Crystal Crop Protection IPO size cut to ₹455 crore; promoter Ankur Aggarwal sole seller in OFS

International Finance Corporation (IFC)-backed Crystal Crop Protection has reduced the size of its proposed initial public offering (IPO) to ₹455.49 crore, trimming both the fresh issue and the offer-for-sale (OFS) components. The crop solutions company had initially filed draft papers in December 2025 to raise up to ₹600 crore through a fresh issue of shares, along with an OFS of 74.05 lakh shares. The Securities and Exchange Board of India (SEBI) cleared its IPO papers in May 2026.

Under the revised offer, the IPO will comprise a fresh issue of 1.31 crore shares aggregating to ₹354.77 crore and an OFS of 37.03 lakh shares worth ₹100.71 crore.

Promoter Ankur Aggarwal will be the sole selling shareholder in the OFS. Other promoters, Nand Kishore Aggarwal and Komal Aggarwal, along with International Finance Corporation (IFC) and IFC Emerging Asia Fund, LP, have withdrawn from the list of selling shareholders.

The company has also scaled down its proposed pre-IPO placement. It may now raise up to ₹87.86 crore through this route, compared with the ₹120 crore planned earlier. If undertaken, the pre-IPO placement will lead to a corresponding reduction in the fresh issue size.

Crystal Crop Protection IPO: Dates, price band and lot size

The IPO will open for subscription on November 18 and close on November 20, 2026. The allotment is expected to be finalised on November 23, while the shares are scheduled to list on the BSE and NSE on November 26.

The price band has been fixed at ₹259–272 per share, with a lot size of 55 shares. Retail investors can invest a minimum of ₹14,960 to apply for one lot at the upper end of the price band.

The company plans to use ₹247.94 crore from the net proceeds towards repayment or pre-payment of certain borrowings. Another ₹22.06 crore will be invested in its material subsidiary, Saffire Crop Science, to repay or pre-pay its outstanding borrowings. The remaining proceeds will be used for inorganic growth opportunities, strategic initiatives and general corporate purposes.

Crystal Crop Protection is an integrated crop solutions company with agrochemicals and seeds as its core businesses. Its portfolio includes herbicides, fungicides, insecticides, bio-stimulants, bio-protectants, plant growth regulators, liquid fertilisers and micronutrients, besides seeds for field crops, vegetables and flowers.

The company offers more than 174 crop protection product brands and operates an integrated business model spanning research and development, seed breeding, manufacturing and distribution. It also exports crop protection formulations and technical products to markets including Bangladesh, Nepal and countries across Africa and Asia.

For the six months ended September 30, 2025, the company reported total income of ₹1,995.86 crore and profit after tax of ₹153.51 crore. Its EBITDA stood at ₹333.22 crore during the period.

For FY25, total income was ₹2,731.94 crore, while profit after tax stood at ₹118.39 crore. Total borrowings increased to ₹947.02 crore as of March 31, 2025, from ₹577.29 crore a year earlier.