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19 Nov 2024
Mamata Machinery Ltd, a packaging equipment manufacturer from Gujarat, has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
The IPO is exclusively an offer for sale (OFS) of 73.82 lakh equity shares by the company's promoters, as detailed in the draft red herring prospectus (DRHP).
The promoters selling shares in the OFS include Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.
Since the IPO is an OFS, Mamata Machinery will not receive any proceeds from the public issue; all funds will go to the selling shareholders.
According to the draft papers filed on Friday, the main objective of the IPO is to benefit from listing the equity shares on the stock exchanges.
The company expects that the listing will enhance its visibility, improve its brand image, provide liquidity for its shareholders, and establish a public market for the equity shares.
Mamata Machinery specializes in manufacturing and exporting plastic bag and pouch-making machines, packaging machines, and extrusion equipment.
It offers end-to-end manufacturing solutions for the packaging industry, selling its products under the brand names 'Vega' and 'Win'. As of May 2024, the company has installed over 4,500 machines in 75 countries worldwide.
Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager (BRLM) for the issue.
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