Packaging equipment firm Mamata Machinery files IPO papers with Sebi
Packaging equipment manufacturer Mamata Machinery Ltd has filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO).
The Gujarat-based company's initial share sale is entirely an offer for sale (OFS) of 73.82 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP).
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 such proceeds will go to the selling shareholders.
The company, in its draft papers filed on Friday, said 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 establi