IPO was a hit with 413 times subscription

Madhusudan Masala IPO: The IPO of Gujarat company Madhusudan Masala has been quite successful. On the last day of the issue i.e. 21st September, it was subscribed 412.94 times due to the response received from investors.
SME IPO opened on 18 September. 24.34 lakh shares were put up for sale under the IPO. Whereas bids were received from investors for 100.51 crore shares.
The company sells spices under the names Double Elephant and Maharaja. The IPO saw high interest from retail investors and high net worth individuals. The 35 percent quota reserved for retail investors was subscribed 592.8 times.
Whereas the 35 percent quota reserved for NII was subscribed 576.6 times. The 50 per cent stake reserved for qualified institutional buyers was subscribed 86.64 times.
According to media reports, the company engaged in the production and processing of more than 32 types of spices will launch its IPO on September 18.
It opened at a price band of Rs 66-70 per share with a lot size of 2,000 equity shares. Retail investors can submit applications for one lot, while for HNI individuals it is a minimum of two lots.
The latest issue of only 34,00,000 lakh shares was part of the IPO, which raised Rs 23.80 crore at the upper end of the price band of Rs 70 per share. The gray market premium of Madhusudan Masala shares on Thursday was double the upper price band of Rs 70 per share.
Notably, shares of Madhusudan Masala will be allotted on September 26 and it will be listed on NSE on October 3.