On the opening day of bidding, February 29, Mukka Proteins’ public issue witnessed a subscription of 39%. Retail investors took the lead, subscribing 67%, while high net-worth individuals subscribed to 26% of the allocated quota.
The company aims to raise Rs 224 crore through the fresh issue of 8 crore shares. Of this, Rs 120 crore will be allocated to meet working capital requirements, with an additional Rs 10 crore earmarked for the working capital needs of its associate, Ento Proteins. The remaining proceeds will be utilized for general corporate purposes.
Ahead of the IPO, the Karnataka-based fish protein products manufacturer raised Rs 67.2 crore through its anchor book on February 28. Six investors, including Neomile Growth Fund, Saint Capital Fund, Eminence Global Fund, and Elara India Opportunities Fund, participated in the anchor book.
In the fiscal year ended March 2022, Mukka Proteins recorded a consolidated net profit of Rs 25.8 crore, a significant increase from Rs 11.01 crore in the previous year. Revenue from operations also witnessed growth during the same period, rising from Rs 603.8 crore to Rs 770.5 crore.
Fedex Securities Pvt Ltd is the book-running lead manager for the Mukka Proteins IPO, while Cameo Corporate Services Limited is the registrar for the issue.
Mukka Proteins specializes in manufacturing fish protein products and has a global presence, exporting its products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
