GSP Crop Science Ltd shares gained up to 14 per cent post listing on stock exchanges on March 24 as compared to the issue price of Rs 320. The Shares of the agrochemical firm started trading at Rs 332.30, up 3.84 per cent from the issue price on the BSE. Post debut, the stock soared over 13 per cent to a high of Rs 362.30. At the NSE, the GSP crop shares are listed at Rs 328 with a premium of 2.5 per cent.
However, amid a bit of profit booking, the shares erased some of their early gains. At the time of writing, GSP Crop shares were trading at Rs 331.90, up Rs 11.90 or 3.72 per cent.
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IPO Details
The Ahmedabad-based company's initial public offering (IPO) includes fresh issue shares worth Rs 240 crore and an offer for sale (Offer for Sale) of 5 million equity shares worth Rs 160 crore through promoters.
The total proceeds of the fresh issue will be used for debt repayment, while a portion of it will be used for general corporate purposes. GSP Crop Science is a research-focused agrochemical company. The company has over 39 years of expertise in developing and manufacturing pesticides, herbicides, fungicides and plant growth regulators in India.
Stock Market Today
The domestic stock market rebounded sharply after an over 2 per cent decline in the last session. The rally in the market came after US President Donald Trump announced halting the military strike plan on Iran's power infrastructures for five days. He even hinted that a negotiation is going on to end the war.
At the time of writing, Sensex was trading at 73,597.28, up 900.89 points or 1.24 per cent. Nifty50 was quoted at 22,787.50, up Rs 274.85 or 1.22 per cent.