GSP Crop Science plans Rs 500-crore IPO next year
Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah.
Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah.
The company, which needs funds for expansion of its business operation, plans to soon file a draft red herring prospectus with capital markets regulator Sebi, he said.
Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade ingredients and formulates insecticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemicals and public health products.
"We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO," Shah said in an interview with PTI.
See Zee Business Live TV Streaming Below:
The company intends to launch new products and set up a new production line at Dahej in Gujarat. The funds raised through initial share sale will be utilised for this, he added.
GSP Crop Science whole-time director Tirth Shah said the company's move to launch the IPO is mainly driven by improvement in its financial performance in last few years and expansion plans.
The company's revenue has risen year-on-year basis and it stood at Rs 1,350 crore during 2021-22 financial year, up from over Rs 1,000 crore in the previous year, he said.
The company expects about 15-20 per cent increase in the annual revenue in the current fiscal, he added.
Currently, GSP Crop Science has three units, two in Gujarat and one in Jammu. The fourth one is planned at Dahej. Much of its sales come from Maharashtra, followed by Gujarat and other states
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
05:42 PM IST