Madhusudan Masala IPO GMP, Review, Price, Allotment


Last updated on September 26, 2023

Madhusudan Masala IPO GMP

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

Madhusudan Masala IPO Details

Madhusudan Masala IPO Dates18 – 21 September 2023
Madhusudan Masala IPO PriceINR 66 – 70 per share
Fresh issue3,400,000 shares (INR 22.44 – 23.80 crores)
Offer For SaleNIL
Total IPO size3,400,000 shares (INR 22.44 – 23.80 crores)
Minimum bid (lot size)2,000 shares (INR 140,000)
Face Value INR 10 per share
Retail Allocation35%
Listing OnNSE SME

Madhusudan Masala Financial Performance

 FY 2021FY 2022FY 2023
Net income0.450.815.76
Figures in INR crores unless specified otherwise

Madhusudan Masala Offer News

Madhusudan Masala Valuations & Margins

FY 2021FY 2022FY 2023
PE ratio9.51 – 10.09
RONW (%)4.11261.6752.40
ROCE (%)11.089.0820.08
Debt/Equity 0.8890.763.84
*Compiled by IPO Central from Prospectus

Madhusudan Masala IPO GMP Today

DateConsolidated IPO GMPKostakSubject to Sauda
25 September 20236085,000
23 September 20236085,000
22 September 20236085,000
21 September 20236585,000
20 September 20238590,000
19 September 20237580,000
18 September 20234560,000
16 September 20232030,000
15 September 20232030,000
14 September 20232030,000
13 September 20232030,000

Madhusudan Masala IPO Subscription – Live Updates

Shares Offered646,000658,0001,130,0002,434,000
21 Sep 202386.91424.28592.73412.94
20 Sep 20237.4776.96230.60129.84
18 Sep 20230.8013.3245.4824.93

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 Date18 September 2023
IPO Closing Date21 September 2023
Finalization of Basis of Allotment23 September 2023
Initiation of refunds25 September 2023
Transfer of shares to demat accounts25 September 2023
IPO Listing Date26 September 2023
Opening Price on NSE SMEINR 120 per share (up 71.43%)
Closing Price on NSE SMEINR 114 per share (up 62.86%)

Madhusudan Masala Offer Lead Manager

904, A Wing, Naman Midtown, Senapati Bapat Marg,
Elphinstone Road, Lower Parel, Mumbai-400013
Phone: +91 022- 49060000
Email[email protected]

Madhusudan Masala Offer Registrar

Selenium, Tower-B Plot 31 and 32, Financial District Nanakramguda,
Serilingampally Hyderabad, Rangareddi 500 032 Telangana
Phone: +91 40 6716 2222
Email: [email protected]

Madhusudan Masala Contact Details

F. P. No. 19, Plot No. 1 – B
Hapa Road, Jamnagar, Gujarat-361001
Phone: +91 0288 – 2572002
E-mail: [email protected]


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.


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