Mukka Proteins IPO GMP and subscription status: Mukka Proteins IPO continued to receive huge demand from investors, three days after it was issued.
Mukka Proteins IPO subscription status is 136.89 times, at 17:12 IST, as per BSE data. On day 3, Mukka Proteins IPO retail investors portion has been subscribed 58.36 times, Non Institutional Investors (NII) portion is booked 250.26 times, and Qualified Institutional Buyers (QIB) portion is booked 189.28 times.
Investor response to Mukka Proteins IPO remained overwhelmingly positive even on the second day.
Mukka Proteins IPO subscription status was 6.97 times, as per data available on BSE.
On Day 2, the retail investors’ portion has been booked 10.21 times, Non Institutional Investors’ (NII) portion is subscribed 6.22 times, and Qualified Institutional Buyers’ (QIB) portion is subscribed 1.86 times.
Mukka Proteins IPO had a solid start on its first day of opening, with its retail portion being fully subscribed within the first two hours of opening,
Mukka Proteins IPO subscription rate was 2.47 times on Day 1, as per BSE data.
Investors can bid for a minimum of 535 equity shares and in multiples of 535 equity shares thereafter. Mukka Proteins is one of the key players in India’s fish protein sector.
In the fiscal year 2023, Mukka Proteins contributed between 25 per cent and 30 per cent of the Indian fish meal and fish oil industry’s revenue, estimated to be between INR3,200 crore and INR 4,100 crore, as per a Crisil report cited in the RHP (Red Herring Prospectus).
Fish oil has diverse applications, including pharmaceuticals (particularly in EPA-DHA extraction for nutraceuticals), soap making, leather treatment, and paint manufacturing.
Mukka Proteins distributes its products both domestically and internationally, serving over 10 countries such as Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
At present, the company has six manufacturing facilities, with two held through its foreign subsidiary, Ocean Aquatic Proteins LLC, based in Oman, and four situated in India.
Additionally, it operates five storage facilities and three blending facilities strategically located along the Indian coastline. Also, the company plans to expand its manufacturing footprint through its associate, Ento Proteins Private Limited.
IPO subscription status
Mukka Proteins IPO has received bids for 7,66,57,79,065 shares against 5,60,00,435 shares on offer, at 17:12 IST, according to data from the BSE.
The retail investors’ portion received bids for 1,63,41,39,845 shares against 2,80,00,000 shares on offer for this segment.
The non-institutional investors’ portion received bids for 3,00,31,08,010 shares against 1,20,00,000 on offer for this segment.
The QIB portion received bids for 3,02,85,31,210 shares against 1,60,00,435 shares on offer for this segment.
On Day 1, Mukka Proteins IPO’s retail investors’ portion was subscribed 3.70 times, Non Institutional Investors’ portion was booked 1.55 times, and Qualified Institutional Buyers’ portion was booked 1.01 times.
Mukka Proteins IPO opened on Feb 29 and closes on Mar 4. It raised INR 67.20 crore from anchor investors.
IPO details
Mukka Proteins IPO comprises a fresh issue of 8,00,00,000 equity shares with a face value of Re 1. There is no offer-for-sale component. The IPO is being valued at INR 224 crore.
It has reserved not more than 50% of the shares in the public issue for QIBs, not less than 15% for NIIs, and not less than 35% of the offer is reserved for retail investors.
Mukka Proteins IPO price band has been fixed in the range of INR 26 to INR 28 per equity share of the face value of Re 1.
The company intends to use the net proceeds from the issue, as stated in the red herring prospectus (RHP), to fund the following: general corporate purposes, investment in Ento Proteins Private Limited, and the company’s working capital requirements.
Mukka Proteins IPO GMP
Mukka Proteins IPO GMP or grey market premium is +35. This indicates Mukka Proteins share price was trading at a premium of INR 35 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Mukka Proteins IPO GMP is indicated at INR 63 apiece, which is 125% higher than the IPO price of INR 28.
On a consolidated basis, Mukka Proteins’ revenue from operations surged 53 per cent to Rs 1,177.12 crore in fiscal 2023 from INR 770.50 crore in fiscal 2022, and profit after tax jumped 84 per cent to INR 47.52 crore in fiscal 2023, from INR 25.82 crore in fiscal 2022.
Fedex Securities Private Limited is the sole book-running lead manager to the offer.
The equity shares are proposed to be listed on the BSE and NSE.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies. Qrius advises investors to check with certified experts before making any investment decisions.