IPO Details

Bidding Dates

18 Sep '23 - 21 Sep '23

Minimum Investment

₹140,000 1 Lots (2000 Shares)

Price Range

₹66 - ₹70

Maximum Investment

₹140,000 / 1 Lots (2000 Shares)

Retail Discount

Not Applicable

Issue Size

₹23.80 Cr

Investor category and sub category

Qualified Institutional Buyers   |   Non-Institutional Investors  |   Retail Individual Investors  |  

Madhusudan Masala IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 18, 2023

IPO Closing Date

Sep 21, 2023

Basis of Allotment

Sep 26, 2023

Initiation of Refunds

Sep 27, 2023

Credit of Shares to Demat Account

Sep 29, 2023

IPO Listing Date

Oct 3, 2023

UPI mandate confirmation

Sep 21, 2023

Madhusudan Masala IPO Subscription Details


Day 1Sep 18, 2023

0.80 18.27 47.29 27.78

Day 2Sep 20, 2023

7.47 104.21 234.43 141.64

Day 3Sep 21, 2023

13.47 228.20 407.13 256.26

Madhusudan Masala IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 13.47
Non-Institutional Buyers 228.20
Retail Investors 407.13
Total 256.26

About Madhusudan Masala Ltd.

Incorporated in 2021, Madhusudan Masala Limited is involved in the manufacturing and processing of more than 32 types of Spices under the brand names “Double Hathi” and “Maharaja” from its facility located in Jamnagar, Gujarat. The company is also engaged in the sale of products like whole spices, tea and other grocery products.

During the financial years 2023, 2022 and 2021, the revenue from the sale of spices contributed to 75.07%, 69.94% and 83.08%, respectively of its overall sales. The Double Hathi portfolio of ground spices comprises premium quality spices whereas value for money segment of ground spices is offered under the Maharaja portfolio.

India is the world's largest producer, exporter, and consumer of spices, and it supplies more than 180 other nations with both raw and processed spices. Spice exports from India make up about 14% of all exports. The company’s export revenue growth is likely to be supported by the initiatives taken by the Spices Board of India, which include infrastructure development, promoting Indian spice brands abroad, setting up infrastructure in the major spice growing centres, promoting organic spices and special programmes

for north-eastern entrepreneurs.

Madhusudan Masala Limited IPO Details

Madhusudan Masala Limited IPO Date

Madhusudan Masala Limited IPO is a fresh issue of ₹23.80 crores with equity shares aggregating up to 34,00,000 shares. Madhusudan Masala Limited’s IPO will be listed on the NSE SME exchange on October 03, 2023.

Madhusudan Masala Limited IPO Price Band

The price range of the IPO has been fixed at ₹66 to ₹70 per share.

Madhusudan Masala Limited IPO Lot Size

The Madhusudan Masala Limited IPO lot size is 2,000 shares and the minimum investment will be ₹1,40,000.

Madhusudan Masala Limited IPO Objectives 

The objectives of Madhusudan Masala Limited IPO are listed below:

  • For financing working capital requirements.
  • For general corporate purposes. 

Peer Details

As per DRHP, Madhusudan Masala Limited has only one listed peer - NHC Food Limited.

How To Check the Allotment Status of the Madhusudan Masala Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Madhusudan Masala Limited

Registered office: F. P. No. 19, Plot No. 1 - B Hapa

Road, Jamnagar, Gujarat-361001, India

Phone:  +91- 0288 - 2572002

E-mail: info@madhusudanmasala.com

Madhusudan Masala Company Financials

Particulars 31 Mar 2023 (₹ in Crore) 31 Mar 2022 (₹ in Crore) 31 Mar 2021 (₹ in Crore)
Total Income 12,750.57 6,651.81 6,875.18
Profit After Tax (PAT) 575.89 81.29 44.98
Assets 5,736.52 3,514.29 2,599.90
Total Borrowings 4,217.20 2,819.53 966.40
Reserves and Surplus 599.10 30.07 -

Know before investing


  1. The spice business is brand-sensitive and the company has created a name as it has been in the industry for four decades. This has helped the business to establish its brands “Double Haathi” and “Maharaja”.

  2. The company has established a long-standing relationship with its customers and as a result, a network of over 2,100 wholesalers and more than 3,700 retailers as of March 31, 2023, has been developed by the company.

  3. The company operates a diversified product portfolio of 32 types of ground and blend spices. This has fueled the revenue growth of the business over the years.


  1. The company's business is highly exposed to competitive pressure from both organised and unorganised players. This could hamper the business performance.

  2. The performance of the wholesalers plays a pivotal role in the company’s business growth. Any failure in sales by the wholesalers may adversely affect its business operations.

  3. The company generates a major portion of its revenue from certain parts of Gujarat, resulting in major dependence on a single location. Any failure in the business expansion into new geographic regions may restrict its growth.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Madhusudan Masala IPO FAQs

What is Madhusudan Masala Limited’s IPO?

Madhusudan Masala Limited is a fresh issue IPO comprising 34,00,000 shares. It is a book-built issue IPO.  

When will Madhusudan Masala Limited’s IPO be allotted?

The Basis of Allotment will be on September 26, 2023.

When will Madhusudan Masala Limited’s IPO open for subscription?

The IPO subscription window will open on September 18, 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot containing 2,000 shares.

When will Madhusudan Masala Limited list on exchanges?

Madhusudan Masala Limited  IPO will be listed on NSE SME. The date of listing is October 03, 2023.

How do I check the allotment status of the Madhusudan Masala Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on the Madhusudan Masala Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Madhusudan Masala Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 

How do I approve the UPI mandate request for Madhusudan Masala Limited’s IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Madhusudan Masala Limited using one PAN?

You can submit only one application using your PAN card.