International Finance Corporation (IFC)-backed Crystal Crop Protection, a Delhi-headquartered agrochemicals and seeds solutions company, has decided to reduce the size of its initial public offering. According to reports from Moneycontrol, the company has reduced the fresh issue size to ₹439.3 crore and the offer-for-sale (OFS) component to 37.02 lakh equity shares. This decision follows SEBI regulations and guidance permitting issuers to increase or decrease the fresh issue size by up to 50 percent without refiling the draft red herring prospectus (DRHP) for IPOs opening on or before March 31, 2027. The company issued a notice to investors on October 21 stating that 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 reported by Moneycontrol, Crystal Crop Protection had approached the capital markets in December 2025 by filing draft papers to raise up to ₹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. The company had also planned a proposed pre-IPO placement of ₹120 crore at the time of filing the DRHP, which has now been scaled down significantly.
According to the revised offer details reported by Moneycontrol, 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 Other promoters, Nand Kishore Aggarwal and Komal Aggarwal, along with IFC and IFC Emerging Asia Fund, LP, have withdrawn their names from the list of selling shareholders. The company has stated that 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 reported by Moneycontrol, the changes have affected the proposed utilisation of the fresh issue proceeds. The company now plans to use ₹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. The proposed pre-IPO placement has also been scaled down from the ₹120 crore planned at the time of filing the DRHP. Crystal Crop Protection may now consider raising up to ₹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.
According to the DRHP reported by Moneycontrol, 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. The company is a Delhi-headquartered agrochemicals and seeds solutions provider backed by IFC.
