New Delhi, Dec 23 (PTI) The initial public offering of packaging machinery manufacturer Mamata Machinery Ltd fetched a whopping 194.95 times subscription on the final day of share sale on Monday.
The Rs 179-crore initial share sale received bids for 1,00,94,81,802 shares, as against 51,78,227 shares on offer, as per NSE data.
The Non-Institutional Investors part received a staggering 274.38 times subscription, while the Qualified Institutional Buyers (QIBs) chunk got subscribed 235.88 times. Retail Individual Investors (RIIs) portion garnered 138.08 times subscription.
The Rs 179-crore IPO has a price range of Rs 230-243 per share.
Mamata 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-for-Sale (OFS) of 73.82 lakh equity shares by promoters worth Rs 179.38 crore at the upper-end of the price band.
Since it is 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.
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 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.
Beeline Capital Advisors is the sole book-running lead manager to the issue.
The equity shares will be listed on the BSE and the NSE.