Mukka Proteins Secures ₹67.2 Crore Through Anchor Book Before IPO Launch

29 Feb 2024 , 09:37 AM

Fish protein products manufacturer Mukka Proteins successfully raised ₹67.2 Crore through its anchor book on February 28th, a day preceding the IPO launch.

The public offering commenced for subscription on February 29th, with bidding closing on March 4th. Mukka Proteins, headquartered in Karnataka, confirmed the allocation of 2,39,99,565 equity shares to anchor investors at a rate of ₹28 per equity share.

A total of six investors participated in the anchor book, including Neomile Growth Fund, Saint Capital Fund, Eminence Global Fund, and Elara India Opportunities Fund. Neomile Growth Fund emerged as the largest investor, investing ₹16.19 Crore, followed by Eminence Global Fund with ₹11 Crore worth of shares. The remaining four participants acquired shares worth ₹10 Crore each.

Mukka Proteins specializes in producing fish meal, fish oil, fish soluble paste, and pet food. The company aims to raise ₹224 Crore through its maiden public issue, offering 8 Crore equity shares at the upper price band.

The IPO solely comprises a fresh issue component, with no offer-for-sale part. The price band for the IPO has been set at ₹26-28 per share. 

Utilizing the net proceeds from the fresh issue, Mukka Proteins plans to allocate ₹120 Crore towards its working capital requirements and ₹10 Crore for investment in its associate company, Ento Proteins, also for working capital needs. The remainder of the funds will be allocated for general corporate purposes.

Mukka Proteins operates across six manufacturing facilities, with four in India and two in Oman. Additionally, the company operates three blending facilities and five storage facilities in India.