The Crystal Crop Protection IPO has been cut in size. According to Moneycontrol, the fresh issue falls from ₹600 crore to ₹439.3 crore, and the offer for sale (OFS) is halved from 74.05 lakh shares to 37.02 lakh shares. The company told investors about the change in a notice on 21 October 2026.
What exactly changed?
The company filed its DRHP, the draft prospectus a company files with SEBI before an IPO, in December 2025. SEBI cleared it in May 2026. Since then, the plan has been trimmed on three fronts.
| Item | At DRHP (Dec 2025) | Now |
|---|---|---|
| Fresh issue | Up to ₹600 crore | ₹439.3 crore |
| Offer for sale | 74.05 lakh shares | 37.02 lakh shares |
| Pre-IPO placement | ₹120 crore | Up to ₹87.86 crore |
The fresh issue is down by about ₹160.7 crore, or 27%. SEBI rules allow a company to raise or lower the fresh issue by up to 50% without refiling its DRHP, for IPOs opening on or before 31 March 2027. Crystal Crop has used that room.
Who is still selling?
Only promoter Ankur Aggarwal will sell in the OFS now. Promoters Nand Kishore Aggarwal and Komal Aggarwal have pulled out, and so have the International Finance Corporation (IFC) and IFC Emerging Asia Fund. In the DRHP, promoters held 86.69% and the two IFC entities together held 8.48%.
If the company does the pre-IPO placement, a private round before the red herring prospectus is filed, the fresh issue shrinks by the amount raised. That is how the two numbers are linked.
Where will the money go?
Of the net fresh proceeds, ₹335 crore is now meant to repay debt. The rest is earmarked for unidentified acquisitions and general corporate purposes. Debt matters here. Our copy of the DRHP shows total borrowings of ₹1,205 crore at 30 September 2025, up from ₹577 crore at March 2024.
What our data shows
Our stored DRHP shows revenue from operations of ₹2,690.5 crore in FY25, against ₹2,229.9 crore in FY24. Profit for the year was ₹118.4 crore, up from ₹87.2 crore. In the six months to 30 September 2025, revenue was ₹1,978.0 crore and profit ₹153.5 crore. These are old numbers, and a fresh set will come in the red herring prospectus. A cut of this kind is not new this month: as we reported on 20 October, OYO parent PRISM also plans to halve its fresh issue to ₹3,350 crore.
What happens next
No dates are out. The company still has to file its red herring prospectus with the Registrar of Companies, which will carry the final size, price band and dates. IIFL Capital Services, DAM Capital Advisors and Motilal Oswal Investment Advisors are the merchant bankers. Track pipeline names on our upcoming mainboard IPO page. The details here come from Moneycontrol's report of the company notice.
