Madhusudan Masala IPO Details | GMP, Date, Price, Review

Madhusudan Masala IPO

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Madhusudan Masala IPO Details ( Madhusudan Masala Limited IPO Review )

(18 Sep 2023 – 21 Sep 2023)

Madhusudan Masala Limited specializes in making and processing over 32 types of spices sold under the brand names “DOUBLE HATHI” and “MAHARAJA.”

They also offer a range of other grocery products like whole spices, tea, Rajgira flour, papad, soy products, Asafoetida (Hing), pickle powder (Achar masala), black salt powder (Sanchar), rock salt powder (Sindhalu), food supplement powder (Katlu), dry fenugreek (Kasuri Methi), and more, all under the “DOUBLE HATHI” brand. Additionally, they sell whole spices, papad, soy products, Asafoetida (Hing), black salt, rock salt, and others, sourced from third-party manufacturers and packaged as “DOUBLE HATHI” products.

Madhusudan Masala operates in two product categories:

  1. Ground spices, which includes Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
  2. Blend Spices, encompassing Garam Masala, Tea Masala, Chhole Masala, Sambhar Masala, Pav Bhaji Masala, Pani Puri Masala, Sabji Masala, Kitchen King Masala, Chicken Masala, Meat Masala, Chatpata Chat Masala, Butter Milk Masala, Chewda Masala, Dry Ginger Powder (Sunth), Black Pepper Powder (Mari), Dry Mango Powder (Aamchur), and more.

Madhusudan Masala’s manufacturing facility is situated in Industrial Area Hapa, Near Jamnagar, and holds several certifications, including ISO 9001:2015 for quality management, ISO 22000:2018 for Food Safety Management, and HACCP for Hazard Analysis Critical Control Points. They also have an FSSAI license under the Food Safety and Standards Act 2006.

In terms of financial performance, the company generated revenues of Rs. 12,721.60 Lacs, Rs. 6,540.81 Lacs, and Rs. 6,868.03 Lacs in the fiscal years 2023, 2022, and 2021, respectively.

Madhusudan Masala Limited Company Product

  1. Ground Spices
    • Chilli Powder
    • Turmeric Powder
    • Coriander Powder
    • Coriander Cumin Powder
  2. Blend Spices
    • Garam Masala
    • Chhole Masala
    • Pav Bhaji Masala
    • Tea Masala
    • Pani Puri Masala
    • Sabji Masala
    • Kitchen King Masala
    • Chicken Masala
    • Meat Masala
    • Chatpata Chat Masala
    • Butter Milk Masala
    • Chewda Masala
    • Dry Ginger Powder (Sunth)
    • Black Pepper Powder (Mari)
    • Dry Mango Powder (Aamchur)
  3. Whole Spices
    • Chilli
    • Turmeric
    • Coriander
    • Cumin
  4. Tea
    • Super Tea
    • Premium Tea
    • Maharaja Tea
  5. Other Grocery Products
    • Rajgira Flour
    • Papad
    • Asfoetida (Hing)
    • Soya Chunks
    • Achar Masala (Sweet)
    • Achar Masala (Pickle)
    • Black Salt
    • Rock Salt
    • Kasuri Methi
    • Katlu Powder
  6. Food Grains Wheat
    • Moong
    • Ground Nut
    • Seasame Seeds
    • Urad
    • Chana
    • Sugar

Madhusudan Masala Limited IPO Competitive Strength

  • We have a recognized brand name with heritage and a legacy of over four decades
  • Consistent focus on quality
  • Long Standing Relationship with our customers
  • Diversified product portfolio

Madhusudan Masala IPO Financials Performance ( Results )

Madhusudan Masala Limited Financial Information (Restated)

All Amount in ₹ Lakhs

Period EndedTotal AssetsTotal RevenuePATEPS
Net WorthNAV

Objective of IPO Issue

  • Funding to meet working capital requirements
  • General Corporate Purpose

Madhusudan Masala IPO Basic Details

IPO DateSep 18, 2023 to Sep 21, 2023
Listing DateTuesday, October 3, 2023
Face Value₹10 per share
Price₹66 to ₹70 per share
Lot Size2000 Shares
Issue Size3,400,000 shares of ₹10
(aggregating up to ₹23.80 Cr)
Fresh Issue3,400,000 shares of ₹10
(aggregating up to ₹23.80 Cr)
Issue TypeBook Built Issue IPO
Listing AtNSE SME
Share holding pre issue9,500,000
Share holding post issue12,900,000
Company PromotersMr. Dayalji Vanravan Kotecha,
Mr. Vijaykumar Vanravan Kotecha,
Mr. Rishit Dayalaji Kotecha, and
Mr. Hiren Vijaykumar Kotecha

Madhusudan Masala IPO Reservation

Anchor Investor Shares Offered28.41% of the Net Issue
Market Maker Shares Offered5.06% of the Net Issue
QIB Shares Offered19% of the Net Issue
NII (HNI) Shares Offered14.29%% of the Net Issue
Retail Shares Offered33.24%% of the Net Issue
Total Shares Offered100% of the Net Issue

Madhusudan IPO Timetable

Madhusudan IPO will open on September 18, 2023 and close on September 21, 2023. You can join Madhusudan IPO at 10.00 A.M. to 5.00 p.m. Upto which mandate can be applied.

Opening Date18 September 2023 (Monday)
Closing Date21 September 2023 (Thursday)
Basis of Allotment26 September 2023 (Tuesday)
Initiation of Refunds27 September 2023 (Wednesday)
Credit of Shares to Demat29 September 2023 (Friday)
Listing Date3 October 2023 (Tuesday)
Deadline for UPI mandate confirmation5 PM on 21 September 2023

Madhusudan IPO Lot Size

For retail investors in Madhusudan IPO, 2000 shares will come in 1 lot or the minimum investment will be ₹140,000. Retail-individual investors can apply for up to 1 lots or the maximum investment will be ₹140,000.

Retail (Min)12000₹140,000
Retail (Max)12000₹140,000
S-HNI (Min)24000₹280,000

Madhusudan Masala IPO Promoter Holding

The company’s promoters include Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha.

Pre Issue Share Holding100.00%
Post Issue Share Holding73.64%

Madhusudan Masala Ltd IPO Key Performance Indicator ( Valuation )

In the table given below, all the figures have been told according to the latest financial year.

Market Cap (₹ Cr.)90.30
Earning Per Share (EPS)₹6.94 per Equity Share
Net Asset Value (NAV)₹13.24 per Equity Share
Post P/E Ratio (P/E) (x)15.7
Return on Net Worth (RoNW) (%)52.40
Return on equity (ROE) (%)101.91
Return on Capital Employed (ROCE) (%)20.08
Debt/Equity Ratio3.84

Madhusudan Masala Ltd Peer Comparison

Company NameConsolidated/
Madhusudan Masala
Peer Group
NHC Food LimitedStandalone50.6910.001.4834.257.3821.50

Madhusudan Masala IPO GMP Live Update, Kostak Rate day by day

DateGMPKostakSubject to
22 September 2023₹59
21 September 2023₹59
20 September 2023₹59
19 September 2023₹59
18 September 2023₹59
17 September 2023₹56
15 September 2023₹52

Madhusudan Masala IPO Detail Video:


Madhusudan Masala IPO Subscription Status (Bidding Detail)

The Madhusudan Masala IPO on September 21, 2023 at 7:00:00 PM was subscribed 444.27 times, with the retail category being subscribed 592.73 times, the NII (Non-Institutional Investor) category being subscribed 574.08 times, QIB (Qualified-Institutional Buyers) category being subscribed 86.91 times.


Madhusudan Masala IPO Prospectus

Madhusudan Masala IPO DRHPDownload
Madhusudan Masala IPO RHPDownload
Madhusudan Masala IPO Anchor Investors Details PDFDownload

Madhusudan Masala IPO Rating

Our Rating4.0/5.0

Madhusudan Masala Company Contact Information

Madhusudan Masala Limited

Registered Office: F. P. No. 19, Plot No. 1 – B Hapa Road, Jamnagar, Gujarat-361001 India
Contact Person: Megha Dilipkumar Madani, Company Secretary & Compliance Officer
Tel No: +91- 0288 – 2572002
Promoters of our Company: Dayalji Vanravan Kotecha, Vijaykumar Vanravan Kotecha, Rishit Dayalaji Kotecha and Hiren Vijaykumar Kotecha

Madhusudan Masala IPO Registrar

Link Intime India Private Limited

Registered Office: Selenium Tower-B, Plot 31 & 32, Gachibowli, Financial District,
Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana
Tel No.: +91 40 6716 2222
Toll Free No.: 1800 309 4001
Investor Grievance Email Id:
Contact Person: M Murali Krishna
SEBI Registration Number: INR000000221

Madhusudan Masala IPO Lead Manager

Hem Securities Limited

Registered Office: 904, A Wing, Naman Midtown, Senapati Bapat Marg,
Elphinstone Road, Lower Parel, Mumbai-400013, India
Tel. No.: +91- 022- 49060000
Fax No.: +91- 022- 22625991
Investor Grievance Email:
Contact Person: Roshni Lahoti
SEBI Regn. No.: INM000010981

Madhusudan Masala IPO FAQs

What is the lot size of Madhusudan Masala IPO?

The total size of Madhusudan Masala IPO is ₹23.80 crores and this is a complete fresh Issue.

When will Madhusudan Masala IPO start?

Madhusudan Masala IPO will open from 18 September 2023 and IPO will close on 21 September 2023.

What is the open date of Madhusudan Masala IPO?

Madhusudan Masala IPO will open date from 18 September 2023.

What is the last date ( close date ) of Madhusudan Masala IPO?

Madhusudan Masala IPO will close from 21 September 2023.

What is the price band of Madhusudan Masala IPO?

Madhusudan Masala IPO price band is ₹66 to ₹70. ( Upper Price Band: ₹70, Lower Price Band: ₹66 )

What is the minimum amount required to apply for Madhusudan Masala IPO?

The minimum investment for retailers to apply for Madhusudan Masala IPO is ₹140,000 and the maximum investment is ₹140,000.

What is going on gray market premium of Madhusudan Masala IPO?

View gray market premium of Madhusudan Masala IPO by Clicking Here

How much is the GMP of Madhusudan Masala IPO?

Watch Madhusudan Masala IPO GMP Today: Click Here

What is the allotment date of Madhusudan Masala IPO?

The allotment date of Madhusudan Masala IPO is 26 September 2023.

How to check allotment status in Madhusudan Masala IPO?

To check the allotment status of Madhusudan Masala IPO, first of all go to the registrar website by clicking here, select your bad Madhusudan Masala IPO name or enter your bad application number, PAN number or client ID and click on submit. ( Video Link )

What is the listing date of Madhusudan Masala IPO?

The listing date of Madhusudan Masala IPO is 3 October 2023.

How much will be the listing gain in Madhusudan Masala IPO?

View listing gain of Madhusudan Masala IPO by Clicking Here

How much time Madhusudan Masala IPO is subscribed?

Total 444.27 times subscribed in Madhusudan Masala IPO out of which 592.73 times subscription was done in retail quota, 574.08 times subscription in NII quota and 86.91 times subscription in QIB quota.

How to apply for Madhusudan Masala IPO from Upstox?

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How to apply for Madhusudan Masala IPO from Zerodha?

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How to apply for Madhusudan Masala IPO from Angle One?

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