Crystal Crop Protection sets price band for Rs 455.49 crore IPO, issue opens on November 18

Crystal Crop Protection set its IPO price band at Rs 259–272 per share for its Rs 455.49 crore public issue, which will open for subscription on November 18, 2026. The issue comprises a fresh issue of 1.31 crore shares aggregating to Rs 354.77 crore and an offer for sale (OFS) of 37.03 lakh shares worth Rs 100.71 crore.

The IPO will close on November 20, 2026, while the allotment is expected to be finalised on November 23. The company's shares are proposed to be listed on the NSE and BSE, with a tentative listing date of November 26, 2026. The price band has been set at Rs 259–272 per share, with a lot size of 55 shares. Retail investors will need to invest a minimum of Rs 14,960 for one lot at the upper end of the price band. Eligible employees bidding in the employee reservation portion will receive a discount of Rs 25 per share.

IIFL Capital Services Ltd., DAM Capital Advisors Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers to the issue, while MUFG Intime India Pvt. Ltd. is the registrar.


At the upper end of the price band, the IPO is valued at 27.20 times the face value of the equity shares, while the lower end represents 25.90 times the face value of Rs 10 per share. Based on diluted earnings per share (EPS) for FY26, the company's price-to-earnings (P/E) multiple stands at 23.42 times at the floor price and 24.59 times at the cap price, compared with the industry peer group's average P/E ratio of 20.07 times. The company's weighted average return on net worth over the last three financial years stood at 7.06%.

Objects of the issue
The company plans to utilise ₹31.29 crore from the IPO proceeds towards the repayment or pre-payment, in full or part, of certain borrowings availed by the company. It will also invest ₹2.21 crore in its material subsidiary, Saffire Crop Science Private Limited, to facilitate the repayment or pre-payment of some or all of its outstanding borrowings.

The remaining proceeds will be utilised to fund inorganic growth opportunities through unidentified acquisitions and strategic initiatives, along with general corporate purposes. The total IPO proceeds earmarked for these objectives amount to ₹33.50 crore.

About Crystal Crop Protection Ltd.
Crystal Crop Protection is an agro-based crop solutions company focused on agrochemicals and seeds. Its portfolio includes herbicides, fungicides, insecticides, bio-stimulants, bio-protectants, plant growth regulators, fertilisers, micronutrients and seeds for field crops, vegetables and flowers.

The company follows an integrated business model covering research and development, seed breeding, technology-driven manufacturing and pan-India distribution. It offers over 174 crop protection brands and exports products to markets including Bangladesh, Nepal, Africa and Asia. Its seed portfolio spans cotton, cereals, oilseeds, fodder, vegetables and flowers, with exports to Japan, the US and Thailand.

Crystal Crop Protection operates manufacturing and seed-processing facilities across Haryana, Gujarat, Jammu & Kashmir, Maharashtra, Telangana and Karnataka, along with an R&D centre in Sonipat, Haryana. As of September 30, 2025, its formulation and technical manufacturing capacities stood at 75,962 MT and 3,456 MT, respectively. The company has a pan-India network of over 13,000 distributors and 36 distribution centres.

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