New Delhi: Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah.


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The company, which needs funds for expansion of its business operation, plans to soon file a draft red herring prospectus with capital markets regulator Sebi, he said.


Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade ingredients and formulates insecticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemicals and public health products.


"We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO," Shah said in an interview with PTI.


The company intends to launch new products and set up a new production line at Dahej in Gujarat. The funds raised through initial share sale will be utilised for this, he added.


GSP Crop Science whole-time director Tirth Shah said the company's move to launch the IPO is mainly driven by improvement in its financial performance in last few years and expansion plans.


The company's revenue has risen year-on-year basis and it stood at Rs 1,350 crore during 2021-22 financial year, up from over Rs 1,000 crore in the previous year, he said.


The company expects about 15-20 per cent increase in the annual revenue in the current fiscal, he added.


Currently, GSP Crop Science has three units, two in Gujarat and one in Jammu. The fourth one is planned at Dahej. Much of its sales come from Maharasthra, followed by Gujarat and other states.