Mukka Proteins is offering new shares to the public through its Initial Public Offering (IPO). They aim to raise Rs 224.00 crores with the sale of 8 crore fresh shares.
The IPO opened for subscription on February 29, 2024, and will close on March 4, 2024. The allocation of shares is expected to be determined by Tuesday, March 5, 2024. Mukka Proteins is planning to get listed on BSE and NSE, with a tentative listing date set for Thursday, March 7, 2024.
The price range for Mukka Proteins IPO shares is fixed between ₹26 to ₹28 per share. To apply, one needs a minimum of 535 shares, requiring a minimum investment of ₹14,980 for retail investors. Small Non-Institutional Investors (sNII) have a minimum lot size of 14 lots (7,490 shares), totaling ₹209,720. Big Non-Institutional Investors (bNII) need to invest in a minimum of 67 lots (35,845 shares), amounting to ₹1,003,660.
Fedex Securities Pvt Ltd is managing the IPO process, and Cameo Corporate Services Limited is the registrar for the IPO.
Mukka Proteins IPO Details
| IPO Date | February 29, 2024 to March 4, 2024 |
|---|---|
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Price Band | ₹26 to ₹28 per share |
| Lot Size | 535 Shares |
| Total Issue Size | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Fresh Issue | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre-issue | 220,000,000 |
| Shareholding post-issue | 300,000,000 |
Mukka Proteins IPO Timeline (Tentative Schedule)
| IPO Open Date | Thursday, February 29, 2024 |
|---|---|
| IPO Close Date | Monday, March 4, 2024 |
| Basis of Allotment | Tuesday, March 5, 2024 |
| Initiation of Refunds | Wednesday, March 6, 2024 |
| Credit of Shares to Demat | Wednesday, March 6, 2024 |
| Listing Date | Thursday, March 7, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 4, 2024 |
Mukka Proteins IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 535 | ₹14,980 |
| Retail (Max) | 13 | 6,955 | ₹194,740 |
| S-HNI (Min) | 14 | 7,490 | ₹209,720 |
| S-HNI (Max) | 66 | 35,310 | ₹988,680 |
| B-HNI (Min) | 67 | 35,845 | ₹1,003,660 |
About Mukka Proteins Limited
Established in March 2003, Mukka Proteins Limited is engaged in the production of fish protein products. The company plays a crucial role in manufacturing and delivering essential ingredients such as fish meal, fish oil, and fish soluble paste. These products are vital components in the production of aqua feed for fish and shrimp, poultry feed for broilers and layers, and pet food for dogs and cats.
The company has a global presence, exporting its products to more than 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
As of March 31, 2023, Mukka Proteins Limited has a workforce of 385 employees spanning various departments, including technical and support staff, administration, management, and operations.
Operating from six production facilities, with four located in India and two in Oman under its foreign subsidiary Ocean Aquatic Proteins LLC, the company also manages three blending plants and five storage facilities in India. All facilities are strategically positioned near the coast.
Mukka Proteins Limited holds certifications from NQA and UKAS, complying with ISO 22000:2018 and ISO 9001:2015 management system standards.
By December 31, 2022, the company had established contractual agreements with third-party manufacturing facilities in Sasihithlu (Karnataka), Udupi (Karnataka), Taloja (Maharashtra), and Ratnagiri (Maharashtra) for the supply of fishmeal and fish oil.
Mukka Proteins Limited Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 641.18 | 575.16 | 392.30 | 353.93 |
| Revenue | 612.88 | 1,183.80 | 776.15 | 609.95 |
| Profit After Tax | 32.98 | 47.53 | 25.82 | 11.01 |
| Net Worth | 159.11 | 128.92 | 87.25 | 64.54 |
| Reserves and Surplus | 144.92 | 112.57 | 68.51 | 60.80 |
| Total Borrowing | 317.73 | 254.83 | 173.50 | 159.19 |
Key Performance Indicators (KPIs)
The market capitalization of Mukka Proteins IPO is Rs 840 Cr.
| KPI | Values |
|---|---|
| ROE | 36.71% |
| ROCE | 17.62% |
| Debt/Equity | 1.64 |
| RoNW | 34.19% |
| P/BV | 4.78 |
Pre IPO vs Post IPO
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.16 | 2.2 |
| P/E (x) | 12.96 | 12.73 |
Note: The Pre IPO EPS is calculated based on Pre issue shareholding as on the date of RHP and the latest FY earnings as of March 31, 2023, available in RHP. The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2023, available in RHP.
The purpose of raising funds through the IPO for Mukka Proteins is to allocate the Net Proceeds towards the following objectives:
- Meeting the working capital needs of the Company.
- Investing in the Associate, namely Ento Proteins Private Limited, to support its working capital requirements.
- Addressing general corporate purposes.