Thu Dec 19 12:57:20 UTC 2024: **Mamata Machinery IPO Oversubscribed on Day 1**
MUMBAI, INDIA – Mamata Machinery Limited’s initial public offering (IPO) opened today, December 19th, and was oversubscribed within minutes. The ₹179 crore IPO, priced between ₹230 and ₹243 per share, has already received bids for 76.22 lakh equity shares, exceeding the offer of 51.78 lakh shares by 2x.
Retail investors have shown significant interest, with the IPO oversubscribed 2.29 times in this category. Non-institutional investors (NIIs) have also participated actively, with a 1.47x subscription. Employee bids stand at 3.38 times the allocation, while Qualified Institutional Buyers (QIBs) have yet to participate. The grey market premium (GMP) is reportedly at ₹200, suggesting a potential listing price of ₹443, offering investors a potential profit of up to 83% on the first day.
The IPO, which closes on December 23rd, is entirely an offer for sale (OFS) of 73.82 lakh equity shares by existing promoters, including Mahendra Patel, Nayna Patel, Bhagwati Patel, Mamta Group Corporate Services LLP, and Mamta Management Services LLP. The company will not receive any funds from the IPO; the proceeds will go directly to the selling shareholders. The company’s equity shares will list on the BSE and NSE on December 27th.
First Piper 