Mukka Proteins IPO Sees Robust Booking on Final Day; QIB Portion Subscribed 189.28 Times

Mukka Proteins opened the initial public offer (IPO) for subscription on February 29, 2024, and will close the issue on March 4, 2024. The company has fixed the IPO price band in the range of Rs 26 to Rs 28 per equity share of the face value of Re 1. The IPO lot size is 535 equity shares, and investors can subscribe in multiples of 535 equity shares thereafter.

About the company

Mukka Proteins Limited, a company specializing in animal protein, is primarily involved in producing Fish meat, Fish Oil, and Fish Soluble Paste. Additionally, the company is working on developing alternative proteins, such as Black Soldier Fly (BSF) Insect meal, in the animal food segment. The fully mechanized plant is located in Karnataka.

IPO Subscription Status

At 5:10 PM, investors subscribed to the total issue 136.89 times, equivalent to 766.57 crore shares, compared to the initial offering of 5.60 crore shares. The retail portion subscribed 58.36 times against 2.80 crore shares, while the Non-Institutional Investors (NII) portion witnessed a subscription of 250.26 times. The Qualified Institutional Buyers (QIBs) part was subscribed 189.28 times against the allotted 1.6 crore shares.

Also read: RK Swamy IPO: Top Things to Know Before Subscribing to the Issue

Price Band

The company has fixed the IPO price band in the range of Rs 26 to Rs 28 per equity share.

Issue Size

Mukka Proteins IPO, which is worth Rs 224 crore, comprises a fresh issue of 8,00,00,000 equity shares with a face value of Re 1. This is a completely fresh issue, and there is no offer-for-sale component.

IPO Reserve Portion

• Qualified Institutional Buyers (QIB): Not more than 50% of the shares in the public issue
• Non-Institutional Investors (NII): Not less than 15% of the shares in the public issue
• Retail Investors: Not less than 35% of the offer

Objectives of the Issue

The company plans to utilize the net proceeds from the issue for:

1. General corporate needs
2. Investment in their associate, Ento Proteins Private Limited
3. Supporting both the associate’s and the company’s working capital requirements

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.