Crystal Crop Protection files papers for Rs1,000-crore IPO

Agro-chemical firm Crystal Crop Protection Ltd on Thursday filed draft papers with the Securities and Exchange Board of India (Sebi) to raise Rs1,000 crore through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth up to Rs545 crore and an offer for sale of up to Rs455 crore, from promoter and existing shareholders including Everstone Capital, according to the draft prospects filed with Sebi.

Proceeds from the issue will be utilised towards repayment of certain working capital facilities availed by the company, funding acquisitions and other strategic initiatives; and other general corporate purposes.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SMC Capitals will manage the company’s IPO.

The company has a diversified business, from manufacturing and marketing domestic agrochemicals to manufacturing and distribution of seeds, and the distribution of agri-equipment and exports of agrochemical products.