GSP Crop Science IPO Day 2: 0.98x Subscribed & GMP Rs. 0
After a slow start on day 1, it received an overall subscription of 0.98 times and had a latest GMP of Rs. 0 at the end of day 2 for its Rs. 400.00 crore IPO issue.
While institutional investors have increased their participation, retail investors preferred a clear wait-and-watch approach on day 2 of this IPO issue. Compared to the other recent market debuts, the reception for GSP Crop Science has been cautious, which was primarily driven by the flat grey market sentiment and the inherent cyclicality of the agricultural sector. Here we will explore day 2 of GSP Crop Science Ltd. IPO in detail.
Key dates for the GSP Crop Science IPO
The GSP Crop Science IPO is currently in the three-day subscription window, where it officially opened for public bidding on Monday 2026, March 16th. Prospective investors have until Wednesday, March 18, 2026, to apply for the IPO issue. Following the end of the issue, the IPO allotment is likely to be concluded on Friday, March 20, and the initiation of refunds and credit of shares to demat accounts is set for Monday, March 23. The listing on the BSE and NSE is tentatively scheduled on Tuesday, 24th March 2026.
The issue is priced between the price band of Rs. 304 and Rs. 320 per share. The minimum application is one lot of 46 shares, which implies a commitment of Rs. 14,720 at the upper price band for the retail investors.
About GSP Crop Science
GSP Crop Science was founded in 1985, and its headquarters are in Ahmedabad. In the last four decades, GSP Crop Science has grown to become a leading research-driven player in the crop protection business. Serving the domestic and international markets across 37 countries, the company has established a strong reputation as the producer of effective insecticides, herbicides, fungicides, and plant growth regulators.
The company has an integrated business model, which focuses on both Technicals (concentrated active ingredients) and Formulations (ready-to-use products for farmers).
Financially, GSP Crop Science reported a strong performance in FY25 with a total income scaling to Rs. 1,301.06 crore and net profit (PAT) to Rs. 81.42 crore. This momentum carried over into H1 of FY26 (ended September 2025), where the company had an impressive PAT of Rs. 81.07 crore on total income of Rs. 847.61 crore. The fresh issue proceeds of Rs. 170 crore will be utilised primarily for the reduction of debt that will further strengthen its balance sheet.
Recent GMP and subscription status on day 2
By the end of the bidding on March 17, 2026, the issue received bids for around 86.05 Lacs shares against 87.50 Lacs shares on offer. The total subscription stood at 0.98 times. The Non-Institutional Investors (NII) segment led the charge with a subscription of 2.40 times. Qualified Institutional Buyers (QIBs) were also showing strong interest, with 1.28 times subscription of their quota. However, Retail Individual Investors (RIIs) continued to live on the periphery, and their share was subscribed to only 0.21 times.
The Grey Market Premium (GMP) for GSP Crop Science was flat. Following the trend from Day 1, the GMP was at Rs. 0 on Day 2 in the upper band of Rs. 320. This implies a tentative listing price of Rs. 320, pointing to a muted listing with a 0.00% expected listing gain.
What is next?
Market observers attributed this polarised response to subscription having strong NII/QIB interest, yet weak retail participation, to the flat GMP and lack of short-term listing gains expectations from this IPO issue. At the upper price band, the IPO is fairly valued at a P/E ratio of about 15.34x trailing FY25 earnings.
As the final day approaches, all eyes will be on whether the retail segment chooses to participate at the last minute or if the issue will be flooded by QIBs' bids on Day 3. For long-term investors, the focus is on the improving profitability of the company, the debt reduction strategy of the company and its strong portfolio of 102 patents granted in the agrochemical space.
