Mukka Proteins Ltd, a prominent player in the fish protein products manufacturing sector, has announced its initial public offering (IPO) with a price band set at Rs 26-28 per share. The subscription for the IPO is scheduled to commence on February 29, with the anchor investment starting a day earlier on February 28.
The IPO comprises a fresh issue of up to 80 million shares, with the upper price band valuing the fresh issue at Rs 224 crore. The total valuation of the company is anticipated to reach nearly Rs 850 crore.
Key dates for the IPO process include the closure of the subscription period on March 4, allotment on March 5, initiation of refunds on March 6, and listing on exchanges on March 7.
Mukka Proteins, based in Karnataka, specializes in the production of fish meal, fish oil, and fish soluble paste, crucial ingredients in the manufacturing of aqua feed, poultry feed, and pet food. Additionally, the company’s products find applications in pharmaceuticals, soap manufacturing, leather tanneries, and paint industries.
The firm, equipped with six manufacturing facilities, also operates blending and storage facilities. It not only caters to the domestic market but also exports its products to more than 10 countries, including Bahrain, Chile, Malaysia, the Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
In the fiscal year ended March FY22, Mukka Proteins reported a consolidated net profit of Rs 25.8 crore, a significant increase from Rs 11.01 crore in the previous year. The revenue from operations during the same period surged from Rs 603.8 crore to Rs 770.5 crore.
For the nine months ending December FY23, the company achieved a net profit of Rs 25.6 crore on revenue of Rs 756.4 crore, aligning closely with the entire previous financial year (FY22).
The IPO proceeds will be allocated towards working capital requirements, with Rs 120 crore earmarked for Mukka Proteins and Rs 10 crore for the associate company, Ento Proteins.
Fedex Securities serves as the merchant banker for the issue, while Cameo Corporate Services is designated as the registrar to the offer.
As one of the key contributors to India’s fish protein sector, Mukka Proteins has consistently received recognition from the Marine Products Export Development Authority (MPEDA) for its outstanding export performance. The company aims to expand its manufacturing footprint through its associate, Ento Proteins Private Limited, known for producing insect meal from food waste.
