Madhusudan Masala Limited IPO (Madhusudan Masala IPO)

Madhusudan Masala Limited IPO
Upcoming Madhusudan Masala IPO | New Madhusudan Masala IPO

Madhusudan Masala Limited is engaged in the business of manufacturing and processing of more than 32 types of Spices under the brand names of “DOUBLE HATHI” and “MAHARAJA”.

The company also sell products like: Whole Spices, Tea and 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) etc under the brand name of “DOUBLE HATHI”. Furthermore Madhusudan Masala also generate revenue from trading of whole spices and food grains through unbranded sales.

The company has been selling its products under the brand name of “DOUBLE HATHI” since 1977 and under the brand name of “MAHARAJA” since 2003.

Madhusudan Masala range of spices includes:

  • Ground Spices: Which comprises of various varieties of Chilli Powder, Turmeric Powder, Coriander Powder and Coriander Cumin Powder.
  • Blend Spices: Which comprises of 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 operate from its manufacturing facility located at Jamnagar, Gujarat. The company manufacturing facilities are accredited with ISO 9001:2015 for quality management system, ISO 22000:2018 for Food Safety Management System, HACCP for
Hazard Analysis Critical Control Points and with FSSAI license under Food Safety and Standards Act 2006.

Madhusudan Masala IPO

Madhusudan Masala IPO – Details

IPO Opening Date18 September 2023
IPO Closing Date21 September 2023
Issue TypeBook Built Issue IPO
Issue Size34,00,000 Shares Worth ₹23.80 Crore
Fresh Issue: 34,00,000 Shares Worth ₹23.80 Crore
Face Value₹10 per equity share
IPO Price₹66 – ₹70
Market Lot2000 Shares
Min Order2000 Shares (1 Lot)
Listing AtNSE SME
RegisterKFin Technologies Limited
QIB Shares Offered50%
NII (HNI) Shares Offered15%
Retail Shares Offered35%

Madhusudan Masala IPO – Date Schedule

IPO Open Date18 September 2023
IPO Close Date21 September 2023
Basis of Allotment26 September 2023
Initiation of Refund27 September 2023
Credit of Shares to Demat Account28 September 2023
IPO Listing Date29 September 2023
Cut-off time for UPI mandate confirmation5 PM on Sep 21, 2023

Madhusudan Masala IPO – Lots Size & Price

ApplicationLotsSharesAmount ( Cut-Off)
Retail (Minimum)120001,40,000
Retail (Maximum)120001,40,000
HNI (Minimum)240002,80,000

Competitive Strengths

  • The company has a recognized brand name with heritage and a legacy of over four decades.
  • Consistent focus on quality.
  • Long Standing Relationship with there customers.
  • Diversified product portfolio.
  • In house manufacturing capabilities.

Company Promoters

  • Dayalji Vanravan Kotecha
  • Vijaykumar Vanravan Kotecha
  • Rishit Dayalaji Kotecha
  • Hiren Vijaykumar Kotecha

Object Of The Issue

  • Funding to meet working capital requirements.
  • General corporate purposes.
Madhusudan Masala IPO
Object of the Issues

Company Financial

ParticularsTotal RevenueTotal ExpenseProfit After TaxTotal Borrowing
31 March 202168.7568.130.459.66
31 March 202266.5165.540.8128.19
31 March 2023127.50119.775.7542.17
Amount in ₹ Crore

Key Performance Indicator

P/E (x)15.70
Market Cap (₹ Cr.)90.30
EPS (Rs)6.94

Madhusudan Masala IPO Promoter Holding

Pre Issue Share Holding81.81%
Post Issue Share Holding

Madhusudan Masala IPO Prospectus

Company Contact Information

Madhusudan Masala Limited

F. P. No. 19, Plot No. 1 – B Hapa
Road, Jamnagar, Gujarat-361001

Phone: +91- 0288 – 2572002

Madhusudan Masala IPO Registrar

KFin Technologies Limited

Phone: +91 40 6716 2222

Madhusudan Masala IPO Lead Manager(s)

1. Hem Securities Limited

Madhusudan Masala IPO FAQs

Madhusudan Masala IPO FAQs
What is Madhusudan Masala IPO?

Madhusudan Masala IPO is a SME IPO. The issue is priced at ₹66 – ₹70 per equity share. The IPO is to be listed on NSE SME.
When Madhusudan Masala IPO will open?

The IPO is to open on  18 September 2023 for QIB – 50%, NII – 15% and Retail – 35% Investors.
How to Madhusudan Masala IPO?

You can apply Madhusudan Masala IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
How to Apply the Madhusudan Masala IPO through 5 Paisa?

Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Madhusudan Masala”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa.
How to Apply the Madhusudan Masala IPO through Edelweiss?

Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Madhusudan Masala”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Edelweiss.
What is Madhusudan Masala IPO Size?

Madhusudan Masala IPO size is ₹23.80 crores.
What is Madhusudan Masala IPO Price Band?

Madhusudan Masala IPO Price Band is ₹66 – ₹70.
What is Madhusudan Masala IPO Minimum and Maximum Lot Size?

The minimum bid is 2000 Shares with ₹1,40,000 amount while the maximum bid is 2000 shares with ₹1,40,000.
What is the Madhusudan Masala IPO Allotment Date?

Madhusudan Masala IPO allotment date is  26 September 2023.
What is the Madhusudan Masala IPO Listing Date?

Madhusudan Masala IPO listing date is 29 September 2023. The IPO is to list on NSE SME.
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