GSP Crop Science IPO Soars with 11.28% Gain
GSP Crop Science Ltd's shares surged over 11% above the issue price of Rs 320 in the stock market. The company's IPO was oversubscribed, raising Rs 400 crore. Proceeds will be used for debt repayment and general corporate purposes. The agrochemical firm focuses on insecticides, herbicides, and fungicides.
- Country:
- India
Shares of agrochemical company GSP Crop Science Ltd saw impressive gains on Tuesday, ending 11.28% higher than the issue price of Rs 320. The stock debuted at Rs 332.30 on the BSE, marking a 3.84% rise and peaked at Rs 363.60 during trading.
By the end of the day, shares closed at Rs 356.10, translating to a market valuation of Rs 1,656.53 crore. At the NSE, it began trading at Rs 328, a 2.5% premium, and closed at Rs 356.25, up 11.32%.
GSP Crop Science's Rs 400-crore IPO was subscribed 1.61 times. The Ahmedabad-based company, with a 39-year track record, will allocate Rs 170 crore of raised funds to pay off debts and support corporate objectives.
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