Agro-chemical agency GSP Crop Science Pvt Lt is seeking to launch a Rs 500-crore IPO (Initial Public Offering) by subsequent 12 months, in line with its managing director Bhavesh Shah. The firm, which wants funds for enlargement of its enterprise operation, plans to quickly file a draft crimson herring prospectus with capital markets regulator Sebi, he stated.
Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade elements and formulates pesticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemical substances and public well being merchandise.”We are to start with stage of IPO. About Rs 500 crore funds shall be raised via IPO,” Shah stated in an interview with PTI.
The firm intends to launch new merchandise and arrange a brand new manufacturing line at Dahej in Gujarat. The funds raised via preliminary share sale shall be utilised for this, he added. GSP Crop Science whole-time director Tirth Shah stated the corporate’s transfer to launch the IPO is principally pushed by enchancment in its monetary efficiency in previous couple of years and enlargement plans.
The firm’s income has risen year-on-year foundation and it stood at Rs 1,350 crore throughout 2021-22 monetary 12 months, up from over Rs 1,000 crore within the earlier 12 months, he stated. The firm expects about 15-20 per cent improve within the annual income within the present fiscal, he added.
Currently, GSP Crop Science has three items, two in Gujarat and one in Jammu. The fourth one is deliberate at Dahej. Much of its gross sales come from Maharasthra, adopted by Gujarat and different states.
Source: www.financialexpress.com”