What is IPO Grey Market Premium (GMP)?

IPO Grey Market Premium (GMP) is an unofficial, over-the-counter premium over the issue price that dealers and investors pay prior to official listing on NSE/BSE.

How is estimated IPO listing price determined?

Estimated Listing Price = Cut-off / Issue Price + Current Grey Market Premium (GMP). For example, an issue price of ₹100 with ₹40 GMP yields an estimated listing price of ₹140 (+40%).

What is Kostak rate in an IPO?

Kostak rate is the fixed profit earned by selling an IPO application before allotment, irrespective of whether the application is allotted shares or not.

What is Subject to Sauda in IPO trading?

Subject to Sauda is an informal contract where payment is made only if the seller receives share allotment in the IPO.

Is IPO Grey Market Premium (GMP) regulated by SEBI?

No. Grey Market transactions are non-exchange over-the-counter commitments and are not officially regulated or endorsed by SEBI. Investors should treat GMP as an informal sentiment indicator.

What is the estimated listing price for Madhusudan Masala Limited IPO?

Based on the upper price band of ₹70 and current GMP of ₹61, the estimated listing price is ₹131 (approx. 87.1% gain).

What is the expected profit per lot for Madhusudan Masala Limited IPO?

With a lot size of 2000 shares and current GMP of ₹61, expected profit per retail application lot is approximately ₹1,22,000.

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Grey Market Intelligence

Madhusudan Masala Limited

ListedSME

Food & Beverage (FMCG) · NSE

Incorporated in 1996, Madhusudan Masala Limited manufactures over 32 types of spices under the brands "DOUBLE HATHI" and "MAHARAJA" and also offers whole spices, tea, and grocery products like Rajgira flour, Papad, Soya products, Asafoetida, black salt, and rock salt. The company operates two segments: Ground Spices, including Chilli, Turmeric, and Coriander powders, and Blend Spices, including Garam Masala, Tea Masala, Pav Bhaji Masala, Kitchen King Masala, and Chicken Masala. Its manufacturing facility in Hapa, near Jamnagar, is ISO 9001:2015, ISO 22000:2018, HACCP certified, and FSSAI licensed. Madhusudan Masala recorded revenues of ₹12,721.60 Lacs in FY23. The company’s IPO will list on NSE SME.

Price Band

₹66 – ₹70

Issue Size

₹23.80 Cr

Lot Size

2000 shares

GMP

₹61

+87.1%

Est. Listing

₹131

at current GMP

Subscribed

444.34x

overall

Open

18 Sep 2023

21 Sep 2023

Allotment

23 Sep 2023

Refund

24 Sep 2023

Demat Credit

25 Sep 2023

Listing

26 Sep 2023

Last updated 12 days ago

Overview Live GMP Live Subscription Allotment Status

Live Grey Market Premium

Madhusudan Masala Limited GMP Today

Last updated: 19 Oct 2026

Current Premium

₹61+87.1%

Issue Price (Upper)

₹70

Band: ₹66 – ₹70

Estimated Listing Price

₹131

Upper price + GMP

Lot Size

2000 shares

Min investment ₹1,40,000

Estimated Profit / Lot

Date	GMP (₹)	GMP %	Est. Listing
31 Oct 2026	+₹61	87.1%	₹131
30 Oct 2026	+₹61	87.1%	₹131
29 Oct 2026	+₹55	78.4%	₹125

About Madhusudan Masala Limited Public Issue & Market Profile

Madhusudan Masala Limited is bringing an initial public offering (IPO) in the Food & Beverage (FMCG) sector with an aggregate issue size of ₹23.8 Crores. The shares are offered at a price band of ₹66 to ₹70 per equity share on NSE. Currently, investors are tracking the grey market premium (GMP) and institutional subscription multiples closely across BSE and NSE portals.

Public Issue & Pricing Context:

The public offer consists of a fresh issue and offer-for-sale structured under SEBI regulations. Bidding is open to Qualified Institutional Buyers (QIB), Non-Institutional Bidders (NII/HNI), and Retail Individual Investors (RII). Applications can be submitted online using ASBA or UPI mandate through certified stock brokers and net banking portals.

Basis of Allotment & Listing Timeline:

Following the close of bidding on 2023-09-21, the basis of allotment is scheduled to be finalized on 2023-09-23. Investors can verify their application status online by submitting their PAN card number, Application Number, or DP Client ID on the registrar's official portal (Kfin Technologies Limited) or the BSE allotment checking window.

Frequently Asked Questions

What is Madhusudan Masala Limited IPO GMP today?

The latest grey market premium for Madhusudan Masala Limited IPO is ₹61, which indicates an expected listing price of ₹131.

What does Kostak Rate and Sauda mean in IPO GMP?

Kostak rate is the profit amount an investor earns by selling their entire IPO application in the grey market before allotment is finalized.

Is Grey Market Premium officially recognized?

No. GMP is an unofficial indicator discovered between dealers outside of SEBI-regulated exchanges. Actual listing price is determined by demand-supply discovery on NSE/BSE during the pre-open auction.