Crystal Crop Protection Fixes Rs 259-272 IPO Band for Rs 456 Crore Issue Opening November 18

Crystal Crop Protection Ltd has set a price band of Rs 259-272 per share for an initial public offering that could raise up to Rs 456 crore ($48.5 million), Business Today reported. The agrochemical and seeds company plans to open the issue on November 18 and close it on November 20.

Crystal Crop's Fresh Issue and Offer for Sale

The IPO comprises a fresh issue of shares worth up to Rs 355 crore, with founders and existing investors selling up to 37 lakh shares through an offer for sale. Proceeds from the OFS portion go to the selling shareholders, while the fresh issue is expected to generate up to Rs 355 crore for the company. The total issue size could reach Rs 456 crore depending on final subscription and pricing.

Crystal Crop is seeking a post-issue market capitalisation of approximately Rs 4,438 crore, according to the advertisement cited by Bloomberg. Eligible anchor investors can participate on November 17, a day before the issue opens to other investors.

IIFL Capital, DAM Capital Advisors and Motilal Oswal Investment Advisors are managing the proposed IPO. Fairfax India Holdings Corporation, through FIHM, acquired an additional 11.22% stake in IIFL Capital for ₹2,000 crore, raising its holding to 38.04% from 26.82%, Business Standard reported; the shares carry no voting rights until an open offer completes under SEBI regulations.

Crystal Crop provides crop solutions across agrochemicals and seeds for the agricultural sector. The listing combines a fresh issue to raise funds for the company with an OFS through which existing shareholders partially sell their holdings.

Crystal Crop's Rs 84.3 Crore Pre-IPO Placement

Crystal Crop raised Rs 84.3 crore in a pre-IPO placement on October 26, allotting 31 lakh shares at Rs 272.07 apiece, according to the Bloomberg report. Moneycontrol.com reported that the placement drew 20 investors, with WhiteOak Capital leading at Rs 60 crore, and that the company was valued at Rs 4,439 crore.

Whalesbook reported on October 21 that Crystal Crop had reduced its IPO fresh issue to Rs 439.3 crore, with Rs 335 crore earmarked for debt repayment, after institutional investors withdrew and Ankur Aggarwal became the sole selling shareholder. Moneycontrol.com reported that the fresh issue size was cut to Rs 355 crore, with proceeds to repay debt and fund acquisitions.

How Other IPO Candidates Compare

Forge Global's IPO watchlist includes OpenAI, Kraken, Discord, Oura and Cohesity, with valuations ranging from $4.69 billion to $1.25 trillion, Benzinga reported on November 12. LA NACION reported the same day that Argentina's Bolsa y Mercados Argentinos is working to launch a cedear for Anthropic's IPO, expected between November 19-20.

TechMoran reported on November 12 that Safaricom's Ziidi Trader processed 68.4% of retail applications in Quickmart's KSh 15 billion IPO. Nasdaq said it hosted 65 IPOs this year raising $132 billion as of November 11.

Crystal Crop's Bidding Schedule

Anchor investors can bid on November 17. The public issue opens November 18 and closes November 20.