Madhusudan Masala Limited IPO Opens for Bidding on September 18

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 crores. The lot size for the IPO is set at 2,000 equity shares, with each lot priced at Rs 1,40,000 at the upper end of the price band. 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.

The net proceeds from the IPO will be channelled toward fulfilling the company’s working capital requirements, general corporate purposes, and covering issue-related expenses. Hem Securities Limited is the Book Running Lead manager to the issue, while KfinTechnologies Limited is the registrar to the issue. Shares of Madhusudan Masala will be listed on the NSE Emerge platform of the National Stock Exchange.

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

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

For the fiscal year ending on March 31, 2023, Madhusudan Masala reported a net profit of Rs 575.89 lakh with a revenue of Rs 12,750.57 lakh. Its EBITDA margin stood at 8.66 per cent, while its profit margin came in at 4.53 per cent in FY23.

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