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Mukka Protiens Storm:
Mukka Proteins IPO has opened for investors from today. You will be able to invest in this IPO from February 29 to March 4, 2024. Mukka Proteins’ IPO on Wednesday, February 28 raised ₹67.20 crore from anchor investors. The company informed the exchanges that it has allotted 2,39,99,565 equity shares to anchor investors. The price band per equity share of Mukka Proteins IPO has been fixed between ₹26 to ₹28. The lot size of Mukka Proteins IPO is 535 equity shares and thereafter investors can invest money in multiples of 535 equity shares.
Business Of Mukka Protiens:
Mukka Proteins Limited manufactures and sells fish meal, fish oil and fish soluble paste. The three promoter directors of the company, Kalandan Mohammad Haris, Kalandan Mohammad Arif and Kalandan Mohammad Althaf, are actively involved in the business. As per the company’s RHP, its listed peers are Avanti Feeds Ltd. (with P/E of 25), Godrej Agrovet Ltd. (with P/E of 33.23), Zeal Aqua Ltd. (with P/E of 20.63).
Mukka Proteins IPO:
The size of Mukka Proteins IPO is ₹224 crore. This involves a fresh issue of 8,00,00,000 equity shares with face value of Rs 1 each. The company will utilize the net proceeds from the issue for general corporate purposes, investment in its associate, Ento Proteins Pvt Ltd, to meet its working capital requirements, and to fund the working capital requirements of the company, the Red Herring Prospectus (RHP) said. Will do in financing.
GMP of Mukka Proteins:
Mukka Proteins IPO GMP or Gray Market Premium is +15. That means the share of Mukka Proteins is trading at a premium of ₹ 15 in the gray market. Considering the upper end of the IPO price band and the existing premium in the gray market, the estimated listing price of Mukka Proteins share price was reported to be ₹43 per share. Based on gray market activities, IPO GMP is in an uptrend today and a strong listing is expected. Mukka Proteins is a leading company in fish meal, fish oil and related allied products with 25-30% market share domestically. It is also in good demand in global markets. The company has recorded growth in its top and bottom lines during the reported period.
Few More About Mukka Protien Share:
The issue is being created through a book-building process, in which 50% will be available to qualified institutional buyers, 15% to non-institutional investors and 35% to retail investors.The net proceeds raised through the issue will be used to finance investment and working capital requirements of Ento Proteins, its associate, as well as for general corporate purposes.Mukka Proteins is one of the leading companies manufacturing and marketing fish meal, fish oil and allied products in the domestic and global markets. The company sells its products domestically and exports them to more than 10 countries including Bahrain, Bangladesh, Chile.Mukka has around 25-30% market share in India. In FY23, the company’s revenue from operations grew 53% year-on-year (YoY) to Rs 1,177 crore and net profit increased by over 80% to Rs 44 crore. For the six months ending September 2023, revenue was Rs 612 crore and profit Rs 32.3 crore.Mukka Proteins has raised Rs 67.20 crore through anchor investors. The IPO of Mukka Proteins is trading at a premium of Rs 35 in the gray market. According to this, the IPO can be listed at a premium of 125 percent.
