Mukka protein IPO subscription opened last week, Thursday, 29 February, and will close Today, Monday, 4 March. The IPO received a positive response in the first two days of its subscription opening. According to data available on BSE, the issue was subscribed 2.47 times on the first day, while the subscription status was issued 6.97 times on day 2.
On Wednesday, Mukka Proteins raised Rs 67 crore from anchor investors. The total proceeds will be used towards working capital requirements. Further, almost Rs 10 crore for investment in its associate, Ento Proteins, to fund its working capital requirements. A portion will also be used for general corporate purposes.
As per NSE data, the Rs 224 crore initial share sale received bids for 38,99,15,490 shares against 5,60,00,435 shares on offer.
The ratio for the category of non-institutional investors received 6.22 times the subscription, while the Retail Individual Investors (RIIs) subscribed 10.20 times. The allotment of the Mukka Proteins IPO will occur on 5 March. Apart on 7 March 2024, its listing will appear on both NSE and BSE.
About Mukka Protein IPO
Mukka Protein is one of the most significant players in the fish protein sector. Fish oil has diverse uses, including Soap Making, leather treatment, paint manufacturing, and pharmaceuticals.
The company’s product productization is both domestic and international, serving various countries. This includes Bangladesh, Indonesia, Malaysia, Myanmar, the Philippines, China, Chile, South Korea, Oman, Taiwan, Saudi Arabia and Vietnam.
Mukka protein has a two-thirds market share in India, with estimated revenue between Rs 3,200 and Rs 4,100 crore.
The company currently has six manufacturing facilities, two of which are held through its foreign subsidiary, Ocean Aquatic Proteins LLC, based in Oman, and the other four facilities are situated in India. Also, it operates Five storage facilities and three blending facilities along the Indian coastlines.
