New Delhi-headquartered crop protection solutions provider Crystal Crop Protection has announced November 18 as the opening date for its upcoming initial public offering (IPO) and fixed the price band at Rs 259–272 per share.
The company plans to raise Rs 455.7 crore through its maiden public issue, comprising a fresh issue of shares worth Rs 355 crore and an offer for sale (OFS) of 37.02 lakh equity shares by promoter Ankur Aggarwal, amounting to Rs 100.7 crore.
At the upper end of the price band, the agrochemicals manufacturer is seeking a market capitalisation of Rs 4,438.1 crore.
Around a month ago, Crystal Crop Protection revised the IPO size, reducing the fresh issue component from Rs 600 crore to Rs 439.2 crore and halving the OFS from 74.05 lakh shares to 37.02 lakh shares. Promoters Nand Kishore Aggarwal and Komal Aggarwal, along with investors International Finance Corporation and IFC Emerging Asia Fund, also withdrew from the OFS.
Subsequently, the company undertook a private placement of equity shares, raising Rs 84.2 crore at Rs 272.07 per share. This led to a further reduction in the fresh issue size to Rs 355 crore.