Mukka Proteins Makes Strong Debut on Stock Exchanges, Soaring Over 57%

7 Mar 2024 , 09:50 AM

Mukka Protein made a remarkable debut on the D-street, with its shares commanding a significant premium of 57%. On the National Stock Exchange (NSE), the shares were listed at ₹40, marking a premium of 42.86% over the issue price of ₹28. Similarly, on the Bombay Stock Exchange (BSE), they debuted at ₹44, with a premium of 57.14%.

During the period from February 29 to March 4, the company’s initial public offering (IPO) worth ₹224 Crore received an overwhelming response, being subscribed 136.99 times. Non-institutional investors subscribed 250.38 times, qualified institutional buyers subscribed 189.28 times, and retail investors bid 58.52 times the allocated quota.

Mukka Proteins, headquartered in Mangaluru, operates both domestically and internationally, exporting its products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. The company has demonstrated robust financial performance, with its net profit soaring by 84% year-on-year to ₹47.5 Crore, and revenue from operations rising by 53% to ₹1,177.1 Crore for the fiscal year ended March FY23. In the six-month period ending September FY24, the company reported a net profit of ₹32.98 Crore on revenue of ₹606 Crore.

With six manufacturing facilities, four in India and two in Oman, Mukka Proteins also operates three blending facilities and five storage facilities in India, strategically located close to the coastline.

The IPO, which solely comprised a fresh issue component, raised ₹224 Crore. The proceeds from the fresh issue will primarily be utilized for the company’s working capital requirements and those of its associate, Ento Proteins, along with general corporate purposes.

The price band for the public issue was set at ₹26-28 per share.