Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share

Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share
Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share
Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share
Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share

Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share

Madhusudhan Masala SME IPO Opens with Price Band of ₹66 to ₹70 per Share. Image/Unsplash

Subscription Period and Listing Details

Madhusudhan Masala, a small and medium-sized enterprise (SME) specializing in spices, will open its initial public offering (IPO) for subscription on Monday, September 21, 2023. The IPO is set to close on Thursday, September 21, with allotment expected to be finalized on Tuesday, September 26, 2023. The company’s shares will be listed on NSE SME, and the tentative listing date is scheduled for Tuesday, October 3, 2023.

IPO Details

Madhusudhan Masala’s IPO is a book-built issue with a total value of ₹23.80 crore. The offering consists of the sale of 34 lakh fresh equity shares, each with a face value of ₹10, amounting to ₹23.80 crore. The lot size for the IPO is 2,000 equity shares, priced at ₹1,40,000 at the upper end of the price band. Retail investors are required to invest a minimum of ₹140,000. Retail investors can apply for a single lot, while non-institutional investors have the option to bid for a minimum of two lots. Market maker portions have been reserved for 1.72 lakh equity shares.

Allocation Breakdown

Madhusudan Masala has allocated 50 percent of the net IPO offer to qualified institutional bidders (QIBs), with 15 percent of equity shares reserved for non-institutional investors. Retail investors will have access to the remaining 35 percent of the offering. The net proceeds from the IPO will be used for working capital requirements, general corporate purposes, and covering issue-related expenses.

Lead Managers and Registrar

Hem Securities Limited is the book running lead manager of the Madhusudan Masala IPO, while Kfin Technologies Limited is the registrar for the issue. Hem Finlease serves as the market maker for the IPO.

Company Overview

Madhusudan Masala is involved in the manufacturing and processing of over 32 types of spices under its brand names “Double Hathi” and “Maharaja.” The company also deals in whole spices in both retail and bulk quantities, as well as papad, soya products, Asafoetida (Hing), black salt, and rock salt under the “Double Hathi” brand. The company’s manufacturing facility is located near Jamnagar, Gujarat, in the Industrial Area Hapa. Madhusudan Masala boasts 212 SKUs of ground spices and blend spices and has established a network of 2,100 wholesalers and 3,700 retailers across Gujarat, Maharashtra, and Rajasthan.

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