Mukka Proteins IPO subscription window closes today: Key details to know

4 Mar 2024 , 05:33 PM

On March 4, at 4:50 p.m., Mukka Proteins Ltd.’s initial public offering—which produces fish meal, fish oil, and fish soluble paste—will come to an end. According to the latest NSE data, the ₹224-crore initial public offering (IPO) has got a 136.89% subscription up to 5:33 pm on Monday, the last day of bidding. Bids have been placed for 7,66,57,63,550 shares, out of the 5,60,00,435 shares that are on offer.

Public subscriptions for the Mukka Proteins IPO began on February 29. The IPO’s price range was set at ₹26–28 per share.

While the non-institutional investor (NII) category has been subscribed to 250.26 times, the retail quota has only been subscribed to 58.36 times. The category of qualified institutional buyers (QIBs) has been subscribed to 189.28 times.

Mukka Proteins’ initial public offering (IPO) will be allocated on March 5; the company will list on the NSE and BSE on March 7, 2024.

The Manguluru-based firm stated that there is no Offer For Sale (OFS) component to the issue; rather, it is a completely new issue of up to 8 crore equity shares, amounting to ₹224 crore at the upper end of the price band.

Out of the total proceeds, ₹120 crore will go towards meeting working capital needs, with an additional ₹10 crore going towards investing in its affiliate, Ento Proteins, to help meet those needs. Additionally, a percentage will be applied to general business needs.

Following the minimum of 535 equity shares, investors may bid in multiples of 535 equity shares. One of the major companies in India’s fish protein market is Mukka Proteins.

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