Mamata Machinery IPO On Dec 19

New Delhi: Packaging machinery manufacturer Mamata Machinery Ltd on Friday fixed a price band of Rs 230-243 per share for its Rs 179 crore initial share sale opening for public subscription on December 19. The public issue will conclude on December 23 and the bidding for anchor investors will open for a day on December 18, the company announced.

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.