How to check allotment status of Madhusudan Masala IPO?

How to check allotment status of Madhusudan Masala IPO?
How to check allotment status of Madhusudan Masala IPO?

by Tanushree Jaiswal Last Updated: Sep 21, 2023 - 07:46 pm 854 Views
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The ₹23.80 crore IPO of Madhusudan Masala Ltd comprises entirely of a fresh issue with no offer for sale (OFS) component. The Fresh Issue portion of Madhusudan Masala Ltd entails the issue of 34 lakh shares at which at the upper band of the price range at ₹70 per share aggregates to ₹23.80 crore. The stock has a face value of ₹10 and retail bidders can bid in minimum lot size of 2,000 share each. Thus, the minimum investment of ₹140,000 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO. HNIs / NIIs can invest in a minimum of 2 lots of 4,000 shares worth ₹280,000 as the bare minimum investment. There is no upper limit for the HNI / NII category or even for the QIB category.

The IPO just closed on Thursday 21st September 2023 and at the close of the third day, the issue was subscribed 444.27 times overall. The basis of allotment will be finalized on 26th September 2023 while the refunds to non-allottees will be initiated on the 27th September 2023. The company expects to complete the demat credits to the allottees as of 29th September 2023, while the company plans to list its IPO on the NSE SME Emerge Segment on 03rd October 2022.

What you must know about allotment status checking

Allotment status online is an internet facility that is provided by the BSE (formerly Bombay Stock Exchange) in the case of mainboard IPOs and BSE SME Segment IPOs as well as by the registrars on their website. Many of the brokers also provide direct connectivity to the database. However, in the absence of any connectivity, one option you always have to use one of these options. In this case, Madhusudan Masala Ltd is an NSE SME Emerge IPO and hence the data would not be available on the website of BSE.

NSE does not provide this facility on its website. That means; you can either only check the allotment status on the website of the IPO registrar, KFIN Technologies Limited (formerly Karvy Computershare). The allotment in the IPO will depend on the extent of the oversubscription across the retail, HNI / NII and the QIB portion and it is the valid applications that will make the cut. But we will look at that later. Let us first look at how to check the allotment status of the Madhusudan Masala Ltd IPO. Here are the steps.

When and where to check the allotment status?

When can the allotment status be checked. The IPO allotment status will be finalized on 26th September 2023. Hence, either late on 26th September 2023 or by middle of 27th September 2023, the allotment status can be checked online on the website of the IPO registrar. Where can the allotment status be checked? Typically, in all the mainboard issues, it is possible to get the allotment status of the IPO either at the BSE website or on the website of the registrar to the IPO.

However, Madhusudan Masala Ltd IPO being an NSE-SME Emerge IPO, it would be listed only on the NSE and not on the BSE. Hence BSE will not be providing the allotment status for this IPO, while NSE does not normally offer online allotment status on their website. Hence, in the case of Madhusudan Masala Ltd IPO, the only way is the check on the website of KFIN Technologies, the registrar to the IPO.

Checking the allotment status of Madhusudan Masala Ltd on KFIN Technologies Ltd (Registrar to IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

Here you are given the choice to select 5 servers viz. Link 1, Link 2, Link 3, Link 4, and Link 5. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

A small thing to remember here. Unlike on the BSE website, where the names of all IPOs are there on the drop-down menu, the registrar will only provide of the IPOs managed by them and where the allotment status is already finalized. Also, for simplicity, you can either choose to see all IPOs or just recent IPOs. Choose the latter, as that reduces the length of the list of IPOs you need to search through. Once you click on Recent IPOs, the dropdown will only show the recent active IPOs, so once the allotment status is finalized, you can select Madhusudan Masala Ltd from the drop-down box.

  • There are 3 options. You can either query the allotment status based on PAN, Application Number or Demat Account (DPID-Client ID combination).
  • To Query by PAN, check the appropriate box and follow these steps.
    • Enter the 10-digit PAN number
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment status gets displayed on screen
  • To Query by Application Number, check the appropriate box and follow these steps.
    • Enter the Application Number as it is
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment Status gets displayed on screen


In the past, the first step was to select Application Type (ASBA or Non-ASBA) before inputting your application number. Now, that step has been done away with.

  • To Query by Demat Account, check the appropriate box and follow these steps.
    • Select the depository (NSDL / CDSL)
    • Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
    • Enter the Client-ID
    • In the case of NSDL, the Demat account is 2 strings
    • In the case of CDSL, the Demat account is just 1 string
    • Enter the 6-digit Captcha Code
    • Click on Submit button
    • Allotment Status gets displayed on screen


It is always advisable to retain a saved screenshot of the allotment status output for future reference. The same can be tallied with the demat account credit subsequently.

Subscription status for the Madhusudan Masala IPO

Here is the final subscription status of the Madhusudan Masala IPO as at close on 21st September 2023, at 17.30 hours.




bid for

Total Amount
(₹ Cr.)

Anchor Investors





Market Maker















Retail Investors










The issue was open for QIBs (qualified institutional buyers), retail investors and for the HNI / NIIs. There was a broad quota designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories.

Anchor Investor Shares Offered

9,66,000 shares (28.41%)

Market Maker Shares Offered

1,72,000 shares (5.06%)

QIB Shares Offered

6,46,000 shares (19.00%)

NII (HNI) Shares Offered

4,86,000 shares (14.29%)

Retail Shares Offered

11,30,000 shares (33.24%)

Total Shares Offered

34,00,000 shares (100%)

The anchor allocation of 9,66,000 shares was made to a total of 6 anchor investors at the upper end of the price band at ₹70 per share a day before the opening of the IPO. This anchor portion got adjusted to the QIB quota and the public QIB quota was reduced accordingly.

Brief on Madhusudan Masala Ltd

Madhusudan Masala Ltd is an established company engaged in the manufacturing, processing, and marketing of more than 32 different types of spices (in Hindi Masala refer to spices). These spices are sold under the popular brand names of "DOUBLE HATHI" and "MAHARAJA". The company has two broad business verticals. The first vertical is Ground spices; which includes different varieties of chilli powder, turmeric powder, coriander powder, cumin powder etc. The second vertical is for blended spices and this segment includes the focused item-specific blends like garam masala, tea masala, chhole masala, sambhar masala, pav bhaji masala, Kitchen King Masala, Chicken Masala, Meat Masala etc. It also sells pounded masalas like dry ginger powder, black pepper powder, Amchur, etc.

The company has been promoted by Dayalji Kotecha, Vijaykumar Kotecha, Rishit Kotecha, and Hiren Kotecha. The promoter holding in the company currently stands at 100%. However, post the fresh issue of shares, the promoter equity shareholding will reduce to 73.64%. The fresh issue funds will be used by the company for meeting its working capital funding gaps and for general corporate expenses. Part of the monies raised will also go towards meeting the expenses of the issue.     While Hem Securities Ltd will be the lead manager to the issue, KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is Hem Finlease Ltd.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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