Gujarat-based packaging equipment firm Mamata Machinery files IPO papers with Sebi

Packaging equipment manufacturer Mamata Machinery Ltd has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO). The Gujarat-based company's initial share sale is entirely an offer for sale (OFS) of 73.82 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP).

Those selling shares under the OFS are Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.

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, in its draft papers filed on Friday, 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.

Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager to the Issue (BRLM).

SEE ALSO:

Reliance Jio and Airtel price hike – new plans and how you can save money

Upcoming cars launching in India in July 2024

Upcoming smartphones launching in India in July 2024