NSE SME Madhusudan Masala lists at strong premium

Shares of Madhusudan Masala hit an lower limit of 5% at Rs 114 on the NSE, a premium of 62.86% compared with the issue price of Rs 70.

The scrip was listed at Rs 120, a premium of 71.43% compared with the issue price. The scrip hit a high of Rs 124 and a low of Rs 114. About 9.76 lakh shares of the company changed hands at the counter.

The IPO of Madhusudan Masala was highly successful, with a subscription of 296 times. The IPO opened for bidding on September 18, 2023, and closed on September 21, 2023, with a price band of Rs 66 to Rs 70 per share. The IPO consisted of a fresh issue of 34,00,000 shares, resulting in the dilution of the promoter and promoter shareholding from 100% to 73.64%. The company plans to use the net proceeds for working capital requirements and general corporate purposes.

Prior to the IPO, Madhusudan Masala raised Rs 6.76 crore from anchor investors on 15 September 2023.

The company is engaged in the manufacturing and processing of various spices and other grocery products under the brand names DOUBLE HATHI and MAHARAJA. As of March 31, 2023, the company employed approximately 29 permanent employees and 80 daily wage workers. For the period ending March 31, 2023, the company reported revenue from operations of Rs 127.21 crore and a net profit of Rs 5.75 crore.

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