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

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 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