Issue subscribed 136.87 times
MUMNBAI, Mar 5 (The CONNECT) – The Initial Public Offering of Mukka Proteins Limited was subscribed 136.87 times yesterday, the final day of bidding.
The issue received bids of 7,66,45,86,550 shares against the offered 5,60,00,435 equity shares, at a price band of ₹26-28, according to the data available on the stock exchanges.
Non-Institutional Investors and Qualified Institutional Buyer Portion was subscribed with 250.24 times and 189.28 times respectively, whereas Retail Portion and subscribed 58.33 times.
Fedex Securities Private Limited is the sole book-running lead manager and Cameo Corporate Services Limited is the registrar to the offer. The equity shares are proposed to be listed on the BSE and NSE.
Mangaluru-based Mukka Proteins, manufactures fish meal, fish oil and fish soluble paste, an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food).
Mukka Proteins is one of the key players of the Fish Protein industry in India and consistently being awarded by the Marine Products Export Development Authority (MPEDA) for its export performance.
In Fiscal 2023, the company contributed 25%-30% of the estimated ₹3,200 crore to ₹4,100 crore revenue of the Indian fish meal and fish oil industry, according to a CRISIL report mentioned in the RHP.
Moreover, fish oil serves various purposes, including its utilization in pharmaceuticals (particularly in extracting EPA-DHA for nutraceuticals), soap production, leather processing, and paint manufacturing. The company distributes its products within the domestic market and exports them to more than 10 countries including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam. Additionally, the company, in partnership with its associate EPPL, has ventured into the manufacturing and sale of insect meal and insect oil. Omega-3 pills and other related products produced from fish oil are also becoming more popular as healthful and high-nutrient dietary supplements.
It has 6 (six) manufacturing facilities, of which 2 (two) are held through its Foreign Subsidiary, namely Ocean Aquatic Proteins LLC, which is based in Oman and 4 (four) are located in India. Additionally, the company runs 5 (five) storage facilities and 3 (three) blending facilities in India along strategically significant coastlines.
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