Crystal Crop Protection files RHP; Rs 355 crore fresh issue opens Nov 18

The Development

Crystal Crop Protection Limited, an Ahmedabad-registered agrochemicals and seeds company, has opened the final stage of its initial public offering. Per its abridged prospectus filed with SEBI, which summarises the red herring prospectus (RHP) dated November 12, 2026, the bid/offer period opens on Wednesday, November 18, 2026 and closes on Friday, November 20, 2026, with anchor investor bidding on Tuesday, November 17.

The offer combines a fresh issue of equity shares aggregating up to Rs 3,550.03 million (about Rs 355 crore) with an offer for sale of up to 3,702,694 equity shares of face value Rs 10 each by a promoter selling shareholder. The shares are proposed to be listed on BSE and the National Stock Exchange of India, with NSE as the designated stock exchange.

The RHP is the legally operative offer document at this stage. The issue was reported by The Economic Times, which also covered the price band announcement. The band is set out in the company's separate price band notice and is not stated in the abridged prospectus, so it is not reproduced here.

The Company

Per the abridged prospectus, the company was established in 1994 and describes itself as "a crop solutions company with agrochemicals and seeds at the core". Its crop protection range covers herbicides, fungicides, insecticides and natural crop solutions such as bio-stimulants and plant growth regulators, alongside technical grade active ingredients. Its seeds portfolio covers field crops such as cotton, mustard, maize and wheat, plus vegetable and flower seeds.

The company discloses that it sells through two brands, Crystal and Saffire, and that as of June 30, 2026 it had 14,717 independent distributors and 34 distribution centres, with a presence across 23 states and four union territories. It operates four formulation manufacturing units and two technical manufacturing units, in Jammu, Sonipat, Anand, Nagpur and Dahej, and a research centre in Sonipat.

Per the restated consolidated financial information in the RHP, revenue from operations was Rs 31,519.68 million in the financial year ended March 31, 2026, against Rs 26,905.10 million in FY2025 and Rs 22,299.27 million in FY2024. Profit after tax was Rs 1,449.14 million in FY2026, Rs 1,183.92 million in FY2025 and Rs 872.37 million in FY2024. For the three months ended June 30, 2026, the document reports revenue of Rs 11,971.49 million and profit after tax of Rs 1,357.83 million. Total borrowings stood at Rs 9,520.23 million as of June 30, 2026, and net worth at Rs 21,741.80 million.

The Offer Structure

The fresh issue was originally larger. Per the abridged prospectus, the company carried out a pre-IPO placement aggregating Rs 842.87 million at Rs 272.07 per share, and the fresh issue was revised down to up to Rs 3,550.03 million as a result. The offer for sale comprises up to 3,702,694 shares from Ankur Aggarwal, a promoter, whose weighted average cost of acquisition is stated as Rs 23.51 per share. The promoters and promoter trust together hold 80.19% of the pre-offer capital on a fully diluted basis, per the document.

The stated objects of the fresh issue are repayment or pre-payment of certain company borrowings (Rs 2,479.42 million), investment in the material subsidiary Saffire Crop Science Private Limited to repay its borrowings (Rs 220.58 million), and funding inorganic growth through unidentified acquisitions, strategic initiatives and general corporate purposes. The RHP caps that last bucket at 35% of gross proceeds, with neither acquisitions nor general corporate purposes exceeding 25% on its own.

The book running lead managers are IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors. The registrar is MUFG Intime India (formerly Link Intime India). The offer is made under Regulation 6(1) of the SEBI ICDR Regulations. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator; earlier primary-market coverage is on the /news desk.

Risk Factors

The abridged prospectus reproduces the top 10 internal risk factors from the RHP. First, the company discloses that it, its promoters and one director are subject to ongoing criminal and regulatory proceedings over alleged violations of the Foreign Trade Policy (2009-2014), involving Rs 755.31 million, or 3.47% of net worth as of June 30, 2026. Those are allegations under proceedings, not findings.

The RHP also lists outstanding legal proceedings involving the company, subsidiaries, promoters, directors and key personnel amounting to Rs 3,419.47 million, which it states is 16.76% of net worth. It flags dependence on domestic demand, noting that a significant portion of revenue comes from India and that the business is "vulnerable to climatic conditions (including pest attacks)" and cyclical.

Among other disclosed risks: the company typically does not enter into long-term agreements with most customers and distributors; it has entered into related party transactions and may continue to do so; and new agrochemical and seed products take five to seven years to reach the market under a highly regulated process.

What Happens Next

Per the RHP timetable, anchor investors bid on November 17, 2026, and the three-day public bid window runs from November 18 to November 20. The UPI mandate end time is 5:00 pm on the closing date. Applications are made through ASBA or the UPI mechanism via brokers and banks during the offer window.

After the issue closes, the basis of allotment is finalised with the designated stock exchange, funds are unblocked for unsuccessful bids, shares are credited to the demat accounts of allottees and the stock is listed on NSE and BSE. Subscription figures for each investor category will be published by the exchanges during the bid period. The offer price itself is fixed after the book closes and set out in the final prospectus filed with the Registrar of Companies.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section starting on page 29, is available on SEBI's website and the exchanges. Read it directly before making any decision.

When does the issue open and close?

Per the abridged prospectus, the bid/offer period opens on Wednesday, November 18, 2026 and closes on Friday, November 20, 2026. Anchor investor bidding is scheduled one working day earlier, on Tuesday, November 17, 2026.

How large is the offer?

The fresh issue is up to Rs 3,550.03 million after a pre-IPO placement of Rs 842.87 million. The offer for sale is up to 3,702,694 shares from one promoter selling shareholder. The total offer size in rupees depends on the final offer price.

What will the company do with the money?

Per the RHP, Rs 2,479.42 million is earmarked for repaying company borrowings and Rs 220.58 million for investment in subsidiary Saffire Crop Science to repay its borrowings. The balance funds acquisitions, strategic initiatives and general corporate purposes, capped at 35% of gross proceeds. Proceeds from the offer for sale go to the selling shareholder, not the company.

Where can I read the RHP?

The abridged prospectus is on SEBI's website. It states the full RHP is available on the websites of SEBI, NSE, BSE, the company and the three book running lead managers.

This report is based on the abridged prospectus filed with SEBI, summarising the red herring prospectus dated November 12, 2026. It was surfaced via coverage in The Economic Times.