International Finance Corporation-backed Crystal Crop Protection cuts IPO size

Accordingly, the crop solutions company has reduced the fresh issue size to Rs 439.3 crore. The offer-for-sale (OFS) component has also been reduced to 37.02 lakh equity shares. "The list of selling shareholders and all references to the fresh issue, offer for sale and offer in the DRHP will be revised and modified at all applicable places in the red herring prospectus, abridged prospectus and prospectus, as applicable," the company said in a notice to investors on October 21.

Crystal Crop Protection had approached the capital markets in December 2025 by filing draft papers to raise up to Rs 600 crore through a fresh issue of shares, alongside an OFS of 74.05 lakh shares. The Securities and Exchange Board of India (SEBI) cleared the company's IPO papers in May 2026. As per the revised offer details, promoter Ankur Aggarwal will be the sole selling shareholder in the OFS.

Other promoters, Nand Kishore Aggarwal and Komal Aggarwal, along with IFC and IFC Emerging Asia Fund, LP, have withdrawn their names from the list of selling shareholders. Further, the proposed pre-IPO placement has also been scaled down from the Rs 120 crore planned at the time of filing the DRHP. Crystal Crop Protection may now consider raising up to Rs 87.86 crore through a pre-IPO placement before filing the red herring prospectus with the Registrar of Companies.

If the pre-IPO placement is undertaken, the fresh issue size will be reduced by the amount raised through this route. The changes have also affected the proposed utilisation of the fresh issue proceeds. The company now plans to use Rs 335 crore of the net proceeds from the fresh issue to repay debt, with the remaining amount earmarked for inorganic growth through unidentified acquisitions and general corporate purposes.

According to the DRHP, the promoters held an 86.69 percent stake in the company, while public shareholders IFC and IFC Emerging Asia Fund held an 8.48 percent stake. IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors are the merchant bankers managing the Crystal Crop Protection IPO.