Crystal Crop Protection, an International Finance Corporation (IFC)-backed agrochemicals and crop solutions company, will launch its maiden initial public offering (IPO) on November 18, aiming to raise around Rs 456 crore at a market valuation of Rs 4,438 crore. The company has fixed the price band at Rs 259-272 per share.
The IPO will comprise a fresh issue of approximately 1.30 crore equity shares worth Rs 355 crore and an offer for sale (OFS) of 37.02 lakh shares valued at around Rs 100.7 crore. Promoter Ankur Aggarwal will be the sole shareholder selling shares through the OFS. The other promoters, Nand Kishore Aggarwal and Komal Aggarwal, along with IFC and IFC Emerging Asia Fund, have withdrawn from the offer.
The company has further reduced the fresh issue component following a pre-IPO private placement in which it raised Rs 84.2 crore by issuing shares at Rs 272.07 apiece. Earlier, it had proposed to raise Rs 600 crore through a fresh issue, alongside an OFS of 74.05 lakh shares.
The IPO will remain open for subscription until November 20, while the anchor book for institutional investors will open on November 17. The allotment is expected to be finalised on November 23, and the shares are scheduled to list on the BSE and NSE on November 26.
The minimum application size for retail investors is one lot of 55 shares, requiring an investment of Rs 14,960 at the upper end of the price band.
Debt repayment accounts for major share of proceeds
Crystal Crop Protection plans to utilise around Rs 270 crore from the fresh issue proceeds towards repayment or pre-payment of borrowings. This includes Rs 247.94 crore for the company's borrowings and Rs 22.06 crore for its material subsidiary, Saffire Crop Science. The remaining proceeds will be used for acquisitions, strategic initiatives and general corporate purposes.
The company's consolidated borrowings stood at Rs 962.6 crore as of August 2026, highlighting its debt-reduction objective through the public issue.
Business and financial performance
Established in 1994 and headquartered in New Delhi, Crystal Crop Protection operates an integrated crop solutions business spanning research and development, seed breeding, manufacturing and distribution. Its portfolio includes more than 174 crop protection brands across herbicides, fungicides, insecticides, biostimulants, bioprotectants, plant growth regulators, liquid fertilisers and micronutrients. It also has seeds for field crops, vegetables and flowers.
The company has manufacturing facilities in Maharashtra, Gujarat, Haryana and Jammu and Kashmir and exports products to Bangladesh, Nepal and several countries in Africa and Asia.
Its financial performance has strengthened in FY26. Profit after tax increased 22.4% to Rs 144.9 crore, while revenue grew 17.2% to Rs 3,152 crore compared with FY25. In the April-June 2026 quarter, it reported a profit of Rs 135.7 crore on revenue of Rs 1,197.1 crore.
The IPO is being managed by IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors.