company from RPH and Govt guidelines must be considered by investors.
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