New Delhi, Dec 18 (PTI) Packaging machinery manufacturer Mamata Machinery Ltd on Wednesday said it has raised over Rs 53 crore from anchor investors ahead of its initial public offering (IPO).
The Rs 179-crore IPO will be available for public subscription during December 19-23 in the price range of Rs 230-243 per share.
According to a circular uploaded on BSE's website, Mamata Machinery has allotted 22.04 lakh shares to seven funds at Rs 243 apiece, taking the transaction size to Rs 53.56 crore.
3P India Equity Fund, Authum Investment and Infrastructure, Winro Commercial (India) Ltd, Subhkam Ventures, Chartered Finance and Leasing, Belgrave Investment Fund and Aarth AIF are the funds that have been allocated shares, the circular showed.
The Gujarat-based company's initial share sale is entirely an offer-for-sale (OFS) of 73.82 lakh equity shares, by promoters, worth Rs 179.38 crore at the upper end of the price band.
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 will go to the selling shareholders.
The company stated 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.
At the upper end of the price band, the company's market capitalisation has been pegged at close to Rs 600 crore.
Mamata Machinery provides end-to-end manufacturing solutions for the packaging industry. The company sells its machines under the brand names 'Vega' and 'Win'. It offers a comprehensive range of products, serving the entire flexible packaging market value chain.
Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional buyers.
Beeline Capital Advisors is the sole book-running lead manager to the issue. The equity shares are expected to be listed on December 27 on the BSE and NSE.