Listing Details
- Listing Exchange NSE SME
- Listing Date 26-Sep-23
- IPO Price Range ₹ 66 to ₹ 70
- Listing Price ₹ 120
- Listing Change 71.4%
- Last Traded Price ₹ 135
- Current Change 92.9%
Madhusudan Masala IPO Details
- Open Date 18-Sep-23
- Close Date 21-Sep-23
- Lot Size 2000
- IPO Size ₹ 23.80 Cr
- IPO Price Range ₹ 66 to ₹ 70
- Min Investment ₹ 132,000
- Listing Exchange NSE SME
- Basis of Allotment 26-Sep-23
- Refunds 27-Sep-23
- Credit to Demat Account 28-Sep-23
- Listing Date 29-Sep-23
Madhusudan Masala IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 18-Sep-23 | 0.80 | 18.15 | 46.16 | 27.19 |
| 20-Sep-23 | 7.47 | 103.96 | 232.48 | 140.61 |
| 21-Sep-23 | 86.91 | 574.08 | 592.73 | 444.27 |
Madhusudan Masala IPO Synopsis
Madhusudan Masala Limited IPO is all set to open from 18th September to 21st September 2023. The company is engaged in the business of producing different types of spices. The IPO includes a fresh issue of 3,400,000 shares worth ₹23.80 cr. The share allotment date is 26th September, and the IPO will be listed on 3rd October on the stock exchanges. The price band is ₹66 to ₹70 per share and the lot size is 2000 shares.
Hem Securities Limited is the book-running lead manager for this IPO, while Kfin Technologies Limited is the registrar.
Objectives of the Issue
Madhusudan Masala Limited plans to utilize the raised capital from the IPO to:
• For working capital requirements.
• General corporate purpose.
About Madhusudan Masala
With a presence of over four decades, and registered in Gujarat in 1982, Madhusudan Masala manufactures and processes over 32 varieties of spices, marketed under the brand names "DOUBLE HATHI" and "MAHARAJA." Madhusudan Masala’s product mix can be divided into two categories: (i) Ground spices which include various varieties of Chilli Powder, Turmeric Powder, Coriander Powder and Coriander Cumin Powder and (ii) Blend spices which include 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.
Additionally, the company offer a diverse range of products including whole spices, tea, and various other grocery items such as 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), all under the "DOUBLE HATHI" brand.
The company’s manufacturing facility is based in Jamnagar, Gujarat, specifically in the Industrial Area Hapa, near Jamnagar. This strategic location provides the company with convenient access to the local APMC market, making it easier and more cost-effective to acquire raw materials.
Madhusudan Masala’s manufacturing facilities also have accreditation, including ISO 9001:2015 for quality management, ISO 22000:2018 for Food Safety Management System, HACCP for Hazard Analysis Critical Control Points, and an FSSAI license under the Food Safety and Standards Act of 2006.
Peer Comparison
• NHC Food Limited
For More Information:
Webstory on Madhusudan Masala IPO
Madhusudan Masala Financial Status
Profit and Loss
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue | 127.22 | 65.41 | 68.68 |
| EBITDA | 11.01 | 2.15 | 2.77 |
| PAT | 5.76 | 0.81 | 0.45 |
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Total Assets | 57.37 | 35.14 | 25.99 |
| Share Capital | 5.00 | 0.01 | 10.94 |
| Total Borrowings | 46.37 | 34.83 | 15.06 |
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | -9.25 | -5.06 | 1.74 |
| Net cash from / (used in) investing activities | -6.29 | 0.41 | -0.79 |
| Net cash flow from / (used in) financing activities | 15.70 | 4.61 | -0.87 |
| Net increase (decrease) in cash and cash equivalents | 0.16 | 0.037 | 0.081 |
Madhusudan Masala IPO Key Points
-
Strengths
1. The company is ISO 9001:2015 and ISO 22000:2018 certified.
2. It has a recognized brand name with a heritage and a legacy of over four decades.
3. It has a consistent focus on quality.
4. Diversified customer base and revenue sources and a long-lasting relationship with customers.
5. In-house manufacturing capabilities.
6. Planning to expand the market presence to different states of India. -
Risks
1. Operates in a highly competitive industry and is prone to pricing pressure from competitors.
2. The business depends on the performance of our wholesalers. Any non-performance by them may adversely affect the business operations, profitability and cash flows.
3. Dependent on the sale of chilli and chilli powder for revenues.
4. Changes in consumer preference can impact the business.
5. Negative cash flows in the past.
6. Business is heavily dependent on revenue in Gujarat which creates concentration risk.
How to apply for IPO?
-
Login to your 5paisa account and select the issue in the
current IPO section -
Enter the number of lots and price at which you wish to
apply for -
Enter your UPI ID and click on submit. With this, your
bid will be placed with the exchange -
You will receive a mandate notification to block funds in
your UPI app -
Approve the mandate request on your UPI and funds
will be blocked
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Madhusudan Masala IPO FAQs
What is the minimum lot size and investment required for the Madhusudan Masala IPO?
The minimum lot size of Madhusudan Masala is 2000 shares and the investment required is ₹1,32,000.
What is the price band of the IPO?
The price band of Madhusudan Masala is ₹66 to ₹70 per share.
When does the Madhusudan Masala Limited IPO issue open and close?
Madhusudan Masala IPO opens from 18th September to 21st September 2023.
What is the size of the Madhusudan Masala IPO?
The IPO size of Madhusudan Masala is ₹23.80 cr.
What is the allotment date of the Madhusudan Masala IPO?
The share allotment date of Madhusudan Masala is 26th September 2023.
What is the Madhusudan Masala IPO listing date?
The Madhusudan Masala IPO will be listed on 3rd October 2023.
Who are the book runners for the Madhusudan Masala IPO?
Hem Securities Limited is the book-running lead manager for Madhusudan Masala IPO.
What is the objective of Madhusudan Masala IPO?
Madhusudan Masala plans to utilize the raised capital from the IPO to:
1. For working capital requirements.
2. General corporate purpose.
How to apply for the Madhusudan Masala IPO?
To apply for the IPO, follow the steps given below
• Login to your 5paisa account and select the issue in the current IPO section
• Enter the number of lots and the price at which you wish to apply for the Madhusudan Masala Limited IPO.
• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
• You will receive a mandate notification to block funds in your UPI app.
Contact Details of Madhusudan Masala IPO
Contact Information
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 Register
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: mml.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
Madhusudan Masala IPO Lead Manager
Hem Securities Limited