Ahmedabad: The city-based Mamata Machinery, a packaging equipment manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). SEBI granted its clearance on September 27, 2024, marking the next step for the company after submitting its draft papers in July, the company announced today.

As per the official statement of the company, “The IPO will be an Offer for Sale (OFS) of 73.82 lakh equity shares, with the company’s promoters, including Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP, set to divest their holdings.”

SEBI’s approval indicates that Mamata Machinery can now move forward with its public issue.