Three initial public offerings (IPOs) will open for subscription in the primary market of India next week, out of which two will be mainboard issues. Apart from this, three companies are also going to be listed on the exchange this week, due to which the primary market pipeline will remain active despite the fluctuations in the secondary market. In the upcoming offerings, two mainboard IPOs — GSP Crop Science and Central Mine Planning and Design Institute (CMPDI) — will be eyeing, while an SME issue will also hit the market. Let us talk in detail about these upcoming IPOs.
GSP Crop Science IPO
The biggest issue in the upcoming issue is that of agrochemical manufacturing company GSP Crop Science, which is planning to raise Rs 400 crore through its public offering. This IPO will open for subscription on March 16 and will close on March 18, the price band of which has been fixed at Rs 304 to Rs 320 per share. The IPO is a combination of a fresh issue of Rs 240 crore and an ‘offer for sale’ of Rs 160 crore by the promoters — Vilasben Vrajmohan Shah, Bhavesh Vrajmohan Shah and Kappa Trust. Investors can bid for a minimum of 46 shares and thereafter can bid in multiples of 46.
GSP Crop Science, started more than four decades ago, is a research-based agrochemical company, which manufactures and sells pesticides, herbicides, fungicides and plant growth control products used for crop protection. The company has built a large portfolio of agrochemical products and as of September 2025, it had 524 registrations for formulations and technical agrochemicals.
Financially, the company recorded revenue of Rs 1,287 crore in FY2025, compared to Rs 1,203 crore in FY2023. The net profit in FY 2025 was Rs 81 crore, which was more than Rs 17 crore in FY 2023. For the six months ending September 2025, revenue stood at Rs 844 crore, with net profit at Rs 81 crore.
The company plans to use Rs 170 crore raised from the fresh issue to repay or prepay some of the debt, while the remaining amount will be used for general corporate needs. This IPO will be managed by Equirus Capital and Motilal Oswal Investment Advisors.
CMPDI IPO
The second mainboard offer coming next week will be from CMPDI. CMPDI, a consultancy arm of Coal India, will open its IPO on March 20 and close on March 24. The GMP of CMPDI in the informal market is around Rs 24. The issue consists entirely of ‘Offer for Sale’ (OFS) of 10.71 crore shares, in which the government and Coal India will sell part of their stake in the company. Since this issue is an OFS, CMPDI will not get any money from the IPO, this money will go to the shareholders who sold the shares. The price range and issue size (in rupees) have not been announced yet, however the shares are to be listed on both BSE and NSE, with the tentative listing date being March 30.
CMPDI, established in 1974, provides consultancy services across the coal and minerals value chain. These services include geological exploration, mine planning, environmental management and remote sensing. The company has a market share of 61 percent in India’s coal and minerals consultancy sector and serves as Coal India’s preferred consulting partner.
SME segment
Along with the mainboard offers, a new issue will also open in the SME segment next week. Novus Loyalty Limited will launch its IPO on March 17, and the issue will close on March 20. The price range of this SME IPO is Rs 139 to Rs 146 per share and it aims to raise approximately Rs 60.15 crore. These shares will be listed on the BSE SME platform, in which Smart Horizon Capital will play the role of lead manager.
These companies will be listed
Apart from the three upcoming IPOs, three companies — Rajputana Stainless, Apsis Aerocom and Highways Infra Investment Trust — are also set to make their stock market debut this week. This will keep the listing calendar active, even as ongoing volatility in the broader market continues to impact investor sentiment.