Madhusudan Masala IPO: The initial public offering (IPO) of small and medium enterprise (SME) Madhusudan Masala will open for subscription on Monday, September 21. The domestic spice manufacturer has set the price range ₹66 to ₹70 per share for public issue.
The SME IPO closes on Thursday, September 21st. The allotment for the IPO of Madhusudan Masala is expected to close on Tuesday, September 26, 2023. Madhusudan Masala IPO will list on NSE SME with tentative IPO set for Tuesday, October 3, 2023.
Madhusudan Masala IPO details
Madhusudan Masala IPO is a book edition of ₹23.80 crore. The IPO issue involves sale of 34 lakh fresh shares of face value of Rs 10 each, aggregating Rs 23.80 crore. The lot size for the IPO is set at 2,000 shares, with the price for each lot being ₹1,40,000 at the upper end of the price range.
The minimum investment amount required by private investors is ₹140,000. Retail investors can bid for a single lot, while non-institutional investors have the opportunity to bid for at least two lots.
Madhusudan Masala has reserved 1.72 lakh shares for market maker shares. The company has distributed 50 percent of the net IPO offering to qualified institutional bidders (QIBs), while 15 percent of the shares are reserved for non-institutional investors. Private investors have access to the remaining 35 percent of the offering.
The net proceeds from the IPO will be used for the Company’s working capital needs, general corporate purposes and defraying issuance-related costs.
Hem Securities Limited is the book running lead manager of the IPO of Madhusudan Masala while Kfin Technologies Limited is the registrar for the issue. The market maker for the Madhusudan Masala IPO is Hem Finlease.
Information about the company Madhusudan Masala
Madhusudan Masala is engaged in manufacturing and processing more than 32 varieties of spices under its own brand names “Double Hathi” and “Maharaja”. The company also sells whole spices in retail and bulk quantities as well as papad, soya products, asafoetida (hing), black salt and rock salt under the brand name ‘Double Hathi’.
The manufacturing facility of Madhusudan Masala is located in Hapa Industrial Area, near Jamnagar, Gujarat. The company has 212 SKUs of ground spices and spice blends. The company has a network of 2,100 wholesalers and 3,700 retailers across Gujarat, Maharashtra and Rajasthan.
Comments are closed.