Mukka Proteins' IPO Subscribed 59% on Day 1, Retail Portion Fully Booked

29 Feb 2024 , 12:00 PM

Mukka Proteins, a manufacturer of fish protein products based in Mangaluru, has commenced its subscription process today, with the offer set to conclude on March 4th. Click here to subscribe the IPO.

As of day 1, the issue has garnered a subscription rate of 59%. Notably, the retail portion has been fully subscribed, reaching 1.05 times the bids, while the non-institutional investors’ segment has received bids equivalent to 0.33 times. However, the qualified institutional buyers (QIB) portion has not received any bids.

The public offer exclusively comprises a fresh issue of up to 8 crore equity shares, with no offer-for-sale (OFS) component. The price band has been set at ₹26- ₹28 per share. Investors can bid for a minimum of 535 equity shares, with subsequent bids in multiples of 535 equity shares thereafter.

In terms of allocation, Mukka Proteins has reserved not more than 50% of shares for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and not less than 35% for retail investors.

Fedex Securities Private Limited serves as the sole book-running lead manager, while Cameo Corporate Services Limited has been appointed as the registrar to the IPO.

The allotment of shares is scheduled to be finalized by Mukka Proteins on March 5th. Subsequently, on the following day, these shares will be credited to the demat accounts of the allottees. Simultaneously, the company will initiate refunds for those investors who were unable to secure shares. The anticipated listing of Mukka Proteins’ shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is set for March 7th.