Crystal Crop Protection Slashes IPO Size to Rs 455 Crore with Promoter Ankur Aggarwal as Sole OFS Seller
Delhi-headquartered agri-solutions provider Crystal Crop Protection Limited has downsized its initial public offering (IPO) to ₹455.49 crore. The issue is scheduled to open for public subscription on November 18, 2026, and will close on November 20, 2026, with anchor bidding scheduled for November 17.
The company has set the price band at ₹259 to ₹272 per equity share with a face value of ₹10 each.
Restructured Issue Details
Under the revised structure, the IPO consists of:
- A fresh issue of equity shares worth up to ₹354.77 crore.
- An offer for sale (OFS) of 37.03 lakh equity shares amounting to ₹100.71 crore.
Promoter Ankur Aggarwal is the sole selling shareholder in the OFS component. Other promoter group members, including Nand Kishore Aggarwal and Komal Aggarwal, as well as institutional backers International Finance Corporation (IFC) and the IFC Emerging Asia Fund, LP, have withdrawn from participating in the OFS.
Originally, Crystal Crop Protection had filed draft red herring prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI) in December 2025 to raise ₹600 crore through a fresh issue alongside an OFS of up to 74.05 lakh shares. SEBI approved the draft papers in May 2026. The revision utilizes regulatory provisions allowing issuers to alter fresh issue sizes without refiling the DRHP within stipulated timelines. The planned pre-IPO placement has also been reduced to up to ₹87.86 crore from the ₹120 crore outlined earlier.
Objectives of the Issue
The net proceeds raised from the fresh issue will be channelled into capital restructuring and business expansion.
Primary Fund Allocations:
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company and its material subsidiary, Saffire Crop Science Private Limited.
- Funding inorganic growth through unidentified acquisitions and strategic initiatives.
- General corporate purposes.
As of September 30, 2025, the company had outstanding consolidated borrowings of approximately ₹1,205.24 crore. Retiring high-cost debt is expected to strengthen Crystal Crop's balance sheet and reduce finance costs.
Offer Structure and Financial Snapshot
The bid lot size is fixed at 55 shares and in multiples of 55 thereafter, requiring a minimum retail investment of ₹14,960 at the upper end of the price band.
Investor Quota Breakdown:
- Qualified Institutional Buyers (QIB): Not more than 50% of the net offer.
- Retail Individual Investors (RII): Not less than 35% of the net offer.
- Non-Institutional Investors (NII): Not less than 15% of the net offer.
Incorporated in 1994, Crystal Crop Protection manufactures and markets crop protection chemicals, including insecticides, fungicides, herbicides, plant growth regulators, and seeds. Financially, the company recorded consolidated revenue of ₹2,731.94 crore and a profit after tax (PAT) of ₹118.39 crore in FY25. For the six months ended September 30, 2025, its total income reached ₹1,995.86 crore with a PAT of ₹153.51 crore.
Following the close of bidding on November 20, the basis of allotment is expected to be finalized around November 23, with the equity shares slated to list on both the BSE and NSE on November 26, 2026.
