New Delhi, Dec 19 (PTI) The initial public offer of packaging machinery manufacturer Mamata Machinery Ltd got fully subscribed within minutes of opening for bidding on Thursday and finally ended with 16.48 times subscription.

The initial share sale received bids for 8,53,20,334 shares against 51,78,227 shares on offer, translating into 16.48 times subscription, as per NSE data.

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The quota for Retail Individual Investors (RIIs) fetched 23.84 times subscription. The portion for non-institutional investors received 18.87 times subscription and the category for Qualified Institutional Buyers (QIBs) got subscribed 1.51 times.

The Rs 179-crore IPO is open for public subscription from December 19-23 in the price range of Rs 230-243 per share.

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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.

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.

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 NSE.

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