Madhusudan Masala IPO to open on September 18, price band set at Rs 66-70 per share

Madhusudan Masala IPO to open on September 18

Madhusudan Masala, a leading manufacturer of spices, has decided to open its initial public offering on September 18, with a price band of Rs 66-70 per share.

The company is planning to raise Rs 23.80 crore via the public issue of 34 lakh equity shares at the upper price band.

Of the total issue, which will constitute 26.36 percent of post-issue paid-up equity, 1.72 lakh shares are reserved for the market maker, and the remaining 32.28 lakh shares are considered as the net issue.

The Gujarat-based company has reserved half of the net issue for qualified institutional buyers, 15 percent for high networth individuals and the remaining 35 percent for retail investors.

The anchor book of the issue will be opened for a day on September 15, a day before the offer opening. The closing date for the issue will be September 21.

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Investors can bid for a minimum of 2,000 equity shares and in multiples of 2,000 shares thereafter. Retail investors can apply for only 2,000 shares, which are valued at Rs 1.4 lakh, as they are allowed to invest up to Rs 2 lakh in the IPO.

The ground and blend spice maker will make use of net fresh issue proceeds for working capital requirements amounting to Rs 16 crore, and the remaining for general corporate purposes.

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Madhusudan Masala manufactures more than 32 types of spices under the brand names of DOUBLE HATHI and MAHARAJA. Furthermore, it also generates revenue from the trading of whole spices and food grains through unbranded sales.