Madhusudan Masala Limited IPO
Madhusudan Masala Limited IPO
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Madhusudan Masala Limited's has transitioned to a publicly listed entity following its IPO debut on 26-09-2023 at the NSE exchange. The public offering successfully raised 34,00,000 Shares, consisting of 34,00,000 Sharesin new capital.
The IPO featured a competitive price range of ₹66 to ₹70 and minimum application size of 2000 shares. Market reception was evidenced through subscription activity between 18-09-2023 and 21-09-2023, reflecting investor appetite for the offering.
Allotment of shares was completed on 23-09-2023, distributing equity to successful applicants. The listing marked the beginning of the company's journey as a publicly traded corporation, subject to market dynamics and regulatory oversight.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Madhusudan Masala IPO About Company
Incorporated in 1996, Madhusudan Masala Limited manufactures over 32 types of spices under the brands "DOUBLE HATHI" and "MAHARAJA" and also offers whole spices, tea, and grocery products like Rajgira flour, Papad, Soya products, Asafoetida, black salt, and rock salt. The company operates two segments: Ground Spices, including Chilli, Turmeric, and Coriander powders, and Blend Spices, including Garam Masala, Tea Masala, Pav Bhaji Masala, Kitchen King Masala, and Chicken Masala. Its manufacturing facility in Hapa, near Jamnagar, is ISO 9001:2015, ISO 22000:2018, HACCP certified, and FSSAI licensed. Madhusudan Masala recorded revenues of ₹12,721.60 Lacs in FY23. The company’s IPO will list on NSE SME.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Madhusudan Masala IPO Strength Factors
NA
Madhusudan Masala IPO Risk Factors
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Madhusudan Masala IPO Lead Manager(s)
- Hem Securities Limited
Madhusudan Masala IPO Promoter(s)
- Mr. Dayalji Vanravan Kotecha
- Mr. Vijaykumar Vanravan Kotecha
- Mr. Rishit Dayalaji Kotecha
- Mr. Hiren Vijaykumar Kotecha
Madhusudan Masala IPO FAQs
Madhusudan Masala Limited IPO subscribed 444.34 times. The public issue subscribed 592.73 times in the retail category,86.91times in QIB, and -- times in the HNI (10+) category byNovember 6, 2025 10:23:30 AM (Day 6).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Madhusudan Masala IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Madhusudan Masala IPO FAQs
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