Mamata Machinery Sets IPO Price Band

Mamata Machinery Pvt. will launch its initial public offering on Dec. 19 at a price band of Rs 230-243 per share. Bids can be made for a minimum of 61 shares for Rs 10 and above, according to the price band advertisement on Friday.

The IPO is an offer for sale with no fresh issues. Existing shareholders will offload Rs 73.82 lakh shares at a face value of Rs 10 per share. The shareholders include Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP., and Mamata Management Services LLP.

The company will not receive any proceeds from the offer for sale, but will direct the funds to boost their visibility and brand image after the listing of equity shares.

The offering is also expected to provide liquidity to their shareholders and open its shares for the public market in India.

Beeline Capital Advisors Pvt. is the leading bookrunner, and Link Intime India Pvt. is the registrar for the offer.

The IPO will be open for subscription till Dec. 23. The expected listing date is Dec. 27, 2024. The Gujarat-based company is expected to list on both the stock exchanges NSE and BSE.

An allocation of 35,000 shares have been laid out for the employee reservation portion. A discount of Rs 12 is also offered to eligible employees.

The company is a manufacturer and exporter of plastic bags and pouch making machines, packaging machines and extrusion equipment. It provides end-to-end manufacturing solutions for the packaging industry.

The company primarily sells their packaging machinery to direct consumer brands catering to the FMCG, food and beverage industry and bag and pouch-making machines, to convertors and service providers. Their machineries are also utilised in non-packaging applications, such as e-commerce bags and garment packaging bags.

The company was incorporated as Patel Machinery Private Ltd., before the name of the company was changed to Mamata Machinery Pvt. after a special resolution was passed by the shareholders on Sept. 19, 1988.