Mamata Machinery files DRHP for IPO

1 Jul 2024 , 11:37 AM

Gujarat-based packaging equipment manufacturer Mamata Machinery Ltd has filed draft documents with the Securities and Exchange Board of India (SEBI) to initiate its initial public offering (IPO).

According to the draft red herring prospectus (DRHP), Mamata Machinery Ltd’s IPO will solely consist of an offer for sale (OFS) of 73.82 lakh equity shares by its promoters. This means that the company itself will not receive any proceeds from the public issue.

The funds raised through the IPO will directly benefit the selling shareholders, which include Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP. They will divest their shares through this offering.

In its IPO filing, Mamata Machinery Ltd stated that the primary objective of going public is to leverage the advantages of listing its equity shares on the stock exchanges. This includes enhancing visibility and brand image, providing liquidity to existing shareholders, and establishing a public market for its equity shares.

Specializing in the manufacture and export of plastic bags, pouch-making machines, packaging machines, and extrusion equipment, Mamata Machinery offers comprehensive manufacturing solutions for the packaging industry. Its products are marketed under the brand names ‘Vega’ and ‘Win’. As of May 2024, the company has installed over 4,500 machines across 75 countries worldwide.

Mamata Machinery Ltd caters to the entire flexible packaging market value chain, offering a diverse range of products.

Beeline Capital Advisors Private Limited has been appointed as the sole Book Running Lead Manager (BRLM) to manage the IPO process.