Mamata Machinery Records Third Highest Listing Gains In 2024, Stuck In Upper Circuit All Day
Mamata Machinery's share price closed at a 159% premium on the stock exchanges.
Shares of Mamata Machinery Ltd. closed in an upper circuit of 5% on Friday on both the exchanges at Rs 630 on the National Stock Exchange and at Rs 629.95 on the BSE.
The company recorded the third highest gains on listing day this year, and closed at a premium of 159.3% over the issue price.
The packaging company's stock debuted on the NSE and BSE at Rs 600 apiece at a premium of 146.91% over the issue price of Rs 243.
Mamata Machinery's IPO, which closed on Dec. 23, was subscribed 194.95 times, with the demand led by non-institutional investors. The IPO comprised a pure offer-for-sale component worth Rs 179.4 crore.
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.
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Mamata Machinery Business
Mamata Machinery started commercial operations as a manufacturer of bag-making machines in 1989. It sells packaging machinery to direct consumer brands, catering to the fast-moving consumer goods, food and beverage industry, and bag and pouch making machines to converters and service providers who, in turn, mainly cater to the FMCG and consumer industry.
Balaji Wafers Pvt., Chitale Foods, Gits Food Products Pvt. and Hershey India Pvt. are some of its customers. The company sells its machines under the brand name Vega and Win.
