Mukka Proteins IPO opens: GMP, issue details, 10 key things to know before investing to ₹224-crore issue
- Mukka Proteins, a leading fish protein maker, to open IPO on February 29 with a price band of ₹26-28 per share.
Mukka Proteins IPO opens for subscription tomorrow (Thursday, February 29). 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). The company is a maker of fish protein products. Moreover, fish oil is used in the manufacture of soap, leather tanneries, paint, and pharmaceutical goods.
It is one of the pioneering companies in India to have created the steam-dried method for producing fish meal.
The company exports its goods to over ten countries, which include China, Saudi Arabia, South Korea, Oman, Taiwan, Vietnam, Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, and Taiwan, in addition to selling them locally.
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At present, the company operates six production facilities, of which four are situated in India and two are owned through its foreign subsidiary, Ocean Aquatic Proteins LLC, which is headquartered in Oman. Additionally, the company runs five storage facilities and three blending facilities in India.
In order to supply fish meal and fish oil, the company has engaged into contractual agreements with third-party production plants as of September 30, 2023, which are located in Sasihithlu, Karnataka, Udupi, Ullal, Karnataka, Taloja, Maharashtra, Porbandar, Gujarat, and Mangrol, Gujarat.
Three of the company's promoter directors, Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf, are actively involved in the business.
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%.
Here are the 10 key things to know about Mukka Proteins IPO:
Mukka Proteins IPO date: Mukka Proteins IPO opens for subscription on Thursday, February 29, and will close on Monday, March 4.
Mukka Proteins IPO price band: The 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: Mukka Proteins IPO lot size is 535 equity shares and in multiples of 535 equity shares thereafter.
Anchor investors: The allocation to anchor investors for the Mukka Proteins IPO is scheduled to take place today (Wednesday, February 28).
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. This is a completely a fresh issue, and there is no offer-for-sale component.
Mukka Proteins IPO Objectives: 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, to fund its working capital requirements, and funding the company's working capital requirements.
Mukka Proteins IPO listing date and allotment details: Tentatively, Mukka Proteins IPO basis of allotment of shares will be finalised on Tuesday, March 5 and the company will initiate refunds on Wednesday, March 6, while the shares will be credited to the demat account of allottees on the same day. Mukka Proteins IPO shares are likely to be listed on BSE and NSE on Thursday, March 7.
Lead Manager and Registrar of Mukka Proteins IPO: The registrar for the Mukka Proteins IPO is Cameo Corporate Services Limited, while the book running lead manager is Fedex Securities Pvt Ltd.
Mukka Proteins IPO reservation: Mukka Proteins IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Mukka Proteins IPO GMP price today: Mukka Proteins IPO GMP or grey market premium is +17. This indicates Mukka Proteins share price were trading at a premium of ₹17 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 was indicated at ₹45 apiece, which is 60.71% higher than the IPO price of ₹28.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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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