Mukka Proteins listing: Shares list at premium of 42% to IPO price on NSE

The shares of Mukka Proteins listed at a premium of 42% over the initial public offering (IPO) price on Thursday, March 7. On the NSE, Mukka Proteins shares opened at ₹40 per share compared to the issue price of ₹28 per share. Meanwhile, on the BSE, shares opened at ₹44 apiece.

In a tweet, the NSE said, "The #NSEBell has rung in the celebration of the listing of Mukka Proteins Limited on NSE today at our exchange."

The ₹224 crore IPO was subscribed 136.99 times, with qualified institutional buyers (QIB) bidding 189 times the allotted quota. Non-institutional investors’ portion picked 250 times, while the retail investors bid 58.52 times the portion set aside for them.

The price band for the IPO was ₹26-28 per equity share. The public issue of Mukka Proteins comprised a fresh issue of 5.6 crore equity shares. The Mangaluru-based company had raised around ₹67 from anchor investors.

Between the financial year (FY) 2021 and FY 23, it saw a CAGR (Compound annual growth rate) surge of 24% in its revenue from operations. The profit also grew 62% during the same period. Additionally, India's fish meal and fish oil industry is expected to expand at a CAGR of 5% to 9% between FY22 and FY26, which could prove beneficial to the company.

The company intends to use funds generated by the public issue to cover working capital requirements, general corporate purposes and invest in an associate company.

About Mukka Proteins

• Mukka Proteins Limited produces animal protein products such as fish oil, fish meal and fish-soluble paste.
• The company also develops alternative protein sources like black soldier fly insect meal for use in animal food.
• Mukka Proteins has six manufacturing plants- four in India and two in Oman.
• It exports to ten countries- Bahrain, Saudi Arabia, Chile, China, Bangladesh, Malaysia, Philippines, Indonesia, Myanmar, Taiwan, and Vietnam.

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