Madhusudan Masala IPO GMP Today ( Grey Market Premium )

The Madhusudan Masala IPO commenced on September 18, 2023, and concluded on September 21, 2023. The allotment of shares took place on September 26, 2023, and the initiation of refunds began on September 27, 2023. The shares were credited to the demat accounts of investors on September 29, 2023. Finally, the listing of Madhusudan Masala on the stock exchange occurred on October 3, 2023.

The Madhusudan Masala IPO was priced at ₹66 to ₹70 per share, with a lot size of 2000 share . The total issue size was ₹23.80 crores, comprising a fresh issue of ₹23.80 crores. The IPO was listed on the NSE SME.

In terms of quota reservations, the Other quota was reserved for 50% of the shares and the retail quota was reserved for 50% of the shares.

Madhusudan Masala IPO Basic Details

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Madhusudan Masala Limited is a company that makes and processes over 32 different types of spices. They sell these spices under the brand names “DOUBLE HATHI” and “MAHARAJA.”

In addition to spices, the company also sells 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), and more, all under the brand name “DOUBLE HATHI.” They also sell whole spices, papad, soya products, Asafoetida (Hing), black salt, rock salt, etc., both in small and large quantities. These products are sourced from third-party manufacturers and packaged under the “DOUBLE HATHI” brand.

Madhusudan Masala specializes in two main product categories:

1. Ground spices: This includes various types of spice powders like Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
2. Blend Spices: This category features blends like 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 the Industrial Area Hapa, near Jamnagar. They hold several certifications, including ISO 9001:2015 for quality management, ISO 22000:2018 for Food Safety Management, HACCP for Hazard Analysis Critical Control Points, and an FSSAI license under the Food Safety and Standards Act of 2006.

In terms of revenue, the company earned Rs. 12,721.60 Lacs in fiscal year 2023, Rs. 6,540.81 Lacs in 2022, and Rs. 6,868.03 Lacs in 2021 from their operations.

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