Madhusudan IPO GMP today or gray market premium is +55 lower than the last trading session, where GMP was Rs 59. According to topsharebrokers.com, Madhusudan Masala shares were trading at a premium of Rs 55 in the gray market on Wednesday.
The IPO of Madhusudan Spices was open for subscription at the beginning of the current week i.e. on 18th September 2023, which is going to close within three days on 21st September 2023. Its price band has been kept between Rs 66 to Rs 70 per equity share. Investors can bid for at least 2000 shares in one lot.
Important information about IPO
Madhusudan Masala IPO is worth Rs 23.80 crore, which is a fresh issue of 3,400,000 equity shares. There is no offer for sale (OFS) included in this. The company will use the funds raised through IPO to meet working capital needs and general corporate objectives.
Retail investors can apply for one lot, while non-institutional investors can apply for a minimum of two lots. 15% of the equity shares have been set aside for non-institutional investors, while the company has allotted 50% of the net IPO offer to qualified institutional investors (QIBs). The remaining 35% will be available for retail investors.
Hem Securities Limited is the book running lead manager of the Madhusudan Masala IPO, while Kfin Technologies Limited is the registrar to the issue. The market maker for Madhusudan Masala IPO is Hem Finleys. Dayalji Vanravana Kotecha, Vijaykumar Vanravana Kotecha, Rishit Dayalji Kotecha and Hiren Vijaykumar Kotecha are the promoters of the company.
IPO subscription status
The subscription status of Madhusudan IPO was 137.17 times on the second day today. The IPO has received good response from retail investors. So far, the IPO has been subscribed 226.38 times by retail investors, 102.16 times by non-institutional investors and 7.47 times by qualified institutional investors (QIBs).
According to data from Chittorgarh.com, the company has received bids for 31,02,76,000 shares against 3,400,000 shares on offer. The subscription of Madhusudan IPO was 27.78 times on the first day.
GMP of Madhusudan Masala IPO
Madhusudan IPO GMP today or gray market premium is +55 lower than the last trading session, where GMP was Rs 59. According to topsharebrokers.com, Madhusudan Masala shares were trading at a premium of Rs 55 in the gray market on Wednesday. Looking at the band above the IPO price band and the current premium in the gray market, the listing price of Madhusudan Masala shares is likely to be Rs 125 per share, which is 78.57% higher than the IPO price of Rs 70.