Garima Sharma, Pune
Mukka Proteins IPO has been experiencing high demand from the investors on the second day of the bidding process. Mukka Proteins is a Mangaluru-based animal protein company that produces fish protein products. The company is selling its shares at Rs 26-28 per piece. Leather tanneries, soap, pharmaceuticals and paint are manufactured using fish oils. The goods are exported to several countries including Myanmar, Bangladesh, Chile, Indonesia, Malaysia and many more.
The bidding kickstarted on 29th February, 2024 with a subscription of 2.47 times on day 1. It is a three day long bidding process which will conclude on March 4th. With a face value of Rs 1, the fresh issue of 8,00,00,000 equity is shared with it. The IPO of Mukka Proteins is worth Rs. 224 crore. While the retail investors subscribed 8.04 times, the non-institutional investors subscribed 6.22 times. The bidding process also witnessed the institutional investors’ confidence in the growth trajectory of Mukka Proteins as the subscription rate of Qualified Institutional Buyers’ (QIB) was 1.86 times higher.
Cameo Corporate Services Limited is the registrar for Mukka Proteins IPO and Fedex Securities Pvt Ltd. is its book running lead manager. The net proceedings will be used by the company to fund Ento Proteins Private Limited, general corporate purposes, and the company’s working capital requirements.
With a legacy of five decades in the Indian Marine Industry, Mukka proteins is one the pioneers in manufacturing and marketing of fish oil, fish meals and other products. According to the data reports, Mukka Proteins IPO has been oversubscribed 10.21 times by the investors. This reflects on bringing the market to show its confidence in fish protein products manufacturing.
From growing demand of having access to alternative protein products to the increasing awareness about sustainable products are the reasons for this high demand by the investors to bid higher for Mukka Proteins. The company is not only raising its capital but also focuses on being on top in the sustainable sector. This is totally going to change the investment landscape and also make a positive impact.