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Agricultural chemicals firm GSP Crop Science Pvt Ltd. is planning a Rs 500 crore IPO by next year, according to the company's MD Bhavesh Shah.
GSP Crop Science Pvt. Ltd. (GCSPL) is an agricultural chemicals manufacturing company that was formed in 1985. By 1997, the company had a pan-India network and established its own R&D center in 2006. It emerged as the first manufacturer of Diafenthiuron in 2011 and received 31 parents in 2016. Its turnover surpassed Rs 1,000 crores for the first time in 2021.
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The company sells insecticides, fungicides, herbicides & its plant growth regulator. Today, the company has 7,900 dealers all across India and is successfully exported to 45 countries such as the USA, Australia, countries in Africa, and the Middle East.
The company plans to introduce more products and set up a third manufacturing plant in Gujarat, it's fourth overall.
The funds raised via the IPO will be utilized for these companies' expansion plans.
"We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO," Mr. Shah said in an interview with PTI.
Moreover, WTD Tirth Shah has said that the IPO is on account of the company's improving financial position and its expansion plans.
The company's revenues grew 35% to Rs 1,350 crores in FY 2021-22. Moreover, the company anticipates a 15-20% increment in annual sales in the current fiscal. The majority of the company's sales are from the state of Maharashtra, followed by Gujarat and other states.
The company will be filing its DRHP with the market regulator very soon.
Article by Aman Agarwal.
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