Crop solutions company Crystal Crop Protection has filed draft red herring prospectus with the Securities and Exchange Board of India to raise capital through an initial public offering, marking its renewed attempt to tap public markets after shelving an earlier plan.
The proposed IPO consists of a fresh issue of equity shares aggregating to ₹600 crore, along with an offer for sale of 74,05,387 shares by promoters and existing investors.
International Finance Corporation and IFC Emerging Asia Fund LP are among the shareholders participating in the offer for sale, as per the draft filings.
Funds raised through the fresh issue will be deployed towards repayment or prepayment of certain borrowings of the company and its subsidiary, Saffire Crop Science.
The company also plans to utilise a portion of the proceeds for pursuing inorganic growth opportunities through acquisitions, strategic initiatives and general corporate purposes.
Founded in 1994, Crystal Crop Protection operates as a crop solutions company with agrochemicals and seeds forming the core of its offerings.
Its portfolio includes herbicides, fungicides, insecticides and a range of biological and natural products such as bio-stimulants, bio-protectants, plant growth regulators, liquid fertilisers and micronutrients.
The company also has a presence in seeds across field crops, vegetables and flowers.
According to the F&S Report cited in the draft papers, India’s crop protection industry was valued at around $5.52 billion in FY25, compared with $4.05 billion in FY20, and is projected to grow to approximately $8.5 billion by FY30, supported by rising farm productivity needs and increased adoption of modern agricultural inputs.
IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors have been appointed as the merchant bankers to the issue. Crystal Crop Protection had earlier received SEBI approval for an IPO in 2018 but did not proceed with the launch at that time.
Read More: IPO Recap 2025: How Have India’s Most Subscribed IPO’s Performed So Far?
With the filing of fresh IPO papers, Crystal Crop Protection is making a renewed push to access public markets, backed by a diversified product portfolio and long operating history in India’s agri-inputs space. The proposed fundraise is expected to strengthen its balance sheet and support future expansion as the domestic crop protection market continues to grow.
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Published on: Dec 23, 2025, 11:16 AM IST
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