Mukka Proteins IPO Subscription Sees Strong Response; Last Day for Applications Today
Mukka Proteins IPO, which opened for subscription on February 29, has garnered significant interest from investors. Today, March 4, marks the last day for those interested in subscribing to the issue. With favorable responses witnessed over the first two days of its opening, the IPO is poised for an enthusiastic closure.
Subscription Status
As per data available on BSE, Mukka Proteins IPO subscription status stood at 6.97 times on day 2, following a subscription of 2.47 times on the first day.
Offer Details
The IPO has designated up to 50% of shares for Qualified Institutional Buyers (QIBs), a minimum of 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors. Mukka Proteins Ltd specializes in producing and selling fish meal, fish oil, and fish soluble paste, which are vital ingredients in the production of aquafeed, poultry feed, and pet food.
Price Band and Issue Size
The Mukka Proteins IPO has set its price range at Rs.26 to Rs.28 per share, with each lot comprising 535 shares and multiples thereof. The IPO holds a value of Rs.224 crore and consists of a fresh issue of 8,00,00,000 equity shares, with no offer-for-sale component included.
Utilization of Proceeds
According to the red herring prospectus (RHP), the net proceeds from the IPO will be utilized for general corporate purposes, investment in their associate company Ento Proteins Private Limited, and fulfilling the company's working capital requirements.
Key Figures and Promoters
Mukka Proteins Ltd benefits from the enthusiastic participation of its promoter directors, including Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf.
Registrars and Managers
Cameo Corporate Services Limited serves as the registrar for the IPO, while Fedex Securities Pvt Ltd operates as the book-running lead manager.
Grey Market Premium and Expected Listing Price
Mukka Proteins IPO GMP stands at +25, indicating a premium of Rs.25 in the grey market. Based on this and the upper end of the IPO price band, the estimated listing price is anticipated to be Rs. 53 per share, marking an 89.29% increase from the IPO price.
Analyst Insights
Analysts predict a robust listing for Mukka Proteins shares based on recent grey market activities. GMP ranges from Rs.0 to Rs.29, reflecting investors' willingness to pay above the issue price.
Comparative Analysis
According to the company's RHP, its listed peers include Avanti Feeds Ltd, Godrej Agrovet Ltd, Zeal Aqua Ltd, and Waterbase Ltd, each with varying Price-to-Earnings (P/E) ratios.
Financial Performance
Between March 31, 2022, and March 31, 2023, Mukka Proteins Limited witnessed a remarkable 84.07% increase in Profit After Tax (PAT) and a substantial 52.52% rise in revenue.
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As the IPO subscription window draws to a close, Mukka Proteins anticipates a successful listing, buoyed by strong investor interest and promising financial performance.
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