Mukka Proteins IPO: Price band set at ₹26-28 apiece, check issue size, key dates, more
- Mukka Proteins IPO price band has been fixed in the range of ₹26 to ₹28 per equity share.
Mukka Proteins IPO price band: The 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. The Mukka Proteins IPO date of subscription is scheduled for Thursday, February 29, and will close on Monday, March 4. The allocation to anchor investors for the Mukka Proteins IPO is scheduled to take place on Wednesday, February 28.
The floor price is 26 times the face value of the equity shares and the cap price is 28 times the face value of the equity shares. The price/earnings ratio based of diluted EPS for fiscal 2023 at the floor price is 13 times and at the cap price is 14 times. Mukka Proteins IPO lot size is 535 equity shares and in multiples of 535 equity shares thereafter.
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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, 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.
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.
The company's promoters are Kalandan Mohammed Althaf, Kalandan Mohammed Arif, and Kalandan Mohammed Haris.
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.
The firm 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 (omega-3 supplements and similar items made from fish oil are becoming more and more popular as nutrient-dense and healthful dietary supplements).
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.
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.
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%.
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 following refund. Mukka Proteins share price is likely to be listed on BSE and NSE on Thursday, March 7.
Also Read: Juniper Hotels IPO: GMP, subscription status, how to check share allotment status online?
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 decision.
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