Mukka Proteins IPO Gets 137x Oversubscription: Allotment Expected Today

5 Mar 2024 , 11:12 AM

Mukka Proteins, a prominent manufacturer of fish protein products, witnessed overwhelming demand for its IPO, with a subscription rate of 136.99 times on the final day of bidding, which was March 4.

The company is set to announce the allotment of the IPO today, i.e., March 5th. Investors who have applied for the IPO can conveniently check the allotment status on the BSE website or on the website of the IPO registrar, Cameo Corporate Services Limited.

High net-worth individuals led the subscription frenzy, subscribing a remarkable 250.38 times their allotted quota of shares. Retail investors also displayed strong interest, subscribing 58.52 times their quota, while qualified institutional buyers subscribed 189.28 times their reserved portion.

Mukka Proteins aims to raise Rs 224 crore through a fresh issue of 8 crore shares, priced within a range of Rs 26-28 per share.

The company plans to utilize Rs 120 crore of the proceeds to meet its working capital requirements and allocate Rs 10 crore for investment in the associate company, Ento Proteins. The remaining funds will be utilized for general corporate purposes, underscoring the company’s strategic approach to capital allocation and growth initiatives.