Last updated on September 26, 2023
Madhusudan Masala IPO description – The business was established in the year 1982 with the objective to manufacture spices and other food products. 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.
Its range of spices includes (i) Ground spices which comprises of various varieties of Chilli Powder, Turmeric Powder, Coriander Powder, Coriander Cumin Powder and (ii) 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.
The company also deals in whole spices in retail and bulk quantity. During the Fiscals 2023, 2022 and 2021, its revenue from sale of spices contributed to 75.07%, 69.94% and 83.08% of its overall sales. The Double Hathi portfolio of ground spices comprises of premium quality spices whereas value for money segment of ground spices are offered under the Maharaja portfolio. The company also sells tea and other grocery products like: papad, soya products, Asafoetida (Hing), black salt, rock salt etc procured through third party manufacturers and packaged under the brand name of “DOUBLE HATHI”.
Madhusudan Masala operates from its manufacturing facility located at Jamnagar, Gujarat. The manufacturing unit is situated at Industrial Area Hapa, Near Jamnagar and is strategically located near the local APMC market thus facilitating easy and quick access to raw materials which reduces the transportation costs as well. Its manufacturing facility is equipped with plant & machinery to facilitate efficient production process of cleaning, drying, grading, grinding and packaging.
Promoters of Madhusudan Masala – Dayalji Vanravan Kotecha, Vijaykumar Vanravan Kotecha, Rishit Dayalaji Kotecha and Hiren Vijaykumar Kotecha
Table of Contents
Madhusudan Masala IPO Details
| Madhusudan Masala IPO Dates | 18 – 21 September 2023 |
| Madhusudan Masala IPO Price | INR 66 – 70 per share |
| Fresh issue | 3,400,000 shares (INR 22.44 – 23.80 crores) |
| Offer For Sale | NIL |
| Total IPO size | 3,400,000 shares (INR 22.44 – 23.80 crores) |
| Minimum bid (lot size) | 2,000 shares (INR 140,000) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | NSE SME |
Madhusudan Masala Financial Performance
| FY 2021 | FY 2022 | FY 2023 | |
| Revenue | 68.68 | 65.41 | 127.22 |
| Expenses | 68.13 | 65.55 | 119.77 |
| Net income | 0.45 | 0.81 | 5.76 |
Madhusudan Masala Offer News
- Madhusudan Masala RHP
- Madhusudan Masala Draft Prospectus
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Madhusudan Masala Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 8.53 | 15.41 | 6.94 |
| PE ratio | – | – | 9.51 – 10.09 |
| RONW (%) | 4.11 | 261.67 | 52.40 |
| NAV | 207.42 | 5.89 | 13.24 |
| ROCE (%) | 11.08 | 9.08 | 20.08 |
| EBITDA (%) | 4.03 | 3.28 | 8.66 |
| Debt/Equity | 0.88 | 90.76 | 3.84 |
Madhusudan Masala IPO GMP Today
| Date | Consolidated IPO GMP | Kostak | Subject to Sauda |
| 25 September 2023 | 60 | – | 85,000 |
| 23 September 2023 | 60 | – | 85,000 |
| 22 September 2023 | 60 | – | 85,000 |
| 21 September 2023 | 65 | – | 85,000 |
| 20 September 2023 | 85 | – | 90,000 |
| 19 September 2023 | 75 | – | 80,000 |
| 18 September 2023 | 45 | – | 60,000 |
| 16 September 2023 | 20 | – | 30,000 |
| 15 September 2023 | 20 | – | 30,000 |
| 14 September 2023 | 20 | 30,000 | |
| 13 September 2023 | 20 | – | 30,000 |
Madhusudan Masala IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Shares Offered | 646,000 | 658,000 | 1,130,000 | 2,434,000 |
| 21 Sep 2023 | 86.91 | 424.28 | 592.73 | 412.94 |
| 20 Sep 2023 | 7.47 | 76.96 | 230.60 | 129.84 |
| 18 Sep 2023 | 0.80 | 13.32 | 45.48 | 24.93 |
Madhusudan Masala IPO Allotment Status
Madhusudan Masala IPO allotment status is now available on KFin Tech website. Click on this link to get allotment status.
Madhusudan Masala IPO Dates & Listing Performance
| IPO Opening Date | 18 September 2023 |
| IPO Closing Date | 21 September 2023 |
| Finalization of Basis of Allotment | 23 September 2023 |
| Initiation of refunds | 25 September 2023 |
| Transfer of shares to demat accounts | 25 September 2023 |
| IPO Listing Date | 26 September 2023 |
| Opening Price on NSE SME | INR 120 per share (up 71.43%) |
| Closing Price on NSE SME | INR 114 per share (up 62.86%) |
Madhusudan Masala Offer Lead Manager
HEM SECURITIES LIMITED
904, A Wing, Naman Midtown, Senapati Bapat Marg,
Elphinstone Road, Lower Parel, Mumbai-400013
Phone: +91 022- 49060000
Email: [email protected]
Website: www.hemsecurities.com
Madhusudan Masala Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium, Tower-B Plot 31 and 32, Financial District Nanakramguda,
Serilingampally Hyderabad, Rangareddi 500 032 Telangana
Phone: +91 40 6716 2222
Email: [email protected]
Website: www.kfintech.com
Madhusudan Masala Contact Details
MADHUSUDAN MASALA LIMITED
F. P. No. 19, Plot No. 1 – B
Hapa Road, Jamnagar, Gujarat-361001
Phone: +91 0288 – 2572002
E-mail: [email protected]
Website: www.madhusudanmasala.com
IPO FAQs
What is Madhusudan Masala IPO offer size?
Madhusudan Masala offer size is INR 22.44 – 23.80 crores.
What is the Madhusudan Masala offer price band?
Madhusudan Masala public offer price is INR 66 – 70 per share.
What is the lot size of Madhusudan Masala public offer?
Madhusudan Masala offer lot size is 2,000 shares.
What is Madhusudan Masala IPO GMP today?
Madhusudan Masala IPO GMP today is INR 60 per share.
What is Madhusudan Masala kostak rate today?
Madhusudan Masala kostak rate today is INR NA per application.
What is Madhusudan Masala Subject to Sauda rate today?
Madhusudan Masala Subject to Sauda rate today is INR 85,000 per application.
