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Madhusudan Masala IPO GMP, Price, Dates & Allotment Details 2023

Madhusudan Masala IPO GMP, Price, Dates & Allotment Details 2023


The Madhusudan Masala IPO will open on September 18 and close on September 21, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 23.80 crore through this public offering, consisting of 34 lakh shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 66 to ₹ 70 per share.

Madhusudan Masala Limited (“the Company”)

Madhusudan Masala Limited was started as a partnership firm in 1982. The company is engaged in the business of manufacturing and processing more than 32 types of spices under the brand names “DOUBLE HATHI” and “MAHARAJA”. 

The company also sells products like whole spices, tea, and other grocery products like Rajgira flour, papad, soya products, asafoetida (hing), achar masala (ready pickle powder), Sanchar (black salt powder), sandhalu (rock salt powder), katlu powder (food supplement), kasuri methi (dry fenugreek), etc. under the brand name “DOUBLE HATHI”. Furthermore, they also generate revenue from the trading of whole spices and food grains through unbranded sales.

The company also deals in whole spices in retail and bulk quantities. During fiscal years 2023, 2022, and 2021, its revenue from the sale of spices contributed 75.07%, 69.94%, and

83.08% of our overall sales Over the years, the company has evolved as a manufacturer of 13 types of chili powder available in 78 SKUs, catering to almost every customer segment in the industry.

The manufacturing facilities are accredited with ISO 9001:2015 for quality management systems, ISO 22000:2018 for food safety management systems, HACCP for Hazard Analysis Critical Control Points, and an FSSAI license under the Food Safety and Standards Act 2006.

Company Key Metrics

Earning Per Share (EPS)₹ 101.91 per Equity Share
Debt to Equity Ratio3.84
Return on Net Worth (RoNW)52.40%

Objects of the Issue,

The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:

  1. Funding to meet working capital requirements, and
  2. General Corporate Purpose.

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21
Net Worth1099.1031.071094.09
Total Assets5736.523514.292599.90
Reserve & Surplus599.1030.07
Total Borrowings4217.202819.53966.40
Total Revenue12750.576651.816875.18
Profit After Tax575.8981.2944.98
(Amount in ₹ Lakhs)

IPO details

As per the DRHP filed with SEBI, 34 lakh shares will be offered as a fresh issue in the NSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 1.72 lakh shares of the offering. While Hem Securities Limited will be the lead manager for the IPO, KFIN Technologies Limited will be the registrar. It will be a book-built issue, so there will be a price band rather than a price point, and the actual issue price will be discovered by building the book.

Issue TypeBook Built Issue IPO
IPO Price₹ 66 to ₹ 70 per share
Face Value₹ 10 per share
Market Lot2,000 shares
Issue Size3,400,000 shares (aggregating up to ₹ 23.80 crores)
Fresh Issue3,400,000 shares (aggregating up to ₹ 23.80 crores)
Listing AtNSE SME

Market Maker detail

Market makerHem Finlease
Market maker portion172,000 shares

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot more than 50% of the net offer
NII (HNI) shares offeredNot less than 15% of the offer
Retail shares offeredNot less than 35% of the offer

GMP: Madhusudan Masala IPO

GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates: Madhusudan Masala IPO

The issue opens for subscription on September 18, 2023, and closes for subscription on September 21, 2023 (both days inclusive). The basis of allotment will be finalised on September 26, 2023, and the refunds will be initiated on September 27, 2023. In addition, the demat credits are expected to happen on September 29, 2023, and the stock will be listed on the NSE SME on October 3, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.

Opening DateSeptember 18, 2023
Closing DateSeptember 21, 2023
Basis of AllotmentSeptember 26, 2023
Initiation of RefundsSeptember 27, 2023
A credit of shares to Demat A/cSeptember 29, 2023
Listing DateOctober 3, 2023

Lot Size

The lot size of the Madhusudan Masala IPO is 2,000 shares. A retail-individual investor can apply for up to 1 lot, i.e. 2,000 shares of ₹ 140,000.

Retail (Minimum)12,000₹ 140,000
Retail (Maximum)12,000₹ 140,000
HNI (Minimum)24,000₹ 280,000

Promoters Holdings 

Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha are the promoters of the company.

Pre-issue Shares Holdings100%
Post-issue Shares Holdings73.64%

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
Company Contact InformationMadhusudan Masala Limited
F. P. No. 19, Plot No. 1 – B Hapa Road,Jamnagar – 361001
Phone: +91- 0288 – 2572002
Email: [email protected]
IPO RegistrarKFIN Technologies Limited
Phone: 04067162222, 04079611000
Email: [email protected]
IPO Lead Manager(s)Hem Securities Limited


The Madhusudan Masala IPO price is ₹ 66 to ₹ 70 per share.

The minimum investment size is one lot for retail investors. One lot of the Madhusudan Masala IPO contains 2,000 shares of ₹ 140,000.

The finalisation of the basis of allotment for the Madhusudan Masala IPO will be done on September 26, 2023, and the allotted shares will be credited to your demat account by September 29, 2023. Check the Madhusudan Masala IPO allotment status.

The Madhusudan Masala IPO shares listing date is October 3, 2023.

The investors’ portion for QIB is 50% of the Net offers, NII (HNI) is 15%, and retail is 35% of the offer.

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