The initial public offering (IPO) of packaging machinery manufacturer Mamta Machinery Limited received excellent support from investors on Friday, the second day of bidding. A total of 37.75 times subscription was received on the second day on the basis of retail investors. According to National Stock Exchange (NSE) data, bids were received for 19,54,62,727 shares as against 51,78,227 shares in the initial share sale, PTI reported. Retail individual investors (RIIs) received 51.03 times subscription, while non-institutional investors category received 50.23 times subscription.
Raised more than Rs 53 crore from anchor investors
According to the news, 4.74 times subscription was received for qualified institutional buyers (QIBs). The Rs 179 crore IPO is open for public subscription till December 23 in the price range of Rs 230-243 per share. Mamta Machinery Ltd on Wednesday said it has raised over Rs 53 crore from anchor investors. The Gujarat-based company’s initial share sale is entirely an offer (OFS) of 73.82 lakh equity shares by promoters, valued at Rs 179.38 crore at the upper end of the band.
The company will not earn any income from the public issue
Those selling shares under Open for Sale (OFS) include Mahendra Patel, Nayana Patel, Bhagwati Patel, Mamta Group Corporate Services LLP and Mamta Management Services LLP. Since it is an OFS, the company will not receive any income from the public issue and the entire funds will go to the selling shareholders. The company said the objective of the initial share sale is to capture the benefits of listing equity shares on stock exchanges.
Visibility and brand image will increase
The company anticipates that listing of equity shares will enhance its visibility and brand image, provide liquidity to its shareholders and establish a public market for equity shares. Mamta Machinery provides end-to-end manufacturing solutions for the packaging industry. The company sells its machines under the brand names ‘Vega’ and ‘Win’. Beeline Capital Advisors is the sole book-running lead manager for the issue. The equity shares will be listed on BSE and NSE.
how much is gmp
Last GMP of Mamta Machinery IPO is ₹250. Last updated on December 20, 2024 at 07:27 GMP. With a price band of ₹243.00, the estimated listing price of Mamta Machinery IPO is ₹493 (cap price + today’s GMP). Expected percentage profit/loss per share is 102.88%.
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