Mamata Machinery
Book Building issueMainboardNSE₹179 Cr issue
+146.91%
Listing gain over issue price
Issue size
₹179 Cr
1 lot at cut-off
₹14,823
Lot size
61shares
Open
19 Dec 2024
Close
23 Dec 2024
Allotment
24 Dec 2024
Listing
27 Dec 2024
Listing performance
Issue price
₹243
Listed at
₹600
Listing-day close
₹630
Latest price
₹382.25
Close on 23 Oct 2026
Listing gain
+146.91%
Return since issue
+57.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Dec 2024 – 23 Dec 2024
- Listing date
- 27 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹243 per share
- Lot size
- 61 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹179 Cr
- Market cap at offer price
- ₹553 Cr
- Promoter holding
- 92.45% → 62.45% pre-issue → post-issue
- ISIN
- INE0TO701015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Survey No.423/P, Sarkhej-Bavla Road, N.H No.8A, Moraiya, Sanand, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 22,04,113 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 61 shares per lot, in multiples, at ₹243
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 61 | ₹14,823 |
| Retail (max) | 13 | 793 | ₹1,92,699 |
| S-HNI (min) | 14 | 854 | ₹2,07,522 |
| S-HNI (max) | 67 | 4,087 | ₹9,93,141 |
| B-HNI (min) | 68 | 4,148 | ₹10,07,964 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
22,04,113
Anchor portion
₹53.56 Cr
at ₹243 per share
Valuation and performance
Valuation at offer price
₹243 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.88 | 0.38 |
| P/E (×) | 15.30 | 639.47 |
| Price to book (×) | 4.50 | — |
| Market cap | — | ₹553 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.39%
- ROCE
- 31.29%
- Debt / equity
- 0.09
- PAT margin
- 15.27%
- NAV per share
- ₹53.98
- Price to book
- 4.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mamata Machinery
Mamata Machinery Limited, incorporated in 1979 and converted to a public company in 2024, is a manufacturer and exporter of plastic bag and pouch making machines, packaging machinery, and extrusion equipment. The company provides end-to-end manufacturing solutions for the packaging industry, with products used primarily in FMCG, Food & Beverage, and consumer industries. The company operates manufacturing facilities in India (Sanand, Ahmedabad) and the USA (Bradenton, Florida and Montgomery, Illinois). It derives approximately 65-70% of revenue from export sales and has installed over 4,500 machines in over 75 countries. The company generates revenue from machine sales, attachments, spares, and after-sales services.
Company Analysis
from RHPMamata Machinery Limited manufactures and exports plastic bag and pouch making machines, packaging machinery, and extrusion equipment for the flexible packaging industry.
Mamata Machinery Limited, incorporated in 1979 and converted to a public company in 2024, is a manufacturer and exporter of plastic bag and pouch making machines, packaging machinery, and extrusion equipment. The company provides end-to-end manufacturing solutions for the packaging industry, with products used primarily in FMCG, Food & Beverage, and consumer industries. The company operates manufacturing facilities in India (Sanand, Ahmedabad) and the USA (Bradenton, Florida and Montgomery, Illinois). It derives approximately 65-70% of revenue from export sales and has installed over 4,500 machines in over 75 countries. The company generates revenue from machine sales, attachments, spares, and after-sales services.
Packaging MachineryPlastic ProcessingFMCGFood & Beverage
Objects of the Issue
- Carry out the Offer for Sale of up to 7,382,340 Equity Shares by the Selling Shareholders and achieve the benefits of listing the Equity Shares on the Stock Exchanges p.29
- Offer for Sale of Equity Shares by Selling Shareholders Up to ₹ [●] million (7,382,340 Equity Shares) p.71
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.112
- Not determinable from this section; this is Part 3 focusing on offer expense details and basis of offer price p.121
Issue Structure
- Total Issue
- Up to 7,382,340 Equity Shares of face value of ₹10 each
- Fresh Issue
- Not Applicable
- Offer for Sale
- Up to 7,382,340 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price ₹[●]; Cap Price ₹[●])
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company manufactures plastic bag and pouch making machines, co-extrusion blown film machinery, and packaging machinery. Revenue is generated through: (1) sale of machines for plastic bag and pouch making (38-67% of revenue), (2) packaging machinery sales (11-23% of revenue), (3) co-extrusion blown film machinery (4-10% of revenue), (4) attachments and spares (13-32% of revenue), and (5) after-sales services (1-5% of revenue). The manufacturing process involves design, software development, body fabrication, mechanical components manufacturing, sub-assemblies, assembly, painting, integration, electrical wiring, electronic integration, testing and final dispatch. Most materials and components are sourced from third parties.
Business Segments
Machines for plastic bag and pouch making, including side and bottom seal bag makers, universal machines, servo wicketers, center seal and three side seal pouch makers, stand-up zipper & in-line spout makers and flat bottom pouch making systems
Co-extrusion blown film machinery including mono and 3-layer film lines, 5- and 7-layer lines
Packaging machinery including HFFS pouch machines, pick-fill-seal (PFS) machines, multi-lane sachet packaging machine and vertical form fill seal (VFFS) machines
Attachment and spares
After sales services and support
Manufactures machines for production of plastic bags and pouches for flexible packaging applications
The document references business segments but does not provide segment-wise revenue breakdown in this part
Converts rolls of plastic films into bags and pouches; includes side and bottom seal bag makers, universal machines, servo wicketers, center seal and three side seal pouch makers, stand-up zipper & inline spout makers, and flat bottom pouch making systems
Used to fill end products into pouches; includes HFFS (horizontal form fill and seal), VFFS (vertical form fill and seal), PFS (pick fill seal) machines for smaller volume requirements, and multi-lane sachet packaging machines
Used for processing polymer granules into co-extruded multilayer films with mono layer, three, five and seven layers
Additional components and spare parts for the machinery
Service and support provided to customers post-sale
Manufactures and sells bag and pouch making machines; provides attachments and spares for these machines; includes repair and maintenance services
Manufactures and sells plastic extrusion machinery and related products; provides attachments and spares
Manufactures and sells packaging machinery, attachments, and spares
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
Sale of machineries (revenue from operations)
SWOT Analysis
Strengths
- • Established manufacturing and export presence globally(p.52)
- • Strong revenue growth trajectory(p.52)
- • Significant market position in India's packaging machinery exports(p.26)
- • Diversified product portfolio across packaging machinery segments(p.54)
- • Established brand recognition in domestic and international markets(p.57)
- • International quality certifications and awards(p.62)
- • Global patent portfolio protecting key innovations(p.56)
- • Strong customer service infrastructure with rapid response capability(p.61)
- • Consistent revenue growth trajectory(p.59)
- • Leading exporter of machinery for converting, packaging, and co-extrusion blown film machinery(p.122)
- • Advanced manufacturing infrastructure with customization capabilities(p.122)
- • Technology-driven operations with strong R&D focus(p.122)
- • Extensive global sales and distribution network(p.122)
- • Strong financial performance with high profitability metrics(p.126)
- • Low leverage with Debt Equity Ratio of 0.09(p.126)
- • Leading exporter of flexible packaging machinery with 3+ decades presence and 4,500+ installations globally(p.187)
- • Advanced manufacturing infrastructure with ISO 9001:2015 certification and in-house R&D capabilities(p.187)
- • Strong R&D focus with 87 engineers and 4 granted patents plus 2 pending patents(p.188)
- • Technology-driven operations with Industry 4.0 certified machines and remote connectivity capability(p.188)
- • Global presence in 75 countries with diversified customer base reducing single-customer dependency(p.189)
- • Proven revenue growth track record with 10.94% CAGR (FY2022-FY2024) and strong profitability(p.185)
- • Skilled and experienced management team with 40+ years industry experience in leadership(p.191)
- • Technological advantage in recyclable plastic film processing to meet regulatory requirements(p.189)
- • Established promoter group with diversified business interests and long operational history(p.245)
- • Trademark license secured with favorable terms waived through 2025(p.246)
- • Global presence with sales across 75 countries(p.326)
- • Established manufacturing with ISO 9001:2015 certification(p.326)
- • Multiple issued patents protecting core innovations(p.326)
- • Consistent revenue and EBITDA growth trajectory(p.327)
- • Strong profitability margins with PAT of 15.27% in Fiscal 2024(p.327)
- • Low debt levels with negative net debt position(p.327)
Weaknesses
- • High inventory levels with poor turnover(p.41)
- • Severe concentration risk with top 10 customers(p.45)
- • Untraceable corporate records and secretarial documents(p.46)
- • Negative operating cash flows in recent period(p.43)
- • Heavy reliance on external sourcing with no long-term supply contracts(p.40)
- • Outstanding MSME payables with interest liability risk(p.48)
- • High exposure to foreign currency fluctuation without hedging(p.50)
- • High dependency on bag and pouch making machines segment(p.54)
- • Risk of key personnel dependence and attrition(p.58)
- • Unsecured loans dependent on promoter goodwill with recall risk(p.55)
- • Inventory management challenges impacting working capital(p.56)
- • Concentrated customer base exposure(p.59)
- • Significant attrition in workforce(p.58)
- • High customer concentration risk with top customer contributing 7.17% and top 3 customers 16.08% of FY24 revenue(p.126)
- • Seasonal concentration of revenues with top customer at 36.02% and top 3 at 49.37% in Q1 FY25(p.126)
- • Relatively small workforce of 188 employees as of FY24(p.126)
- • High dependence on top 10 suppliers accounting for 26.36%-29.35% of raw material purchases(p.205)
- • Significant concentration of top 5 customers in Q1 FY2025 at 59.62% of revenue(p.187)
- • Limited capacity calculation as company manufactures on order basis with high customization(p.204)
- • Dependence on trademark licensed from promoter, requiring shareholder approval for future consideration charges(p.185)
- • Concentrated promoter shareholding with limited free float post-IPO(p.286)
- • Significant outstanding trade receivables aged beyond 3 years indicating collection challenges(p.296)
- • Elevated provision for expected credit loss on trade receivables(p.299)
- • High dependence on top customers for significant revenue portion(p.357)
- • Significant dependence on selected suppliers for raw materials(p.329)
- • Raw material costs represent substantial portion of expenses(p.329)
- • Vulnerability to foreign exchange fluctuations(p.329)
- • Significant related-party transactions concentration(p.354)
- • Outstanding tax litigation demands across multiple years(p.361)
- • Significant GST litigation with material demand notices(p.361)
- • High proportion of trade payables owed to small and medium enterprises(p.363)
- • Dependency on trademark license subject to consideration and approval restrictions(p.367)
Opportunities
- • Global packaging machinery market growth(p.29)
- • Strong growth in packaging machinery exports from India(p.29)
- • Rising demand for flexible packaging materials(p.29)
- • India's strong macroeconomic positioning(p.28)
- • Expansion from niche to large addressable markets(p.59)
- • Diversification into new product categories(p.59)
- • Growing demand for flexible packaging solutions(p.57)
- • Enhanced visibility and market access through listing(p.119)
- • International market expansion potential(p.61)
- • India's packaging machinery market projected to grow from USD 5.5 Bn in 2023 to USD 6 Bn by 2027(p.182)
- • Indian packaging market expected to reach USD 209 Bn by 2025 from USD 130 Bn in 2023(p.182)
- • E-commerce sector growth driving demand for packaging machinery(p.164)
- • Strong growth in food & beverage sector projected to reach USD 505 billion by 2027(p.181)
- • Rising demand for sustainable packaging solutions(p.181)
- • Export growth potential with Indian exports of packaging machinery reaching INR 28.2 Bn in FY24, growing at 16.1% CAGR(p.181)
- • Expansion into export of packaging machines to Europe, Africa, Middle East (currently only USA)(p.191)
- • Indian packaging machinery market growing at 9.33% CAGR (2020-2023) reaching USD 5.5 billion(p.184)
- • Global flexible packaging market valued at USD 12.92 billion in 2023, estimated to reach USD 49 billion by 2023 with 12.6% CAGR(p.184)
- • Diversification into new FMCG end-use sectors beyond food packing(p.192)
- • Backward integration opportunity through captive frame manufacturing to reduce costs and delivery time(p.192)
- • Cross-sell opportunities with existing global customers across their different business divisions(p.191)
- • Capitalization on single-use plastic ban by offering recyclable film processing technology(p.192)
- • Expanding Indian packaging market with 26.7% CAGR (2019-2023)(p.326)
- • Growing Indian flexible packaging market with 12.6% CAGR (2022-2027)(p.326)
- • FMCG sector expansion as primary market driver(p.329)
- • E-commerce and online retail enabling FMCG market expansion(p.329)
- • Global packaging machinery market growth at 4.5% CAGR (2022-2028)(p.326)
- • Indian packaging machinery industry at 9.33% CAGR (2020-2023)(p.326)
- • Diversifying into non-packaging applications(p.330)
Threats
- • Raw material price volatility and supply chain disruptions(p.39)
- • Dependence on FMCG and Food & Beverage industry cyclicality(p.40)
- • Intense competitive pressures in the industry(p.26)
- • Regulatory risks from plastic bans and restrictions(p.48)
- • Geopolitical and international trade risks(p.44)
- • Concentration of export revenue in specific countries(p.46)
- • Outstanding legal and regulatory proceedings(p.47)
- • Machine durability limiting repeat sales potential(p.51)
- • Intense global and domestic competition from organized and unorganized players(p.60)
- • Volatility and price fluctuations in raw material costs(p.59)
- • Customer pricing pressure erosion of margins(p.60)
- • Slowdown in Indian economic growth and manufacturing sector(p.66)
- • Rising employee compensation costs in India(p.66)
- • Geopolitical tensions and regulatory risks(p.66)
- • Supply chain disruption risk from third-party dependence(p.59)
- • Global competition from established packaging machinery manufacturers(p.181)
- • Raw material price fluctuations affecting manufacturing costs(p.177)
- • Rapid technological changes requiring continuous investment(p.177)
- • Heavy dependence on raw material supply chain(p.180)
- • Imports of packaging machinery reaching INR 73.5 Bn in FY24, indicating competitive pressure(p.170)
- • Global packaging machinery market growing slower at 4.5% CAGR (2022-2028) compared to Indian market(p.184)
- • Fluctuating raw material prices and currency exchange rate impacts on overseas sales(p.205)
- • Exposure to regulatory changes in export markets affecting business operations(p.214)
- • High concentration of revenue from export markets (65.28% in FY2024) subject to geopolitical and trade risks(p.189)
- • Significant reliance on US market representing 19.20% of FY2024 revenue(p.190)
- • Foreign currency exchange rate volatility affecting export-dependent revenue(p.301)
- • Interest rate risk on floating rate borrowings(p.300)
- • Pending litigation and contingent liabilities creating financial uncertainty(p.302)
- • Highly fragmented and competitive market both domestically and globally(p.330)
- • Larger competitors with greater economies of scale(p.330)
- • Risk of downward price pressure and margin compression(p.330)
- • Dependence on macro-economic conditions affecting FMCG sector(p.328)
- • Commodity price volatility affecting input costs(p.329)
- • Outstanding tax litigation exposure(p.360)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mahendra Patel | Promoter | 23.34% | — |
| Chandrakant Patel | Promoter | 2.34% | — |
| Nayana Patel | Promoter | 8.00% | — |
| Bhagvati Patel | Promoter | 13.03% | — |
| Mamata Group Corporate Services LLP | Promoter | 26.67% | — |
| Mamata Management Services LLP | Promoter | 19.07% | — |
| Mahendra Patel | Promoter | 23.34% | — |
| Chandrakant Patel | Promoter | 2.34% | — |
| Nayana Patel | Promoter | 8.00% | — |
| Bhagvati Patel | Promoter | 13.03% | — |
| Mamata Group Corporate Services LLP | Promoter Group | 26.67% | — |
| Mamata Management Services LLP | Promoter Group | 19.07% | — |
| Nayana Patel | Promoter | — | — |
| Bhagvati Patel | Promoter | — | — |
| Mamata Group Corporate Services LLP | Promoter Group | — | — |
| Mamata Management Services LLP | Promoter Group | — | — |
| Mahendra Patel | Promoter/Chairman and Managing Director | 5,743,674 shares | — |
| Chandrakant Patel | Promoter/Joint Managing Director | 575,550 shares | — |
| Nayana Patel | Promoter | — | — |
| Bhagvati Patel | Promoter | — | — |
| Mamata Group Corporate Services LLP | Promoter Group | — | — |
| Mamata Management Services LLP | Promoter Group | — | — |
| Mahendra Patel | Promoter/Managing Director | 24.21% | — |
| Nayana Patel | Promoter | 8.89% | — |
| Chandrakant Patel | Promoter/Joint Managing Director | 2.34% | — |
| Bhagwati Patel | Promoter | 14.28% | — |
| Mamata Group Corporate Services LLP | Promoter Group | 28.30% | — |
| Mamata Management Services LLP | Promoter Group | 19.82% | — |
| Mahendra Patel | Promoter | — | — |
| Nayana Patel | Selling Shareholder | — | — |
| Bhagvati Patel | Selling Shareholder | — | — |
| Mamata Group Corporate Services LLP | Selling Shareholder | — | — |
| Mamata Management Services LLP | Selling Shareholder | — | — |
Leadership
Mahendra Patel · Chairman and Managing Director
Chandrakant Patel · Joint Managing Director
Apurva Kane · Chief Executive Officer
Dipak Modi · Chief Financial Officer
Madhuri Sharma · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Mamata Machinery IPO FAQs
What is the lot size of Mamata Machinery IPO?
The minimum lot size of Mamata Machinery IPO is 61 shares. One lot costs ₹14,823 at the cut-off price.
When does Mamata Machinery IPO open and close?
Mamata Machinery IPO opened for subscription on 19 Dec 2024 and closed on 23 Dec 2024.
What is the listing date of Mamata Machinery IPO?
Mamata Machinery IPO listed on 27 Dec 2024.