The Madhusudan Masala IPO started on September 18, 2023, and ended on September 21, 2023. Shares were allocated on September 26, 2023, and refund processes began on September 27, 2023. On September 29, 2023, the shares were credited to investors demat accounts. Madhusudan Masala was officially listed on the stock exchange on October 3, 2023.
During the IPO, Madhusudan Masala offered shares at a price range of ₹66 to ₹70 per share, and the lot size was 2000 shares. The total issue size was ₹23.80 crores, with ₹23.80 crores from new shares. The IPO was listed on the NSE SME.
Regarding share reservations, 50% of the shares were allocated to other and 50% were set aside for retail investors.
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Madhusudan Masala IPO Subscription Status
The Madhusudan Masala IPO on September 21, 2023 was subscribed 444.27 times, with the retail category being subscribed 92.73 times, the NII (Non-Institutional Investor) category being subscribed 574.08 times, the 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 Basic Details
| Company Name | Madhusudan Masala Limited |
| Domain of Company | Manufacturing and Processing of Spices |
| IPO Open Date | September 18, 2023 |
| IPO Close Date | September 21, 2023 |
| IPO Allotment Date | September 26, 2023 |
| IPO Listing Date | 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 |
| Company Promoters | Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha |
About Madhusudan Masala Limited
Madhusudan Masala Limited makes and processes over 32 types of spices. They sell them under two brand names, “DOUBLE HATHI” and “MAHARAJA.”
They also offer other grocery products like whole spices, tea, Rajgira flour, papad, soya products, Asafoetida (Hing), pickle powder (Achar masala), black salt powder (Sanchar), rock salt powder (Sindhalu), food supplement (Katlu powder), dry fenugreek (Kasuri Methi), and more under the “DOUBLE HATHI” brand. They also sell whole spices in retail and bulk, along with papad, soya products, Asafoetida (Hing), black salt, and rock salt from third-party manufacturers, packaging them under the “DOUBLE HATHI” brand.
Madhusudan Masala has two product segments:
- Ground spices: This includes Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
- Blend Spices: This includes 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), etc.
Madhusudan Masala’s manufacturing facility is situated in Industrial Area Hapa, near Jamnagar. It holds ISO 9001:2015 certification for quality management, ISO 22000:2018 for food safety, HACCP for Hazard Analysis Critical Control Points, and an FSSAI license under the Food Safety and Standards Act 2006.
In fiscal years 2023, 2022, and 2021, the company generated revenues of Rs. 12,721.60 Lacs, Rs. 6,540.81 Lacs, and Rs. 6,868.03 Lacs, respectively.
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Madhusudan Masala IPO FAQs
What is the start and end date of Madhusudan Masala IPO Subscription?
The Madhusudan Masala IPO started on September 18, 2023, and ended on September 21, 2023.
When does Madhusudan Masala IPO Subscription open?
The Madhusudan Masala IPO open on September 18, 2023.
When does Madhusudan Masala IPO Subscription close?
The Madhusudan Masala IPO Close on September 21, 2023.
What is the allotment date of Madhusudan Masala IPO?
The allotment date for Madhusudan Masala IPO is September 26, 2023.
When is the initial refund date of Madhusudan Masala IPO?
The initial Refund date for Madhusudan Masala IPO is September 27, 2023.
When were the shares credited to investors demat accounts for the Madhusudan Masala IPO?
The shares for the Madhusudan Masala IPO were credited to investors demat accounts on September 29, 2023.
When will Madhusudan Masala IPO be listed on the stock market?
Madhusudan Masala IPO stock market will be listed on October 3, 2023 at 10 am.
What was the price range of the Madhusudan Masala IPO shares?
The Madhusudan Masala IPO shares were offered at a price range of ₹66 to ₹70 per share.
What was the lot size for the Madhusudan Masala IPO shares?
The lot size for the Madhusudan Masala IPO shares was 2000 shares.
What was the total issue size of the Madhusudan Masala IPO?
The total issue size of the Madhusudan Masala IPO was ₹23.80 crores.
How were the shares allocated among different types of investors for the Madhusudan Masala IPO?
50% of the shares were allocated to other and 50% were set aside for retail investors.
On which stock exchanges was the Madhusudan Masala IPO listed?
The Madhusudan Masala IPO was listed on the NSE SME.
What is the Madhusudan Masala IPO Subscription Status?
Madhusudan Masala IPO is subscribed 444.27 Times.
