Curated By: Business Desk
Last Updated: September 14, 2023, 17:53 IST
The company is aiming to generate Rs 23.80 crore.
Madhusudan Masala is a prominent spices manufacturer in India headquartered in Gujarat.
Madhusudan Masala is a prominent spices manufacturer in the country that is headquartered in Gujarat. It recently announced the launch of its Initial Public Offering (IPO) on September 18th with a pricing range of Rs 66 to Rs 70 per share. The company aims to generate Rs 23.80 crore by issuing 34 lakh equity shares at the higher end of the price range.
Out of the total offering, which will represent 26.36 per cent of the post-issue paid-up equity, 1.72 lakh shares have been set aside for the market makers and the remaining 32.28 lakh shares constitute the net issue. It has allocated 50 per cent of half of the net issue for Qualified Institutional Buyers (QIB). Another 35 per cent has been earmarked for retail investors and the remaining 15 per cent for High Net Worth Individuals (HNI).
The anchor book for this offering will be accessible for a single day on September 15, just one day before the official commencement of the offer. The closing date for the issue is scheduled for September 21.
The minimum investors can bid for is 2,000 equity shares and in multiples of 2,000 shares. When it comes to retail investors, they can apply for only 2,000 shares which have a value of Rs 1.4 lakh as they are allowed to invest a maximum of Rs 2 lakh in the IPO.
Madhusudan Masala manufactures and processes more than 32 types of spices under the brand names Double Hathi and Maharaja. They sell products like Whole Spices, Tea, and Other Grocery Products like Rajgira flour, Papad, Soya Products, Asafoetida (Hing), Achar masala, Sanchar (Black salt powder), Sindhalu (Rock salt powder), Katlu powder (Food supplement), Kasuri Methi (Dry fenugreek), etc under the brand name of Double Hathi. Furthermore, they also generate revenue from the trading of whole spices and food grains through unbranded sales. During the fiscal year 2022, the revenue from the overall sale of spices was 69.94 per cent, whereas in 2021, it was 83.08 per cent.
