Mamata Machinery Ltd. raised Rs 53.6 crore from anchor investors on Wednesday ahead of the launch of its initial public offering a day later, according to an exchange filing.
The packaging machine manufacturer allotted 22 lakh shares at Rs 243 apiece to seven anchor investors, including 3P India Equity Funds 1M, Authum Investment and Infrastructure Ltd., Winro Commercial (India) Ltd. and Aarth AIF, it said.
India Equity Funds secured 24.9% of the allocation, while Authum Investment, Winro Commercial and Subhkam Ventures I Pvt. mopped up 13.51% each. Chartered Finance and Leasing Ltd., Belgrave Investment Fund and Aarth AIF acquired 13.51%, 11.34% and 9.73% respectively.
Mamata Machinery is the manufacturer and exporter of plastic bags and pouches globally. It offers machines with enhanced flexibility, operator friendliness with greater productivity.
The total issue size is Rs 179.4 crore at the upper end of the price band, which has been set at Rs 230–243 per share. The IPO is an offer for sale with no fresh issue.
The present shareholders will sell Rs 73.8 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 funds raised will be used to enhance the company's visibility and brand image after the listing of equity shares. It will also yield liquidity to their shareholders along with opening 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.
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