Crystal Crop Protection IPO opens 18 Nov at Rs 259 to 272

The Crystal Crop Protection IPO will open on Wednesday 18 November and close on Friday 20 November at a price band of Rs 259 to Rs 272 a share, according to Chittorgarh’s IPO page. The agrochemicals and seeds maker, founded in 1994 and led by chairman and managing director Ankur Aggarwal, aims to raise about Rs 455.49 crore from a mix of fresh shares and a promoter sale. The shares are tentatively due to list on BSE and NSE on Thursday 26 November.

What happened

Chittorgarh lists the issue at 1,67,54,274 shares. Of these, 1,30,51,580 shares, worth about Rs 354.77 crore, are a fresh issue. The other 37,02,694 shares, about Rs 100.71 crore, are an offer for sale, and Chittorgarh shows all of them being sold by promoter Ankur Aggarwal. A lot is 55 shares, so the minimum retail bid at the upper band is Rs 14,960. Allocation is up to 50% of the net offer for qualified institutional buyers, at least 35% for retail and at least 15% for non-institutional investors.

The structure is smaller than the draft papers. The Free Press Journal reported on 22 December 2025 that the draft red herring prospectus proposed a Rs 600 crore fresh issue plus an offer for sale of 74,05,387 shares by promoters and investors, including IFC and IFC Emerging Asia Fund.

Key numbers

Rs 455.49 crore: total issue size, per Chittorgarh.
Rs 4,438.18 crore: post-issue market capitalisation at the Rs 272 upper band, per Chittorgarh, which also lists a pre-issue price to earnings ratio of 28.19 times.
Rs 3,180.98 crore: restated consolidated total income for the year to 31 March 2026, up from Rs 2,731.94 crore a year earlier, per Chittorgarh.
Rs 144.91 crore: profit after tax for FY2026, against Rs 118.39 crore in FY2025, per Chittorgarh.
84.92% to 75.85%: promoter shareholding before and after the issue, per Chittorgarh.

Who is Ankur Aggarwal and what does Crystal Crop make

Crystal Crop Protection was founded in 1994 by Nand Kishore Aggarwal, and Ankur Aggarwal is chairman and managing director, according to IPO Central. The company sells herbicides, fungicides, insecticides, biologicals and seeds, with more than 174 branded products across the Crystal and Saffire brands. IPO Central lists four formulation units with capacity of about 76,000 tonnes and two technical-grade units, and exports to Asia and Africa. Its subsidiary Saffire Crop Science is part of the debt repayment plan.

The company is not new to the market. The Free Press Journal said it filed preliminary papers in 2018 to raise Rs 1,000 crore and won SEBI approval, but did not launch. The issue follows other India listings we have covered, including the Haldiram IPO and the Carlsberg India IPO. Crystal Crop belongs to the manufacturing and industrials space, and its share sale adds to primary market activity this month.

What it means for the promoter’s fortune and the balance sheet

Chittorgarh says the fresh issue is meant mainly to cut debt: Rs 247.94 crore to repay company borrowings and Rs 22.06 crore for Saffire Crop Science to repay its own, with the rest for inorganic growth and general corporate purposes. Ankur Aggarwal’s Rs 100.71 crore offer for sale is the part that puts cash in a promoter’s hands. The promoter group will still hold 75.85% after the issue, per Chittorgarh.

Risks are listed on Zerodha’s IPO page: dependence on monsoon and farm conditions, intense competition, policy changes, reliance on a few key products, and credit exposure to distributors and dealers. No comment from the company on the revised structure was available in the pages reviewed.

What happens next

Bidding for the Crystal Crop Protection IPO runs from 18 to 20 November. Chittorgarh lists allotment as tentatively due on 23 November, refunds and share credit on 25 November, and listing on 26 November, and notes these dates are tentative. Investors are directed to the red herring prospectus for the final terms. IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors are the lead managers.