Gujarat-based spices maker Madhusudan Masala's IPO was subscribed an impressive 412.94 times on the last day of bidding on Thursday, with retail investors and high networth individuals (HNI) leading the party.
According to media reports, the shares allotted for retail investors were oversubscribed 592.8 times, and the quota allotted for HNIs was overscribed 576.6 times. The quota for qualified institutional buyers was overbought 86.64 times.
The IPO of the company, which is engaged in the manufacturing and processing of more than 32 types of spices, opened on September 18 at a price band of Rs 66-70 per share with lot size of 2,000 equity shares. Retail investors could submit application for one lot while for HNI individuals, it was at least two lots.
The IPO comprised only a fresh issue portion of 34,00,000 lakh shares, raising Rs 23.80 crore at the upper end of the price band of Rs 70 per share.
On Thursday, the grey market premium of Madhusudan Masala shares was double the upper price band of Rs 70 per share.
The shares of Madhusudan Masala will be allotted on September 26 and it will be listed on NSE on October 3.