Mukka Proteins IPO schedule to open on February 29; Sets issue price at ₹26-28 per share

26 Feb 2024 , 09:23 AM

Mukka Proteins IPO is set to open for subscription on February 29, 2024, and will close on March 4, 2024. The price band for the IPO is fixed at ₹26 to ₹28 per share. Allotment is expected to be finalized on Tuesday, March 5, 2024, and the listing date is set for Thursday, March 7, 2024. The IPO is a book-built issue of ₹224.00 Crores, comprising entirely of fresh issue shares totaling 8 crore.

For interested investors, the minimum lot size for an application is 535 shares, requiring a minimum investment of ₹14,980 for retail investors. The IPO reservation structure allocates not more than 50% of the Net Issue to Qualified Institutional Buyers (QIBs), not less than 35% to Retail investors, and not less than 15% to Non-Institutional Investors (NIIs).

The proceeds from the IPO will be utilized by Mukka Proteins Limited for various purposes, including funding working capital requirements, investment in its associate company Ento Proteins Private Limited for working capital needs, and general corporate purposes.

Incorporated in March 2003, Mukka Proteins Limited specializes in manufacturing fish protein products such as fish meal, fish oil, and fish soluble paste, crucial ingredients for aqua feed, poultry feed, and pet food. The company exports its products to over 10 countries and is a significant player in India’s fish protein sector. Mukka Proteins has been recognized for its exceptional export performance by the Marine Products Export Development Authority (MPEDA) and contributes significantly to the revenue of the Indian fish meal and fish oil industry.

Additionally, the company plans to expand its manufacturing footprint through its associate company, Ento Proteins Private Limited, which produces insect meal from food waste and has received accolades for sustainability initiatives.

Fedex Securities Pvt Ltd serves as the book running lead manager for the IPO, while Cameo Corporate Services Limited is the registrar for the issue.