The highly anticipated IPO listing of Mukka Proteins has been officially scheduled for Thursday, March 7th. Following the finalization of the IPO allotment, today, Wednesday, March 6th, marks the commencement of the share crediting process to demat accounts for the fortunate recipients. Simultaneously, for those investors who were not allocated shares, the refund process will also be initiated today, ensuring a streamlined and transparent process for all participants.
The Mukka Proteins IPO witnessed an overwhelming response throughout its three-day subscription period, with investors displaying keen interest in the offering. According to data from the Bombay Stock Exchange (BSE), the subscription status of the Mukka Proteins IPO soared to an impressive 136.99 times on the third and final day, underscoring the strong demand and enthusiasm among investors for the company’s shares.
The Mukka Proteins IPO commenced its subscription phase on Thursday, February 29, and concluded on Monday, March 4. During this period, investors had the opportunity to subscribe to the IPO, which offered equity shares at a price band ranging from ₹26 to ₹28 per share, with a face value of Re 1. The lot size for this offering was set at 535 equity shares, with subsequent multiples available in the same denomination.
The allocation of shares in the Mukka Proteins IPO was structured to ensure a fair distribution among various categories of investors. Specifically, up to 50% of the shares in the public issue were reserved for Qualified Institutional Buyers (QIBs), while a minimum of 15% was earmarked for Non-Institutional Investors (NIIs). Additionally, retail investors were allocated a minimum of 35% of the offer, ensuring equitable participation across different investor segments in the IPO process.
The grey market premium (GMP) for the Mukka Proteins IPO, which currently stands at +35, indicates that the shares are trading at a premium of ₹35 in the grey market, according to data from investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, it is estimated that the listing price for Mukka Proteins shares could be around ₹63 per share. This represents a significant increase of 125% from the IPO price of ₹28 per share.
Analyzing the trends from the last 30 sessions of grey market activities, today’s IPO GMP suggests a strong potential for a positive listing. The range of GMP fluctuates from a low of ₹0 to a high of ₹35, as reported by analysts from investorgain.com. This indicates varying levels of demand and expectations among investors in the grey market, ultimately influencing the anticipated listing performance of Mukka Proteins shares.
The Mukka Proteins IPO, valued at ₹224 crore, consists of a fresh issue of 8,00,00,000 equity shares, each with a face value of Re 1. Notably, there is no offer-for-sale component included in this IPO structure.
According to the details outlined in the red herring prospectus (RHP), the net proceeds generated from the IPO will be allocated towards various purposes. These include funding general corporate requirements, investing in the company’s associate entity, Ento Proteins Private Limited, and fulfilling the company’s working capital needs.
It’s worth noting that three promoter directors, namely Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf, play active roles in the operations and management of Mukka Proteins. Their involvement underscores their commitment to the company’s growth and development.
The Mukka Proteins IPO has designated Cameo Corporate Services Limited as the registrar, responsible for managing various administrative tasks related to the IPO process. Additionally, Fedex Securities Pvt Ltd is serving as the book running lead manager, overseeing the coordination and execution of the IPO.
According to the information provided in the company’s red herring prospectus (RHP), Mukka Proteins Limited has identified several listed peers in the industry. These include Avanti Feeds Ltd (with a Price/Earnings ratio of 25), Godrej Agrovet Ltd (with a Price/Earnings ratio of 33.23), Zeal Aqua Ltd (with a Price/Earnings ratio of 20.63), and Waterbase Ltd.
Furthermore, the financial performance of Mukka Proteins Limited has exhibited significant growth between March 31, 2022, and March 31, 2023. During this period, the company’s profit after tax (PAT) surged by an impressive 84.07%, while its revenue experienced a notable increase of 52.52%. These figures underscore the company’s strong financial trajectory and potential for future growth.
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