Mukka Proteins refiles IPO papers to raise funds

19 Jun 2023 , 03:21 PM

One of the key players of the Fish Protein industry in India, Mukka Proteins has refilled the draft red-herring prospectus with the markets regulator SEBI to raise funds via initial public offer (IPO).

The company had earlier filed DRHP in March 2022.

According to the submitted draft papers, the company intends to allocate a portion of the net proceeds from the issue for various purposes. This includes utilizing up to Rs 120 crore for working capital requirements, up to Rs 10 crore for investment in its associate company Ento Proteins Private Limited, and for additional working capital needs along with general corporate purposes.

In terms of allocation, the issue will be available for qualified institutional buyers (QIBs) up to a maximum of 50% of the total issue. Additionally, a minimum of 15% of the issue will be reserved for non-institutional buyers.

Mukka Proteins possesses a total of 6 manufacturing facilities, with 2 being held by its foreign subsidiary Ocean Aquatic Proteins LLC situated in Oman, and the remaining 4 located in India. Furthermore, the company operates 5 storage facilities and 3 blending facilities strategically positioned along India’s significant coastlines.

Fedex Securities Private Limited is the merchant banker to the IPO. The shares of the company will list on BSE and NSE.