The Initial Public Offering of Mukka Proteins Limited was subscribed 2.47 times on the first day of bidding.
The issue received bids of 13,81,99,060 shares against the offered 5,60,00,435 equity shares, at a price band of ₹26-28, according to the data available on the stock exchanges.
Retail Portion was the most subscribed with 3.69 times, Non-Institutional Investors Portion with 1.55 times, whereas Qualified Institutional Buyer Portion subscribed 1.01 times. The issue kicked off for subscription on Thursday, February 29, 2024 and will close on Monday, March 04, 2024.
A day prior to the opening of the issue, GPT Healthcare Ltd had raised Rs 67.20 crores from anchor investors. Investors who participated in the anchor were Neomile Growth Fund, Saint Capital Fund, Zinnia Global Fund PCC, Eminence Global Fund PCC, Craft Emerging Market Fund PCC,andElara India Opportunities Fund.
Fedex Securities Private Limited is the sole book-running lead manager and Cameo Corporate Services Limited is the registrar to the offer. The equity shares are proposed to be listed on the BSE and NSE.
Company Information
Mangaluru-based Mukka Proteins, manufactures fish meal, fish oil and fish soluble paste, an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food).
Mukka Proteins is one of the key players of the Fish Protein industry in India and consistently being awarded by the Marine Products Export Development Authority (MPEDA) for its export performance. In Fiscal 2023, the company contributed 25%-30% of the estimated ₹3,200 crore to ₹4,100 crore revenue of the Indian fish meal and fish oil industry, according to a CRISIL report mentioned in the RHP.
Moreover, fish oil serves various purposes, including its utilization in pharmaceuticals (particularly in extracting EPA-DHA for nutraceuticals), soap production, leather processing, and paint manufacturing. The company distributes its products within the domestic market and exports them to more than 10 countries including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam. Additionally, the company, in partnership with its associate EPPL, has ventured into the manufacturing and sale of insect meal and insect oil. Omega-3 pills and other related products produced from fish oil are also becoming more popular as healthful and high-nutrient dietary supplements.
It has 6 (six) manufacturing facilities, of which 2 (two) are held through its Foreign Subsidiary, namely Ocean Aquatic Proteins LLC, which is based in Oman and 4 (four) are located in India. Additionally, the company runs 5 (five) storage facilities and 3 (three) blending facilities in India along strategically significant coastlines.
The table below shows subscription data for all the categories of investors:
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MUKKA PROTEINS LIMITED Last updated on |
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|
Sr.No. |
Category |
No.of shares offered / reserved |
No. of shares bid for |
No. of times of total meant for the category |
|
1 |
Qualified Institutional Buyers (QIBs) |
1,60,00,435 |
1,62,09,430 |
1.01 |
|
1(a) |
Foreign Institutional Investors (FIIs) |
– |
7,490 |
– |
|
1(b) |
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) |
– |
– |
– |
|
1(c) |
Mutual Funds |
– |
– |
– |
|
1(D) |
Others |
– |
1,62,01,940 |
– |
|
2 |
Non Institutional Investors(NIIS) |
1,20,00,000 |
1,85,96,065 |
1.55 |
|
2.1 |
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) |
80,00,000 |
56,60,835 |
0.71 |
|
2.1(a) |
Corporates |
– |
35,845 |
– |
|
2.1(b) |
Individuals (Other than RIIs) |
– |
53,73,540 |
– |
|
2.1(c) |
Others |
– |
2,51,450 |
– |
|
2.2 |
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) |
40,00,000 |
1,29,35,230 |
3.23 |
|
2.2(a) |
Corporates |
– |
82,925 |
– |
|
2.2(b) |
Individuals (Other than RIIs) |
– |
1,24,16,280 |
– |
|
2.2(c) |
Others |
– |
4,36,025 |
– |
|
3 |
Retail Individual Investors (RIIs) |
2,80,00,000 |
10,33,93,565 |
3.69 |
|
3(a) |
Cut Off |
– |
9,60,51,760 |
– |
|
3(b) |
Price Bids |
– |
73,41,805 |
– |
|
4 |
Employee Reserved |
– |
– |
– |
|
4(a) |
Employee (Cut off) |
– |
– |
– |
|
4(b) |
Employee (Price) |
– |
– |
– |
|
5 |
Reservation PortionShareholder |
– |
– |
– |
|
5(a) |
RPS (Cut off) |
– |
– |
– |
|
5(b) |
RPS (Price) |
– |
– |
– |
|
|
Total |
5,60,00,435 |
13,81,99,060 |
2.47 |
