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Madhusudan Masala IPO is a book built issue of Rs 23.80 crores. The issue is entirely a fresh issue of 34 lakh shares.
Madhusudan Masala IPO bidding started from September 18, 2023 and ended on September 21, 2023. The allotment for Madhusudan Masala IPO was finalized on Tuesday, September 26, 2023. The shares got listed on NSE SME on September 26, 2023.
Madhusudan Masala IPO price band is set at ₹66 to ₹70 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹140,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹280,000.
Hem Securities Limited is the book running lead manager of the Madhusudan Masala IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Madhusudan Masala IPO is Hem Finlease.
Refer to Madhusudan Masala IPO RHP for detailed information.
| IPO Date | September 18, 2023 to September 21, 2023 |
| Listing Date | September 26, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹66 to ₹70 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 3,400,000 shares (aggregating up to ₹23.80 Cr) |
| Fresh Issue | 3,400,000 shares (aggregating up to ₹23.80 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 9,500,000 |
| Share holding post issue | 12,900,000 |
| Market Maker portion | 172,000 shares Hem Finlease |
Madhusudan Masala IPO offers 3,400,000 shares. 646,000 (19.00%) to QIB, 486,000 (14.29%) to NII, 1,130,000 (33.24%) to RII 966,000 (28.41%) to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 966,000 (28.41%) |
| Market Maker Shares Offered | 172,000 (5.06%) |
| QIB Shares Offered | 646,000 (19.00%) |
| NII (HNI) Shares Offered | 486,000 (14.29%) |
| Retail Shares Offered | 1,130,000 (33.24%) |
| Total Shares Offered | 3,400,000 (100%) |
Madhusudan Masala IPO raises Rs 6.76 crore from anchor investors. Madhusudan Masala IPO Anchor bid date is September 15, 2023. Madhusudan Masala IPO Anchor Investors list
| Bid Date | September 15, 2023 |
| Shares Offered | 966,000 |
| Anchor Portion Size (In Cr.) | 6.76 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 26, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 25, 2023 |
Madhusudan Masala IPO opens on September 18, 2023, and closes on September 21, 2023.
| IPO Open Date | Monday, September 18, 2023 |
| IPO Close Date | Thursday, September 21, 2023 |
| Basis of Allotment | Tuesday, September 26, 2023 |
| Initiation of Refunds | Wednesday, September 27, 2023 |
| Credit of Shares to Demat | Friday, September 29, 2023 |
| Listing Date | Tuesday, September 26, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 21, 2023 |
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹140,000 |
| Retail (Max) | 1 | 2000 | ₹140,000 |
| HNI (Min) | 2 | 4,000 | ₹280,000 |
| Lot Size Calculator | |||
Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha are promoters of the company.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 73.64% |
Madhusudan Masala Limited is engaged in manufacturing and processing more than 32 types of Spices under the brand names "DOUBLE HATHI" and "MAHARAJA".
The company also offers Whole Spices, Tea, and Other Grocery Products like Rajgira flour, Papad, Soya Products, Asafoetida (Hing), Achar masala (Ready to make pickle powder), Sanchar (Black salt powder), Sindhalu (Rock salt powder), Katlu powder (Food supplement), Kasuri Methi (Dry fenugreek), etc under the brand name of "DOUBLE HATHI". The company also deals in whole spices in retail and bulk quantities as well as papad, soya products, Asafoetida (Hing), black salt, rock salt, etc. procured through third-party manufacturers and packaged under its brand name of "DOUBLE HATHI".
Madhusudan Masala has two product segments:
MM's manufacturing facility is located at Industrial Area Hapa, Near Jamnagar, accredited with ISO 9001:2015 for quality management system, ISO 22000:2018 for Food Safety Management System, HACCP for Hazard Analysis Critical Control Points, and with FSSAI license under the Food Safety and Standards Act 2006.
The company recorded Rs. 12,721.60 Lacs, Rs. 6,540.81 Lacs, and Rs. 6,868.03 Lacs in revenue from operations in fiscal 2023, 2022, and 2021 respectively.
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 |
| Assets | 2,599.90 | 3,514.29 | 5,736.52 |
| Revenue | 6,875.18 | 6,651.81 | 12,750.57 |
| Profit After Tax | 44.98 | 81.29 | 575.89 |
| Net Worth | 1,094.09 | 31.07 | 1,099.10 |
| Reserves and Surplus | 30.07 | 599.10 | |
| Total Borrowing | 966.40 | 2,819.53 | 4,217.20 |
The market capitalization of Madhusudan Masala IPO is Rs 90.3 Cr.
| KPI | Values |
|---|---|
| ROE | 101.91% |
| ROCE | 20.08% |
| Debt/Equity | 3.84 |
| RoNW | 52.40% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.94 | |
| P/E (x) | 15.7 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] The company operates in a highly competitive and fragmented segment. Bumper performance for FY23 raises eyebrows and concerns over sustainability. Based on its super earnings for FY23, the issue appears fully priced. Well-informed/cash surplus investors may park funds for the medium to long term. Read detail review...
The Madhusudan Masala IPO is subscribed 444.27 times on September 21, 2023 7:30:00 PM. The public issue subscribed 592.73 times in the retail category, 86.91 times in the QIB category, and 574.08 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 86.91 |
| NII | 574.08 |
| Retail | 592.73 |
| Total | 444.27 |
Total Application : 334,891 (592.73 times)
| Listing Date | September 26, 2023 |
| BSE Script Code | |
| NSE Symbol | MADHUSUDAN |
| ISIN | INE0P6701019 |
| Final Issue Price | ₹70 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹70.00 |
| ₹120.00 |
| ₹114.00 |
| ₹124.00 |
| ₹114.00 |
Madhusudan Masala Limited
F. P. No. 19,
Plot No. 1 - B Hapa Road,
Jamnagar - 361001
Phone: +91- 0288 - 2572002
Email: info@madhusudanmasala.com
Website: https://www.madhusudanmasala.com/
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: mml.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
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Madhusudan Masala IPO is a SME IPO of 3,400,000 equity shares of the face value of ₹10 aggregating up to ₹23.80 Crores. The issue is priced at ₹66 to ₹70 per share. The minimum order quantity is 2000 Shares.
The IPO opens on September 18, 2023, and closes on September 21, 2023.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Madhusudan Masala IPO using UPI as a payment gateway. Zerodha customers can apply in Madhusudan Masala IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Madhusudan Masala IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Madhusudan Masala IPO opens on September 18, 2023 and closes on September 21, 2023.
Madhusudan Masala IPO lot size is 2000 Shares, and the minimum amount required is ₹140,000.
You can apply in Madhusudan Masala IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Madhusudan Masala IPO will be done on Tuesday, September 26, 2023, and the allotted shares will be credited to your demat account by Friday, September 29, 2023. Check the Madhusudan Masala IPO allotment status.
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