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), has fixed the price band of ₹26/- to ₹28/- per Equity Share of face value ₹1/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Thursday, February 29, 2024, for subscription and close on Monday, March 04, 2024. Investors can bid for a minimum of 535 Equity Shares and in multiples of 535 Equity Shares thereafter.
The issue is entirely of a fresh issue of up to 8 crore equity shares with no offer for sale component.
Of the total net proceeds to be raised through the issue, the company proposes to utilise up to Rs 120 crore towards working capital requirements, up to Rs 10 crore for investment in its associate, Ento Proteins Private Limited, for funding its working capital requirements besides general corporate purposes.
Mukka Proteins is one of the key players in India’s Fish Protein sector, consistently being awarded by the Marine Products Export Development Authority (MPEDA) for its exceptional export performance. In the fiscal year 2023, the company contributed between 25% to 30% of the Indian fish meal and fish oil industry’s revenue, estimated to be between ₹3,200 crore to ₹4,100 crore, as per a CRISIL report cited in the RHP.
