In addition to fresh issues, there will be an offer for sale (OFS) of 74,05,387 shares by promoters and investors, as indicated in the draft red herring prospectus (DRHP).
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As part of the OFS, current investors — International Finance Corporation and IFC Emerging Asia Fund LP — will sell shares.
The funds raised from the fresh issue will be utilized for repaying debt of the company and its subsidiary, Saffire Crop Science, as well as for financing inorganic growth through unidentified acquisitions and strategic initiatives, along with general corporate purposes, the draft papers indicated.
Established in 1994, Crystal Crop Protection specializes in crop solutions, focusing on agrochemicals and seeds. Its diverse portfolio includes crop protection products such as herbicides, fungicides, insecticides, and natural solutions like bio-stimulants, bio-protectants, plant growth regulators, liquid fertilizers, and micronutrients; as well as seeds for field crops, vegetables, and flowers.
The F&S Report states that the Indian crop protection industry was valued at approximately $5.52 billion in Fiscal 2025, up from $4.05 billion in Fiscal 2020, with projections to reach about $8.5 billion by Fiscal 2030.
IIFL Capital Services, DAM Capital Advisors, and Motilal Oswal Investment Advisors have been appointed as merchant bankers to support the company in its initial public offering.
Previously, the company filed preliminary IPO documents in 2018 to raise ₹1,000 crore and also received Sebi’s approval, but did not move forward with the launch.
