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19 Nov 2024
Mamata Machinery Ltd, a packaging equipment manufacturer based in Gujarat, has filed draft documents with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
The draft red herring prospectus (DRHP) indicates that the IPO will be solely an offer for sale (OFS) of 73.82 lakh equity shares by the company's promoters.
As the IPO is entirely an OFS, Mamata Machinery will not receive any proceeds from the public issue.
Instead, the funds will go to the selling shareholders, which include Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.
The company aims to leverage the benefits of listing its equity shares on the stock exchanges. Listing is expected to enhance the company's visibility and brand image, provide liquidity to shareholders, and establish a public market for its equity shares.
Mamata Machinery specializes in manufacturing and exporting plastic bags, pouch-making machines, packaging machines, and extrusion equipment, offering comprehensive solutions for the packaging industry.
Its products are marketed under the brand names 'Vega' and 'Win'. As of May 2024, Mamata Machinery has installed over 4,500 machines across 75 countries.
Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager (BRLM) for the IPO.
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