IPO Action This Week: GSP Crop Science, CMPDI & Novus Loyalty IPOs Worth ₹2,300 Cr | PL Capital

16 March 2026

GSP Crop Science IPO

Ahmedabad-based GSP Crop Science, a manufacturer of crop protection products including insecticides, herbicides, fungicides, and plant growth regulators, opens its Rs 400-crore mainboard IPO (Initial Public Offering) on March 16, 2026, closing March 18. The GSP Crop Science IPO contains a fresh issue of Rs 240 crore and an offer-for-sale of 50 lakh shares worth Rs 160 crore by promoters. Ahead of the opening, the company raised Rs 120 crore from two anchor investors – Craft Emerging Market Fund PCC and Shine Star Build Cap – on March 13. The price band is set at Rs 304–320 per share, with a lot size of 46 shares and a minimum retail investment of Rs 14,720. Allotment is scheduled for March 20, with a tentative listing on BSE and NSE on March 24, 2026.

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Central Mine Planning & Design Institute (CMPDI) IPO

Incorporated in 1974, Ranchi-based Central Mine Planning & Design Institute (CMPDI) is a wholly owned subsidiary of Coal India and one of India’s largest coal and mineral consultancy companies, holding a 61% market share in fiscal 2025. The company offers consultancy across coal and mineral exploration, mine planning and design, infrastructure engineering, environmental management, and specialised technology services. CMPDI launches its Rs 1,838-crore mainboard IPO on March 20, closing March 24 – structured entirely as an offer-for-sale of 10.71 crore shares by promoter Coal India, with no fresh issue component and no proceeds accruing to the company. The price band is fixed at Rs 163–172 per share, with a lot size of 80 shares and a minimum retail investment of Rs 13,760. Allotment is scheduled for March 25, with listing on BSE and NSE on March 30, 2026. IDBI Capital Markets and SBI Capital Markets are the book-running lead managers; KFin Technologies is the registrar. Total income grew from Rs 1,770.18 crore in FY24 to Rs 2,177.53 crore in FY25, while profit after tax rose from Rs 503.23 crore to Rs 666.91 crore over the same period.

Novus Loyalty IPO

Incorporated in 2011, Novus Loyalty is a technology-driven loyalty and rewards solutions provider serving industries including fintech, e-commerce, banking, FMCG, and real estate. It operates on both on-premises and SaaS models, supported by AI-powered analytics. Novus Loyalty IPO opens its SME IPO on March 17, closing March 20, seeking to raise Rs 60.15 crore at the upper end of the price band of Rs 139–146 per share. The issue comprises a fresh issue of 33 lakh shares and an offer-for-sale of 8.2 lakh shares by existing shareholders. The IPO lot size is 1,000 shares, with a minimum retail investment of Rs 2,92,000. Allotment is scheduled for March 23, with listing on March 25, 2026. Smart Horizon Capital Advisors is the book-running lead manager; KFin Technologies is the registrar. Fresh issue proceeds are allocated towards product development and enhancement (Rs 13 crore), business development and marketing including manpower hiring (Rs 9.62 crore), and general corporate purposes. Total income grew from Rs 73.61 crore in FY24 to Rs 104.63 crore in FY25, while profit after tax rose from Rs 2.96 crore to Rs 3.58 crore over the same period.

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