Madhusudan Masala IPO is a book built issue of Rs 23.80 crores. The issue is entirely a fresh issue of 34 lakh shares.
Madhusudan Masala IPO opens for subscription on September 18, 2023 and closes on September 21, 2023. The allotment for the Madhusudan Masala IPO is expected to be finalized on Tuesday, September 26, 2023. Madhusudan Masala IPO will list on NSE SME with tentative listing date fixed as Tuesday, October 3, 2023.
Madhusudan Masala IPO price band is set at ₹66 to ₹70 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹140,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹280,000.
Hem Securities Limited is the book running lead manager of the Madhusudan Masala IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Madhusudan Masala IPO is Hem Finlease.
Refer to Madhusudan Masala IPO RHP for detailed information.
Madhusudan Masala IPO Details
| IPO Date | September 18, 2023 to September 21, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹66 to ₹70 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 3,400,000 shares (aggregating up to ₹23.80 Cr) |
| Fresh Issue | 3,400,000 shares (aggregating up to ₹23.80 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 9,500,000 |
| Share holding post issue | 12,900,000 |
| Market Maker portion | 172,000 shares Hem Finlease |
Madhusudan Masala IPO Reservation
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
Madhusudan Masala IPO Timeline (Tentative Schedule)
Madhusudan Masala IPO opens on September 18, 2023, and closes on September 21, 2023.
| IPO Open Date | Monday, September 18, 2023 |
| IPO Close Date | Thursday, September 21, 2023 |
| Basis of Allotment | Tuesday, September 26, 2023 |
| Initiation of Refunds | Wednesday, September 27, 2023 |
| Credit of Shares to Demat | Friday, September 29, 2023 |
| Listing Date | Tuesday, October 3, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 21, 2023 |
Madhusudan Masala IPO Lot Size
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹140,000 |
| Retail (Max) | 1 | 2000 | ₹140,000 |
| HNI (Min) | 2 | 4,000 | ₹280,000 |
| Lot Size Calculator |
Madhusudan Masala IPO Promoter Holding
Mr. Dayalji Vanravan Kotecha, Mr. Vijaykumar Vanravan Kotecha, Mr. Rishit Dayalaji Kotecha, and Mr. Hiren Vijaykumar Kotecha are promoters of the company.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 73.64% |
About Madhusudan Masala IPO
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:
- Ground spices: It includes varieties of Chilli Powder, Turmeric Powder, Coriander Powder, and Coriander Cumin Powder.
- Blend Spices: It includes 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.
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.
Company Financials
| Period Ended | 31 Mar 2021 | 31 Mar 2022 | 31 Mar 2023 |
| Assets | 2,599.90 | 3,514.29 | 5,736.52 |
| Revenue | 6,875.18 | 6,651.81 | 12,750.57 |
| Profit After Tax | 44.98 | 81.29 | 575.89 |
| Net Worth | 1,094.09 | 31.07 | 1,099.10 |
| Reserves and Surplus | 30.07 | 599.10 | |
| Total Borrowing | 966.40 | 2,819.53 | 4,217.20 |
Amount in ₹ Lakhs
Key Performance Indicator
| KPI | Values |
|---|---|
| Post P/E (x) | 15.7 |
| Market Cap (₹ Cr.) | 90.3 |
| ROE | 101.91% |
| ROCE | 20.08% |
| Debt/Equity | 3.84 |
| EPS (Rs) | 6.94 |
| RoNW | 52.40% |
Check Madhusudan Masala IPO Peer Comparison here.
Objects of the Issue (Madhusudan Masala IPO Objectives)
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Funding to meet working capital requirements, and
- General Corporate Purpose.
Madhusudan Masala IPO Review (May apply)
[Dilip Davda] The company operates in a highly competitive and fragmented segment. Bumper performance for FY23 raises eyebrows and concerns over sustainability. Based on its super earnings for FY23, the issue appears fully priced. Well-informed/cash surplus investors may park funds for the medium to long term. Read detail review…
Madhusudan Masala IPO Prospectus
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Madhusudan Masala Limited
F. P. No. 19,
Plot No. 1 – B Hapa Road,
Jamnagar – 361001
Phone: +91- 0288 – 2572002
Email: info@madhusudanmasala.com
Website: https://www.madhusudanmasala.com/
Madhusudan Masala IPO Registrar
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: mml.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/