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The book-built IPO of Rs 224.00 crores is Mukka Proteins. This is a completely new 8 crore share offering.
The subscription period for Mukka Proteins IPO bidding began on February 29, 2024, and it will end on March 4, 2024. On Tuesday, March 5, 2024, the allocation for the Mukka Proteins IPO is anticipated to be completed. Mukka Proteins Initial Public Offering (IPO) is scheduled to go live on the BSE and NSE on Thursday, March 7, 2024.
The IPO pricing range for Mukka Proteins is ₹26 to ₹28 per share. A minimum of 535 shares is required for an application lot size. Retail investors are required to invest a minimum of ₹14,980. For sNII, a minimum lot size investment of 14 lots (7,490 shares) totaling ₹209,720 is required, and for bNII, it is 67 lots (35,845 shares), amounting to ₹1,003,660.
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.
Refer to Mukka Proteins IPO RHP for detailed information.
Mukka Proteins IPO Details
| IPO Date | February 29, 2024 to March 4, 2024 |
| Listing Date | [.] |
| 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 Reservation
Mukka Proteins IPO offers 80,000,000 shares. 16,000,435 (20.00%) to QIB, 12,000,000 (15.00%) to NII, 28,000,000 (35.00%) to RII and 23,999,565 (30.00%) to Anchor investors. 52,336 RIIs will receive minimum 535 shares and 534 (sNII) and 1,068 (bNII) will receive minimum 7,490 shares. (in case of oversubscription)
| 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 Anchor Investors Details
Mukka Proteins IPO raises Rs 67.20 crore from anchor investors. Mukka Proteins IPO Anchor bid date is February 28, 2024. Mukka Proteins IPO Anchor Investors list
| 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 |
Mukka Proteins IPO Timeline (Tentative Schedule)
IPO opens on February 29, 2024, and closes on March 4, 2024.
| 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
Investors can bid for a minimum of 535 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| 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 |
| Lot Size Calculator | |||
Mukka Proteins IPO Promoter Holding
The Promoters of the Company are Kalandan Mohammed Haris, Kalandan Mohammad Arif and Kalandan Mohammed Althaf.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue |
About Mukka Proteins Limited
Fish protein products are produced by Mukka Proteins Limited, which was incorporated in March 2003. In order to make aqua feed (for fish and shrimp), poultry feed (for broilers and layers), and pet food (for dog and cat chow), the company produces and supplies fish meal, fish oil, and fish soluble paste.
More than ten nations, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam, are among those to which the company exports its goods.
385 employees from a variety of areas, including operations, management, technical and support workers, and administration, were employed by the corporation as of March 31, 2023.
Currently, the business runs six production facilities, which are owned by its foreign subsidiary Ocean Aquatic Proteins LLC and are located in four countries: India and Oman. 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 (Restated Consolidated)
It’s revenue increased by 52.52% and profit after tax (PAT) rose by 84.07% between the financial year ending with March 31, 2023 and March 31, 2022.
| 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
The market capitalization of Mukka Proteins IPO is Rs 840 Cr.
| 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 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2023 that is available in RHP.
Objects of the Issue (Mukka Proteins IPO Objectives)
The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:
- Funding working capital requirements of the Company;
- Investment in the Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements; and
- General Corporate Purposes.
More IPO’s available at: Investment Opportunities in India.
