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:
- Ground spices, which includes Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
- 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
- Ground Spices
- Chilli Powder
- Turmeric Powder
- Coriander Powder
- Coriander Cumin Powder
- 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)
- Whole Spices
- Chilli
- Turmeric
- Coriander
- Cumin
- Tea
- Super Tea
- Premium Tea
- Maharaja Tea
- Other Grocery Products
- Rajgira Flour
- Papad
- Asfoetida (Hing)
- Soya Chunks
- Achar Masala (Sweet)
- Achar Masala (Pickle)
- Black Salt
- Rock Salt
- Kasuri Methi
- Katlu Powder
- 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 Ended | Total Assets | Total Revenue | PAT | EPS (₹) | Net Worth | NAV (₹) | Reserves | Borrowing |
| 31-Mar-21 | 2,599.90 | 6,875.18 | 44.98 | 8.53 | 1,094.09 | 207.42 | 966.40 | |
| 31-Mar-22 | 3,514.29 | 6,651.81 | 81.29 | 15.41 | 31.07 | 5.89 | 30.07 | 2,819.53 |
| 31-Mar-23 | 5,736.52 | 12,750.57 | 575.89 | 6.94 | 1,099.10 | 13.24 | 599.10 | 4,217.20 |
Objective of IPO Issue
- Funding to meet working capital requirements
- General Corporate Purpose
Madhusudan Masala IPO Basic Details
| IPO Date | Sep 18, 2023 to Sep 21, 2023 |
| Listing Date | Tuesday, October 3, 2023 |
| Face Value | ₹10 per share |
| Price | ₹66 to ₹70 per share |
| Lot Size | 2000 Shares |
| Issue Size | 3,400,000 shares of ₹10 (aggregating up to ₹23.80 Cr) |
| Fresh Issue | 3,400,000 shares of ₹10 (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 |
| Company Promoters | Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha |
Madhusudan Masala IPO Reservation
| Anchor Investor Shares Offered | 28.41% of the Net Issue |
| Market Maker Shares Offered | 5.06% of the Net Issue |
| QIB Shares Offered | 19% of the Net Issue |
| NII (HNI) Shares Offered | 14.29%% of the Net Issue |
| Retail Shares Offered | 33.24%% of the Net Issue |
| Total Shares Offered | 100% 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.
| Event | Date |
| Opening Date | 18 September 2023 (Monday) |
| Closing Date | 21 September 2023 (Thursday) |
| Basis of Allotment | 26 September 2023 (Tuesday) |
| Initiation of Refunds | 27 September 2023 (Wednesday) |
| Credit of Shares to Demat | 29 September 2023 (Friday) |
| Listing Date | 3 October 2023 (Tuesday) |
| Deadline for UPI mandate confirmation | 5 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.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 2000 | ₹140,000 |
| Retail (Max) | 1 | 2000 | ₹140,000 |
| S-HNI (Min) | 2 | 4000 | ₹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 Holding | 100.00% |
| Post Issue Share Holding | 73.64% |
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.
| KPI | Values |
| 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 Ratio | 3.84 |
Madhusudan Masala Ltd Peer Comparison
| Company Name | Consolidated/ Standalone | CPM (₹) | Face Value | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) |
| Madhusudan Masala Limited | Standalone | 70 | 10.00 | 6.94 | 15.7 | 52.40 | 13.24 |
| Peer Group | |||||||
| NHC Food Limited | Standalone | 50.69 | 10.00 | 1.48 | 34.25 | 7.38 | 21.50 |
Madhusudan Masala IPO GMP Live Update, Kostak Rate day by day
| Date | GMP | Kostak | Subject 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:
link
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.
| Category | Subscription |
| QIB | 86.91x |
| NII | 574.08x |
| Retail | 592.73x |
| Total | 444.27x |
Madhusudan Masala IPO Prospectus
| Madhusudan Masala IPO DRHP | Download |
| Madhusudan Masala IPO RHP | Download |
| Madhusudan Masala IPO Anchor Investors Details PDF | Download |
Madhusudan Masala IPO Rating
| Our Rating | 4.0/5.0 |
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
E-mail: info@madhusudanmasala.com
Website: www.madhusudanmasala.com
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
Email: mml.ipo@kfintech.com
Investor Grievance Email Id: einward.ris@kfintech.com
Contact Person: M Murali Krishna
Website: www.kfintech.com
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
Email: ib@hemsecurities.com
Investor Grievance Email: redressal@hemsecurities.com
Website: www.hemsecurities.com
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.
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