Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, on Monday mounted a value band of Rs 26-28 apiece, for its Rs 224 crore Initial Public Offering (IPO).
The firm’s maiden public challenge will open for subscription on February 29 and conclude on March 4.
The challenge is completely a recent challenge of as much as 8 crore fairness shares aggregating to Rs 224 crore on the higher finish of the worth band, with no Offer For Sale (OFS) part, the Manguluru-based firm stated.
Mukka Proteins IPO Purpose
Of the whole proceeds, Rs 120 crore will likely be used in the direction of working capital necessities and as much as Rs 10 crore for funding in its affiliate, Ento Proteins, for funding its working capital necessities.
Besides, a portion will likely be used for normal company functions.
Investors can bid for at least 535 fairness shares and in multiples of 535 fairness shares thereafter.
About Mukka ProteinsÂ
Mukka Proteins is likely one of the key gamers in India’s fish protein sector.
Furthermore, fish oil has various purposes, together with prescribed drugs (notably in EPA-DHA extraction for nutraceuticals), cleaning soap making, leather-based therapy, and paint manufacturing.
In the fiscal yr 2023, the corporate contributed between 25 per cent and 30 per cent of the Indian fish meal and fish oil trade’s income, estimated to be between Rs 3,200 crore and Rs 4,100 crore, as per a Crisil report cited within the RHP (Red Herring Prospectus).
Mukka Proteins distributes its merchandise each domestically and internationally, serving over 10 international locations reminiscent of Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
At current, the corporate has six manufacturing amenities, with two held via its overseas subsidiary, Ocean Aquatic Proteins LLC, primarily based in Oman, and 4 located in India.
Additionally, it operates 5 storage amenities and three mixing amenities strategically positioned alongside the Indian shoreline.
Also, the corporate plans to develop its manufacturing footprint via its associates, Ento Proteins Private Limited.
On a consolidated foundation, Mukka Proteins’ income from operations surged 53 per cent to Rs 1,177.12 crore in fiscal 2023 from Rs 770.50 crore in fiscal 2022, and revenue after tax jumped 84 per cent to Rs 47.52 crore in fiscal 2023, from Rs 25.82 crore in fiscal 2022.
Fedex Securities Private Limited is the only real ebook-working lead supervisor to the supply. The fairness shares are proposed to be listed on the BSE and NSE.
(With PTI inputs)
