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Business News/ Markets / Ipo/  Madhusudan Masala IPO to open on September 18: check price band, key dates

Madhusudan Masala IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Madhusudan Masala will open for subscription on Monday, September 21. The homegrown spice manufacturer has set the price band at 66 to 70 per share for the public issue.

The SME IPO will close on Thursday, September 21. 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 the tentative listing date fixed as Tuesday, October 3, 2023.

Madhusudan Masala IPO Details

Madhusudan Masala IPO is a book built issue of 23.80 crore. The IPO issue comprises the sale of 34 lakh fresh equity shares, each with a face value of Rs. 10, aggregating to Rs. 23.80 crore. The lot size for the IPO is set at 2,000 equity shares, with each lot priced at 1,40,000 at the upper end of the price band. 

The minimum amount of investment required by retail investors is 140,000. Retail investors are eligible to apply for a single lot, while non-institutional investors have the option to bid for a minimum of two lots.

Madhusudan Masala has reserved 1.72 lakh equity shares for market maker portions. The company has allocated 50 per cent of the net IPO offer to qualified institutional bidders (QIBs), while 15 per cent of equity shares are reserved for non-institutional investors. Retail investors will have access to the remaining 35 per cent of the offering.

The net proceeds from the IPO will be channeled towards the company's working capital requirements, general corporate purposes, and covering issue-related expenses. 

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.

Madhusudan Masala Company Details

Madhusudan Masala is engaged in manufacturing and processing more than 32 types of Spices under it’s own brand names "Double Hathi" and "Maharaja". The company also deals in whole spices in retail and bulk quantities as well as papad, soya products, Asafoetida (Hing), black salt, rock salt under its brand name "Double Hathi".

Madhusudan Masala's manufacturing facility is located at Industrial Area Hapa, near Jamnagar, Gujarat. The company has 212 SKU's of ground spices and blend spices. The company has a network of 2,100 wholesalers and 3,700 retailers in Gujarat, Maharashtra, and Rajasthan.

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Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at
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Updated: 17 Sep 2023, 01:26 PM IST
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