Madhusudan Masala IPO to open on September 18 at Rs 66-70 per share
Madhusudan Masala, a leading manufacturer of spices, has decided to open its initial public offering (IPO) 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.
Half of the net issue is reserved 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, and the closing date for the issue will be September 21.
Retail investors can apply for a minimum of 2,000 equity shares and in multiples of 2,000 shares thereafter. They are allowed to invest up to Rs 2 lakh in the IPO.
The company will use the net fresh issue proceeds for working capital requirements and general corporate purposes.
Madhusudan Masala manufactures more than 32 types of spices under the brand names of DOUBLE HATHI and MAHARAJA. It also generates revenue from the trading of whole spices and food grains through unbranded sales.
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