Madhusudan Masala manufactures and processes over 32 types of spices, marketing them under the brand names Double Hathi and Maharaja. The company also offers whole spices, tea, and other grocery items like rajgira flour, papad, soya products, and asafoetida under the Double Hathi brand.
| Bidding Dates |
|---|
| 18 Sep 2023 - 21 Sep 2023 |
| Subscription |
|---|
| 412.94x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,40,000 | 1 | 1 | 2000 | 3.4 M | ₹66 - ₹70 | 73.64 % | ₹224.4 M - ₹238.0 M | RHP DOC |
Madhusudan Masala IPO SUBSCRIPTION STATUS
21 Sep '23Madhusudan Masala IPO overall subscription rate was 412.94 times the total available shares
Madhusudan Masala IPO retail subscription rate was 786.22 times in the retail segment
Madhusudan Masala IPO non-institutional investor subscription rate was 764.66 times in the non-institutional investor category
Madhusudan Masala IPO Qualified Institutional Bidder subscription rate was 46.13 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
21 Sep 2023 (Day 3) | 786.22x | 764.66x | 46.13x |
20 Sep 2023 (Day 2) | 305.88x | 138.7x | 3.97x |
18 Sep 2023 (Day 1) | 60.44x | 24.02x | 0.42x |
Madhusudan Masala FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY23 | 57.6 | 1,272.2 | -92.5 | -153.6 | 8.7% |
| FY22 | 8.1 | 654.1 | -50.6 | -54.7 | 3.3% |
| FY21 | 4.5 | 686.8 | 17.4 | 8.1 | 4.0% |
Madhusudan Masala IPO SUBSCRIPTION STATUS DETAILS
Madhusudan Masala had 3.4 M shares on offer
Madhusudan Masala IPO offer price was in the range ₹66 - ₹70
Madhusudan Masala IPO minimum Investment was ₹140000
Madhusudan Masala IPO issue size was ₹ 224.4 M - ₹ 238.0 M
Madhusudan Masala had a minimum lot size of 2000 Shares per application
Madhusudan Masala NUMBER OF SHARES ON OFFER
Madhusudan Masala IPO IMPORTANT DATES
| Issue Open Date | 18 Sep 2023 |
| Issue close Date | 21 Sep 2023 |
| Allotment Date | 26 Sep 2023 |
| Refund Date | 27 Sep 2023 |
| Demat Account Credit Date | 28 Sep 2023 |
| Listing Date | 26 Sep 2023 |
| Listing on Exchange(s) | NSE |
| Madhusudan Masala Allotment Status | Exchange |
Madhusudan Masala IPO subscription opened on 18 Sep 2023, and closed on 21 Sep 2023
IPO allotment for Madhusudan Masala was finalized on Tuesday, 26 Sep 2023
IPO listing for Madhusudan Masala was on NSE on Tuesday, 26 Sep 2023
Madhusudan Masala IPO LISTING GAINS
| Issue Price (adjusted) | 70.0 |
| Listing Open Price | 120.0 |
| Listing Close Price | 114.0 |
| Listing Gain% | 71.4% |
| Current Gain% | 221.9% |
Madhusudan Masala Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Madhusudan Masala Ltd. | 225.3 | 290.6 | 22.5 | 0.4 | 1.3 | 13.7 | 8.1 | 262.8 | 20.6 | 16.2 | 38.5 | 10 | 50.6 |
| Varun Beverages Ltd. | 442 | 149504.9 | 44.2 | 2.3 | 6.2 | 15.5 | 11.9 | 22037.7 | 9.5 | 3036.5 | 17 | 10 | 18.9 |
| EID Parry (India) Ltd. | 805.1 | 14327.2 | 25.2 | -0.7 | 0.4 | 6.5 | 1.9 | 38883.4 | 21.6 | 569.5 | -35.2 | 32 | -35.2 |
| Avanti Feeds Ltd. | 906.6 | 12351.3 | 20.4 | 1.4 | 2 | 18.4 | 14.2 | 6276.5 | 8.6 | 606.1 | 14.6 | 44.5 | 14.6 |
| Manorama Industries Ltd. | 1636.2 | 10328.1 | 48.1 | 0.2 | 7.6 | 32 | 18.1 | 1377.1 | 73.9 | 214.9 | 95.8 | 34.1 | 204.8 |
| Sanstar Ltd. | 113.4 | 2066.8 | 60 | -2.8 | 2.6 | 5 | 4.3 | 796.4 | -18 | 34.4 | -21.3 | 1.9 | -21.3 |
Madhusudan Masala INFORMATION ON IPO ISSUE
About Madhusudan Masala
Madhusudan Masala manufactures and processes over 32 types of spices, marketing them under the brand names Double Hathi and Maharaja. The company also offers whole spices, tea, and other grocery items like rajgira flour, papad, soya products, and asafoetida under the Double Hathi brand.
Object of the Issue
- Funding to meet working capital requirements
- General corporate purpose
Madhusudan Masala - PROMOTERS
| Name |
|---|
| Dayalji Vanravan Kotecha |
| Vijaykumar Vanravan Kotecha |
| Rishit Dayalaji Kotecha |
| Hiren Vijaykumar Kotecha |
| Foram Rishit Kotecha |
| Mayuri Hiren Kotecha |
Madhusudan Masala Lead Manager of the Issue
Hem Securities Limited
ib@hemsecurities.com
Madhusudan Masala Registrar to the issue
Kfin Technologies Private Limited
mml.ipo@kfintech.com
Madhusudan Masala Strengths
Recognised brand name
The company boasts a well-known brand name and has a legacy spanning over four decades
Focus on quality
The company's manufacturing facility holds ISO 9001:2015 certification for quality management systems and ISO 22000:2018 certification for food safety management systems
Diversified product portfolio
The company offers a diverse product portfolio, featuring over 32 types of ground and blended spices. It also includes whole spices, tea, and other grocery items
Madhusudan Masala Risks
Dependent on one product
The company relies heavily on sales of chilli and chilli powder. A drop in demand for these products could negatively affect revenue
Geographically concentrated
The company generates a significant share of its revenue from specific regions in Gujarat
Negative cash flows
The company has recently faced negative cash flows from operations and may continue to experience negative cash flows in the future
IPO FAQs
The promoters of the company are Dayalji Vanravan Kotecha, Vijaykumar Vanravan Kotecha, Rishit Dayalaji Kotecha, Hiren Vijaykumar Kotecha, Foram Rishit Kotecha and Mayuri Hiren Kotecha.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 66.0 - 70.0.
The IPO application opens on Sep 18, 2023 and closes on Sep 21, 2023.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 140,000.0, the maximum value for this IPO is Rs 140,000.0.
This IPO will be allotted on Sep 26, 2023.
The refund will be credited to your account on Sep 27, 2023.
The allotted shares will be credited to your demat on Sep 28, 2023.
Madhusudan Masala Ltd.’s shares listed on the stock exchanges on Sep 26, 2023.