Mangalore-based Mukka Proteins refiles for IPO with SEBI

Mukka Proteins earlier filed the draft papers for Initial Public Offering (IPO) with the regulator in March 2022

Mangalore-based Mukka Proteins has refiled it’s Draft Red Herring Prospectus (DRHP) with the market regulator SEBI in order to raise funds through an Initial Public Offering (IPO). Mukka Protein is a specialized manufacturer of fish meal, fish oil and fish-soluble paste which are essential in aqua feed, poultry feed and pet food.

It filed its draft papers with SEBI in March 2022.


The face value of the issue is Rs 1 per equity share and is an entirely fresh issue of up to 8 crore equity shares. The company aims to utilize up to Rs 120 crore of the total net proceeds towards working capital requirements and plans to invest up to Rs 10 crore in the associate firm, Ento Proteins Private Limited to fund its working capital requirements.

The issue is being made through a book building process, where not more than 50% shares of the total issue will be made available to the Qualified Institutional Buyers for allocation, not less then 15% shall be available for allocation towards Non-Institutional Bidders and not less than 35% shall be made available to Retail Individual Bidders for allocation.

Led by its Managing Director and CEO, Kalandan Mohammad Haris, Mukka Proteins is one of the leading player of Fish Protein Industry in the country and emerged as a major contributor of around 45 % to 50% of an estimated Rs 1,300 crore to Rs 1,700 crore of the Indian Fish meal and Oil industry in Fiscal year 2022.

The fish oil manufactured by Mukka Proteins is used in production of soap, leather tanneries and paint industry. They also produce popular health related products such as Omega-3 pills. Mukka Proteins exports its products in countries like China, Indonesia, Malaysia, Bangladesh and others.

Mukka Proteins saw a rise in revenue from operations of 27.60% from Rs 603.83 crore in FY 2021 to Rs 770.50 crore in FY 2022. The profit after tax increased to 134.50% to Rs 25.82 crore in Fiscal 2022 from Rs 11.01 crore in Fiscal 2021.

The equity shares are proposed to be listed on BSE and NSE.