Mukka Proteins IPO

Mukka Proteins IPO is a book-built issue of Rs 224.00 crores. The issue is entirely a fresh issue of 8 crore shares.

The IPO opens for subscription on February 29, 2024, and closes on March 4, 2024. The IPO price band is set at ₹26 to ₹28 per share and the minimum lot size for an application is 535 Shares.

Company Summary

Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. As a manufacturer of Fish Protein products, they manufacture and supply fish meal, fish oil, and fish soluble paste which is 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).

They sell their products domestically and also export them to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.

They have 6  manufacturing facilities out of 4  manufacturing facilities located in India and 2 manufacturing facilities, held through their Foreign Subsidiary, namely Ocean Aquatic Proteins LLC which is located in Oman.

Further, their Company operates 3  blending facilities and 5 storage facilities located in India. All their Facilities are strategically located within proximity to the coastline.

As of September 30, 2023, they have also entered into a contractual arrangement with third-party manufacturing units, situated at Sasihithlu, Udupi, and Ullal which are all in Karnataka, Taloja in Maharashtra, Porbandar, and Mangrol in Gujarat for supply of fish meal and fish oil. These third-party manufacturing units are close to the source of their key raw material i.e., pelagic fish, thus increasing their presence across the western coastline of India

As of March 31, 2023, the company employed 385 people from various departments, including technical and support staff, administration, management, and operations.

Company Strength

Consistently being awarded by MPEDA, during the last 7 (seven) years for their export performance including an outstanding performance in export of fish meal, fish oil, and allied products for Fiscal 2021, Fiscal 2020, and Fiscal 2019.

For the fiscal year 2023, the revenue of the Company was ₹10,663.98 million thus, being a 25%-30% contributor to the estimated revenue of the Indian fish meal and fish oil industry for the corresponding period

The Company is also among the first few Indian companies to have commercialized insect meal and insect oil (collectively “Insect Protein”) as an ingredient for aqua feed, animal feed, and pet food.

With, a cumulative over 5 (five) decades of successful track record of their Promoters in the Fish Protein industry, They believe that their Company is one of the pioneers of the industry.

Company Financials

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Profit After Tax32.9847.5325.8211.01
Net Worth159.11128.9287.2564.54
Reserves and Surplus144.92112.5768.5160.80
Total Borrowing317.73254.83173.50159.19

Amount in ₹ Crore

Objectives of the issue

Our Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects

  • Funding working capital requirements of the Company.
  • Investment in their Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements.
  • General Corporate Purpose.

Promoters of the company

The Promoters of the Company are Kalandan Mohammed Haris, Kalandan Mohammad Arif and Kalandan Mohammed Althaf. The Promoters in aggregate, hold 18,74,87,600 Equity Shares in the Company, representing 85.22% of the issued, subscribed and paid-up Equity Share capital of the Company

IPO details

IPO DateFebruary 29, 2024 to March 4, 2024
Listing DateThursday, March 7, 2024
Face Value₹1 per share
Price Band₹26 to ₹28 per share
Lot Size535 Shares
Total Issue Size80,000,000 shares (aggregating up to ₹224.00 Cr)
Fresh Issue80,000,000 shares (aggregating up to ₹224.00 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

Lot Allocation details

Retail (Min)1535₹14,980
Retail (Max)136955₹194,740
Large-HNI (Min)6735845₹1,003,660

 Allotment Schedule

Basis of AllotmentTuesday, March 5, 2024
Initiation of RefundsWednesday, March 6, 2024
The credit of Shares to DematWednesday, March 6, 2024
Listing DateThursday, March 7, 2024
Cut-off time for UPI mandate confirmation5 PM on March 4, 2024

IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50% of the Net Issue
Retail Shares OfferedNot less than 35% of the Net Issue
NII (HNI) Shares OfferedNot less than 15% of the Net Issue

 To check Allotment, click here