Mukka Proteins IPO is a book built issue of Rs 224.00 crores. The issue is entirely a fresh issue of 8 crore shares.
Mukka Proteins IPO opens for subscription on February 29, 2024 and closes on March 4, 2024. The allotment for the Mukka Proteins IPO is expected to be finalized on Tuesday, March 5, 2024. Mukka Proteins IPO will list on BSE, NSE with tentative listing date fixed as Thursday, March 7, 2024.
Mukka Proteins IPO price band is set at ₹26 to ₹28 per share. The minimum lot size for an application is 535 Shares. The minimum amount of investment required by retail investors is ₹14,980. The minimum lot size investment for sNII is 14 lots (7,490 shares), amounting to ₹209,720, 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
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Mukka Proteins IPO Timeline (Tentative Schedule)
Mukka Proteins 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
Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for the production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).
The company exports its products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
As of March 31, 2023, the company employed 385 people from various departments, including technical and support staff, administration, management and operations.
The company currently operates six production facilities, including four in India and two in Oman, which are held by its foreign subsidiary Ocean Aquatic Proteins LLC. 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)
Mukka Proteins Limited’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 |
Check Mukka Proteins IPO Peer Comparison here.
| 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.
Mukka Proteins IPO Review (Apply)
[Dilip Davda] MPL is a numero uno company in fish meals, fish oils and related allied products with 25-30% market share domestically. It also has good demand in global markets. The company has posted growth in its top and bottom lines for the reported periods. Based on FY24 annualized earnings, the issue appears reasonably priced. The company may attract first mover fancy post listing. Investor (who have no reservation for the segments) may lap it up for the medium to long term rewards. Read detail review…
Mukka Proteins Limited Contact Details
Mukka Proteins Limited
Mukka Corporate House,
Door, No. 18-2-16/4, First Cross, NG Road, Attavar
Dakshina, Kannada, Mangaluru – 575 001
Phone: +918244252889
Email: cs@mukkaproteins.com
Website: https://www.mukkaproteins.com/
Mukka Proteins IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: priya@cameoindia.com
Website: https://ipo.cameoindia.com/