Fri Dec 20 16:03:57 UTC 2024: ## Gujarat Packaging Firm’s IPO Oversubscribed, Attracts Strong Investor Interest
**Ahmedabad, India – December 22, 2024** – Mamata Machinery Ltd., a Gujarat-based manufacturer of packaging machinery, has seen its initial public offering (IPO) massively oversubscribed, indicating strong investor confidence. The Rs 179.39 crore IPO, which closes on Monday, December 23rd, has already received 38.04 times subscription by the end of the second day of bidding, with bids for 19,69,73,697 shares against 51,78,227 shares on offer.
Retail investors have shown particularly strong interest, with the retail portion oversubscribed by 51.54 times. The non-institutional investor (NII) category also saw significant demand, at 50.4 times oversubscription, while qualified institutional buyers (QIBs) subscribed 4.74 times.
The IPO, priced between Rs 230 and Rs 243 per share, has generated significant buzz, with unlisted shares trading at a premium of 107% in the grey market. This suggests a potentially strong listing gain for investors when the shares begin trading on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on December 27th.
Several analysts have issued positive recommendations, citing the company’s strong global presence, focus on innovation in sustainable packaging, and robust financial performance. Rajan Shinde of Mehta Equities highlighted Mamata Machinery’s growth in revenue and net profit, and its strong position in high-demand sectors like FMCG, food, pharmaceuticals, and e-commerce. Choice brokerage and Bajaj Broking also issued “subscribe” ratings.
The IPO is an offer-for-sale (OFS) of 73.82 lakh equity shares by promoters, meaning the company itself will not receive the proceeds. Prior to the IPO, Mamata Machinery raised Rs 53.56 crore from anchor investors. The company plans to use the listing to enhance its brand visibility and potentially facilitate future growth. Beeline Capital Advisors is the sole book-running lead manager for the issue.
First Piper 