Mukka Proteins IPO last bidding day today: Issue booked 136.89 times so far led by NIIs, retail investors; Check GMP
- Mukka Proteins IPO offers ₹224 crore with no offer-for-sale component. Mukka Proteins IPO GMP at +25, indicating strong listing prospects with estimated share price of ₹53. Mukka Proteins IPO subscribed 6.97 times by day 2.
Mukka Proteins IPO opened for subscription on Thursday, February 29, and today (Monday, March 4) is the last day to apply to the issue for those who are interested in subscribing. Mukka Proteins IPO received favourable responses over the first two days of its opening. Mukka Proteins IPO subscription status was 6.97 times on day 2, as per data available on BSE, and on the first day the issue was subscribed 2.47 times.
It has reserved not more than 50% of the shares in the public issue for QIBs, not less than 15% for NIIs, and not less than 35% of the offer for retail investors.
Mukka Proteins Ltd manufactures and sells fish meal, fish oil, and fish soluble paste, which are necessary components in the production of aqua feed (for fish and prawns), poultry feed (for grill and layer), and pet food (dog and cat chow).
Mukka Proteins IPO price band has been fixed in the range of ₹26 to ₹28 per equity share of the face value of Re 1. Mukka Proteins IPO lot size is 535 equity shares and in multiples of 535 equity shares thereafter.
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Mukka Proteins IPO subscription status
The third day of Mukka Proteins IPO continues to receive huge demand from investors. The overall Mukka Proteins IPO subscription status is 136.99 times, as per BSE data.
On day 3, Mukka Proteins IPO retail investors portion has been subscribed 58.52 times, Non Institutional Investors (NII) portion is booked 250.38 times, and Qualified Institutional Buyers (QIB) portion is booked 189.28 times.
Mukka Proteins IPO has received bids for 7,67,16,38,920 shares against 5,60,00,435 shares on offer, according to data from the BSE.
Mukka Proteins IPO details
Mukka Proteins IPO, which is worth ₹224 crore, comprises a fresh issue of 8,00,00,000 equity shares with a face value of Re 1. There is no offer-for-sale component.
The company intends to use the net proceeds from the issue, as stated in the red herring prospectus (RHP), to fund the following: general corporate purposes, investment in their associate, Ento Proteins Private Limited, and the company's working capital requirements.
Three of the company's promoter directors, Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf, are actively involved in the business.
The registrar for the Mukka Proteins IPO is Cameo Corporate Services Limited, while the book running lead manager is Fedex Securities Pvt Ltd.
As per the company's RHP, its listed peers are Avanti Feeds Ltd (with a P/E of 25), Godrej Agrovet Ltd (with a P/E of 33.23), Zeal Aqua Ltd (with a P/E of 20.63), and Waterbase Ltd.
Between March 31, 2022, and March 31, 2023, Mukka Proteins Limited's profit after tax (PAT) scaled by 84.07%, while revenue jumped by 52.52%.
Mukka Proteins IPO GMP today
Mukka Proteins IPO GMP or grey market premium is +25. This indicates Mukka Proteins share price was trading at a premium of ₹25 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Mukka Proteins share price is indicated at ₹53 apiece, which is 89.29% higher than the IPO price of ₹28.
Based on last 28 sessions' grey market activities, today's IPO GMP expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹29, as per investorgain.com analysts.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Mukka Proteins IPO Review
BP Wealth
According to the brokerage, the company has a track record of consistent consolidated revenue from operations, with growth of 39.3% CAGR from FY21 to FY23. High entry barriers, steady financial performance, and cutting-edge goods, as per the brokerage, have all contributed to the company's successful business growth.
" As we advance, Mukka Proteins Ltd. presents a persuasive investment opportunity in the fish protein industry, given its strong market position, diversified product portfolio, and global presence. The issue is valued at a P/E of 9.3x on the upper price band based on FY24 earnings, which is fairly valued. We, therefore, recommend an SUBSCRIBE rating for the issue," the brokerage said.
Master Capital Services Ltd
A pioneer in the fishmeal industry, having established one of India's earliest steam-sterilized fishmeal mills, Mukka Proteins has a rich fifty years of history in the Indian marine industry, according to the brokerage. An enormous increase in both volume and value is predicted for the industry in fiscal 2023. Increasing market share via satisfying customer demand for fish meal and fish oil is the company's goal. On-year growth was reported as 130–150% in value terms and 90–110% in volume terms.
“The company sees huge potential and demand in insect based nutrition and has entered into the business of manufacturing and selling of insect meal and insect oil through EPPL, which is engaged in the business of manufacturing of Insect Proteins. The company intends to deepen its presence in existing export markets such as, China, Chile, Japan and facilitate entry into new markets. Investors looking to invest, can invest in this IPO with a medium to long term perspective,” the brokerage said.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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