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19 Dec 2024
Mukka Proteins Limited IPO
Mukka Proteins Limited is an animal protein company, primarily engaged in the production of Fish Meal, Fish Oil and Fish Soluble Paste as well as developing alternative proteins such as Black Soldier Fly (BSF) Insect meal in the animal food segment. The Mukka Group has a rich legacy of around 5 decades in the Indian Marine Industry and is currently led by our Managing Director and CEO Mr. Kalandan Mohammed Haris. Mukka Group is one of the pioneers in the Fishmeal Industry having set up one of India’s first steam sterilised fishmeal plants. The management of Mukka Proteins Limited is committed to being the employer of choice, attracting and retaining the best of professionals.
By developing a structure, systems and workplace culture that provides challenging jobs, rewards performance and delivers opportunities continuously, the group is striving to get the best out of its most valuable asset - its people. Mukka Proteins IPO is a book-built issue of Rs 224.00 crores. The issue is entirely a fresh issue of 8 crore shares. Mukka Proteins IPO price band is set at ₹26 to ₹28 per share. The minimum lot size for an application is 535 Shares. Fedex Securities Pvt Ltd is the book running lead manager of the Mukka Proteins IPO, while Cameo Corporate Services Limited is the registrar for the issue.
Mukka Proteins IPO Overview
| Detail | Description |
|---|---|
| IPO Date | February 29, 2024 to March 4, 2024 |
| Listing Date | March 7, 2024 |
| Face Value | ₹1 per share |
| Price Band | ₹26 to ₹28 per share |
| Lot Size | 535 Shares |
| Total Issue Size | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Fresh Issue | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 220,000,000 |
| Share holding post issue | 300,000,000 |
Mukka Proteins IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Thursday, February 29, 2024 |
| IPO Close Date | Monday, March 4, 2024 |
| Basis of Allotment | Tuesday, March 5, 2024 |
| Initiation of Refunds | Wednesday, March 6, 2024 |
| Credit of Shares to Demat | Wednesday, March 6, 2024 |
| Listing Date | Thursday, March 7, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 4, 2024 |
Mukka Proteins IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 535 | ₹14,980 |
| Retail (Max) | 13 | 6955 | ₹194,740 |
| S-HNI (Min) | 14 | 7,490 | ₹209,720 |
| S-HNI (Max) | 66 | 35,310 | ₹988,680 |
| B-HNI (Min) | 67 | 35,845 | ₹1,003,660 |
Mukka Proteins IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 23,999,565 (30.00%) | NA | QIB Shares Offered | 16,000,435 (20.00%) | NA |
| NII (HNI) Shares Offered | 12,000,000 (15.00%) | |
| bNII > ₹10L | 8,000,000 (10.00%) | 1,068 |
| sNII < ₹10L | 4,000,000 (5.00%) | 534 |
| Retail Shares Offered | 28,000,000 (35.00%) | 52,336 |
| Total Shares Offered | 80,000,000 (100%) |
Mukka Proteins IPO Promoter Holding
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue |
Mukka Proteins IPO Anchor Investors Details
| Bid Date | February 28, 2024 |
| Shares Offered | 23,999,565 |
| Anchor Portion Size (In Cr.) | 67.20 |
| Anchor lock-in period end date for 50% shares (30 Days) | April 4, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | June 3, 2024 |
Company & Financials
Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for the production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food). The company exports 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 currently operates six production facilities, including four in India and two in Oman, which are held by its foreign subsidiary Ocean Aquatic Proteins LLC. In addition, the company operates three blending plants and five storage facilities, all of which are located in India. All of the company's facilities are strategically located near the coast. The company is certified by NQA and UKAS to ISO 22000:2018 and ISO 9001:2015 management system standards. As of December 31, 2022, the company has contractual arrangements with third-party manufacturing facilities in Sasihithlu (Karnataka), Udupi (Karnataka), Taloja (Maharashtra) and Ratnagiri (Maharashtra) for the supply of fishmeal and fish oil.
Mukka Proteins Limited Financial Information
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 641.18 | 575.16 | 392.30 | 353.93 | ||||||||||||||||||||||||||||||||||||
| Revenue | 612.88 | 1,183.80 | 776.15 | 609.95 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 32.98 | 47.53 | 25.82 | 11.01 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 159.11 | 128.92 | 87.25 | 64.54 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 144.92 | 112.57 | 68.51 | 60.80 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 317.73 | 254.83 | 173.50 | 159.19 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
| ROE | 36.71% |
| ROCE | 17.62% |
| Debt/Equity | 1.64 |
| RoNW | 34.19% |
| P/BV | 4.78 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.16 | 2.2 |
| P/E (x) | 12.96 | 12.73 |
Objectives of Mukka Proteins IPO
The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objectives:
- 1. Funding working capital requirements of the Company.
- 2. Investment in the associate, viz. Ento Proteins Private Limited, for funding its working capital requirements.
- 3. General Corporate Purposes.
Mukka Proteins IPO Review
MPL is a numero uno company in fish meals, fish oils and related allied products with 25-30% market share domestically. It also has good demand in global markets. The company has posted growth in its top and bottom lines for the reported periods. Based on FY24 annualized earnings, the issue appears reasonably priced. The company may attract first mover fancy post listing. Investors (who have no reservation for the segments) may lap it up for the medium to long term rewards.
FAQs for Mukka Proteins IPO
-
What is the issue size of Mukka Proteins Ltd IPO?
Mukka Proteins Ltd IPO, which opens for subscription from 29-Feb-2024 to 04-Mar-2024 has an issue size of ₹224 crore. The issue type is book building issue.
-
What is Mukka Proteins Limited's IPO?
Mukka Proteins Limited IPO is a fresh issue of up to 8,00,00,000 equity shares.
-
What are the open and close dates for Mukka Proteins Ltd IPO?
Mukka Proteins Ltd IPO Opens for subscription from 29-Feb-2024 to 04-Mar-2024.
-
What is the lot size and minimum order quantity of the Mukka Proteins Ltd IPO?
The lot size of Mukka Proteins Ltd is 535 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots.
-
What are the allotment dates for the Mukka Proteins Ltd IPO?
Allotment date for Mukka Proteins Ltd is 05-Mar-2024 and refund of application amount (in case allotment is not received) will begin from 06-Mar-2024. If your allotment goes through, then shares will be credited in your Demat account by 06-Mar-2024
Mukka Proteins IPO Subscription Status
Category
Subscription (times)
QIB
189.28
NII
250.39
bNII (bids above ₹10L)
254.15
sNII (bids below ₹10L)
242.86
Retail
58.52
Total
136.99
RHP:
RHP of Mukka Proteins Limited IPO
DRHP:
DRHP of Mukka Proteins Limited IPO
Anchor Investor Link:
Anchor Investor Link of Mukka Proteins Limited IPO
-
What is the issue size of Mukka Proteins Ltd IPO?
Mukka Proteins Ltd IPO, which opens for subscription from 29-Feb-2024 to 04-Mar-2024 has an issue size of ₹224 crore. The issue type is book building issue.
-
What is Mukka Proteins Limited's IPO?
Mukka Proteins Limited IPO is a fresh issue of up to 8,00,00,000 equity shares.
-
What are the open and close dates for Mukka Proteins Ltd IPO?
Mukka Proteins Ltd IPO Opens for subscription from 29-Feb-2024 to 04-Mar-2024.
-
What is the lot size and minimum order quantity of the Mukka Proteins Ltd IPO?
The lot size of Mukka Proteins Ltd is 535 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots.
-
What are the allotment dates for the Mukka Proteins Ltd IPO?
Allotment date for Mukka Proteins Ltd is 05-Mar-2024 and refund of application amount (in case allotment is not received) will begin from 06-Mar-2024. If your allotment goes through, then shares will be credited in your Demat account by 06-Mar-2024
Mukka Proteins IPO Subscription Status
| Category | Subscription (times) |
|---|---|
| QIB | 189.28 |
| NII | 250.39 |
| bNII (bids above ₹10L) | 254.15 |
| sNII (bids below ₹10L) | 242.86 |
| Retail | 58.52 |
| Total | 136.99 |
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