Shares of Mamata Machinery will be listed at the bourses after a blockbuster success in the primary market by subscribing 194.95 times. The company that lured all category of investors has fixed the issue price at ₹243, upper end of the price band ₹230-243.

According to market buzz, the stock is likely to double at the listing. “Considering market sentiments and massive subscription demand, we expect the company can list with strong listing gain over with high probability of delivering nearly 100 per cent return on its issue price,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“We recommend conservative allotted investors can think of booking profits above our expectations. While long term investors should consider to Hold it for Long Term despite knowing short term volatility & risk in the markets,” he advised and added for non-allotted investors, we advise to accumulate if we get dips post listing due to profit booking attempts.

The Gujarat-based company hit the capital market with a ₹179.38-crore public offer. The IPO was entirely an offer-for-sale of 73.82 lakh equity shares by the promoters Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.

The QIB portion was subscribed 235.88 times, while the most aggressive bidders were non-instituitons at 274.38 times. The portion for retail investors received bids for 138.08 times and that of employees BY 153.27 times.

The packaging machinery manufacturer raised over ₹53 crore from anchor investors as part of the IPO. Mamata Machinery has allotted 22.04 lakh shares to seven funds – 3P India Equity Fund, Authum Investment and Infrastructure, Winro Commercial (India) Ltd, Subhkam Ventures, Chartered Finance and Leasing, Belgrave Investment Fund, and Aarth AIF – at ₹243 apiece.

Since the entire issue is an OFS, the company will not receive any proceeds, and the entire amount went to the selling shareholders.

The objective of the initial share sale is to gain the benefits of listing its equity shares on the stock exchanges. Additionally, the company anticipates that listing the shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the 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 are expected to be listed on December 27 on the BSE and NSE