- SEBI granted its clearance on September 27, 2024, marking the next step for the company after submitting its draft papers in July
- As of May 2024, the company installed over 4,500 machines in 75 countries around the world
NE BUSINESS BUREAU
AHMEDABAD, OCT 2
Mamata Machinery Ltd, an Ahmedabad based packaging equipment manufacturer, has received approval from the capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). SEBI granted its clearance on September 27, 2024, marking the next step for the company after submitting its draft papers in July.
The Gujarat-based company’s initial share sale is entirely an offer for sale (OFS) of 73.82 lakh equity shares by promoters, including Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP, set to divest their holdings, according to the draft red herring prospectus (DRHP).
Since it’s an OFS, the company will not receive any proceeds from the public issue, and the entire fund such proceeds will go to the selling shareholders.
The company said that the objective of the initial share sale is to gain the advantages of listing the equity shares on the stock exchanges.
Additionally, the company anticipates that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares.
Mamata Machinery manufactures and exports plastic bags and pouch-making machines, packaging machines and extrusion equipment. It provides end-to-end manufacturing solutions for the packaging industry. The company sells its machines under the brand names ‘Vega’ and ‘Win’.
As of May 2024, the company installed over 4,500 machines in 75 countries around the world
The company offers a comprehensive range of products serving the entire flexible packaging market value chain covering.
SEBI’s approval indicates that Mamata Machinery can now move forward with its public issue.
Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager to the Issue (BRLM).
