Bookbuilding IPO | ₹24 Cr | Listed at NSE SME | Mon, Sep 18, 2023 - Thu, Sep 21, 2023
Madhusudan Masala IPO is a book build issue of ₹23.80 crores. The issue is entirely a fresh issue of 0.34 crore shares of ₹23.80 crore.
Madhusudan Masala IPO bidding started from Sep 18, 2023 and ended on Sep 21, 2023. The allotment for Madhusudan Masala IPO was finalized on Sep 26, 2023. The shares got listed on NSE SME on Sep 26, 2023.
Madhusudan Masala IPO price band is set at ₹70 per share. The lot size for an application is 2,000. The minimum amount of investment required by an retail is ₹1,40,000 (2000 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (4,000 shares), amounting to ₹2,80,000.
Hem Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt.Ltd..
Refer to Madhusudan Masala IPO RHP for detailed Information.
IPO Open
Mon, Sep 18, 2023
IPO Close
Thu, Sep 21, 2023
Issue Price
₹70 per share
Market Cap (Pre-IPO)
₹90.30 Cr
| IPO Date | 18 to 21 Sep, 2023 |
| Listed on | Tue, Sep 26, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹66 to ₹70 |
| Issue Price | ₹70 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 34,00,000 shares (agg. up to ₹24 Cr) |
| Reserved for Market Maker | 1,72,000 shares Hem Finlease Pvt.Ltd. (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 32,28,000 shares (agg. up to ₹23 Cr) |
| Net Offered to Public | 32,28,000 shares (agg. up to ₹23 Cr) |
| Share Holding Pre Issue | 95,00,000 shares |
| Share Holding Post Issue | 1,29,00,000 shares |
| NSE Symbol | MADHUSUDAN |
| ISIN | INE0P6701019 |
Madhusudan Masala IPO comprises a total issue size of 34,00,000 shares. The net offer to the public is 32,28,000 shares, after excluding 1,72,000 shares allotted on a firm basis. Of the Net offer 16,12,000 (49.94%) are allocated to QIB, 4,86,000 (15.06%) allocated to NII 11,30,000 (35.01%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 16,12,000 | 49.94% | 47.41% |
| − Anchor Investor Shares Offered | 9,66,000 | 28.41% | |
| − QIB (Ex. Anchor) Shares Offered | 6,46,000 | 19.00% | |
| NII (HNI) Shares Offered | 4,86,000 | 15.06% | 14.29% |
| Retail Shares Offered | 11,30,000 | 35.01% | 33.24% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,72,000 | 5.06% | |
| Total Shares Offered | 34,00,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,40,000 |
| Retail (Max) | 1 | 2,000 | ₹1,40,000 |
| HNI (Min) | 2 | 4,000 | ₹2,80,000 |
Madhusudan Masala IPO raises ₹6.76 crore from anchor investors. Madhusudan Masala IPO Anchor bid date is September 15, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Sep 15, 2023 |
| Shares Offered | 9,66,000 |
| Anchor Portion (₹ Cr.) | 6.76 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Oct 26, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 25, 2023 |
Madhusudan Masala Limited is engaged in manufacturing and processing more than 32 types of Spices under the brand names "DOUBLE HATHI" and "MAHARAJA".
The company also offers 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". The company also deals in whole spices in retail and bulk quantities as well as papad, soya products, Asafoetida (Hing), black salt, rock salt, etc. procured through third-party manufacturers and packaged under its brand name of "DOUBLE HATHI".
Madhusudan Masala has two product segments:
MM's manufacturing facility is located at Industrial Area Hapa, Near Jamnagar, 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 the Food Safety and Standards Act 2006.
The company recorded Rs. 12,721.60 Lacs, Rs. 6,540.81 Lacs, and Rs. 6,868.03 Lacs in revenue from operations in fiscal 2023, 2022, and 2021 respectively.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 57.37 | 35.14 | 26.00 |
| Total Income | 127.51 | 66.52 | 68.75 |
| Profit After Tax | 5.76 | 0.81 | 0.45 |
| NET Worth | 10.99 | 0.31 | 10.94 |
| Reserves and Surplus | 5.99 | 0.30 | |
| Total Borrowing | 42.17 | 28.20 | 9.66 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding to meet working capital requirements | 16.00 |
| 2 | General Corporate Purpose | 5.26 |
| KPI | |
|---|---|
| ROE | 101.91% |
| ROCE | 20.08% |
| Debt/Equity | 3.84 |
| RoNW | 52.40% |
| PAT Margin | 4.53% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.94 | |
| P/E (x) | 10.08 | 15.7 |
| Promoter Holding | 100.00% | 73.64% |
| Market Cap | ₹90.30 Cr. |
The Madhusudan Masala IPO is subscribed 444.27 times on September 21, 2023 7:30:00 PM (Day 3). The public issue subscribed 592.73 times in the retail category, 86.91 times in the QIB category, and 574.08 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 86.91 | 6,46,000 | 5,61,44,000 |
| NII* | 574.08 | 4,86,000 | 27,90,04,000 |
| Retail | 592.73 | 11,30,000 | 66,97,82,000 |
| Total | 444.27 | 22,62,000 | 1,00,49,30,000 |
Total Application : 3,34,891
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manger Fees | 0.25 |
| 2 | Fees Payable to Registrar to the Issue | 0.03 |
| 3 | Fees Payable for Advertising and Publishing Expenses | 0.07 |
| 4 | Fees Payable to Regulators including Stock Exchanges | 0.06 |
| 5 | Payment for Printing & Stationery, Postage, etc. | 0.03 |
| 6 | Fees Payable to Auditor, Legal Advisors and other Professionals | 0.04 |
| 7 | Others (Fees payable for Marketing & distribution expenses, Selling Commission, Brokerage, Processing Fees*, Underwriting fees and Miscellaneous Expenses) | 2.07 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹70.00 |
| Open | ₹120.00 |
| Low | ₹114.00 |
| High | ₹124.00 |
| Last Trade | ₹114.00 |
Lead Manager Reports
Madhusudan Masala IPO is a SME IPO of 34,00,000 equity shares of the face value of ₹10 aggregating up to ₹24 Crores. The issue is priced at ₹70 per share. The minimum order quantity is 2000.
The IPO opens on Mon, Sep 18, 2023, and closes on Thu, Sep 21, 2023.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Madhusudan Masala IPO using UPI as a payment gateway. Zerodha customers can apply in Madhusudan Masala IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Madhusudan Masala IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Madhusudan Masala IPO opens on Mon, Sep 18, 2023 and closes on Thu, Sep 21, 2023.
Madhusudan Masala IPO lot size is 2000, and the minimum amount required for application is ₹1,40,000.
You can apply in Madhusudan Masala IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Madhusudan Masala IPO will be done on Tuesday, September 26, 2023, and the allotted shares will be credited to your demat account by Fri, Sep 29, 2023. Check the Madhusudan Masala IPO allotment status.
The Madhusudan Masala IPO listing date is on Tue, Sep 26, 2023.
