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Mukka Proteins Ltd, a Karnataka-based company specializing in fish protein products, is set to launch its initial public offering (IPO) on 29th February, with the subscription window extending until 4th March.
The price band for the shares has been established at Rs 26-28 per share, with anchor investors given the opportunity to bid on 28th February.
The listing of Mukka Proteins Ltd on the stock exchanges is scheduled for March 7. The IPO aims to issue 8 crore new shares, totaling Rs 224 crore.
The merchant banker for the IPO is FedEx Securities, and the registrar is Cameo Corporate Services.
The funds raised through the IPO will be allocated strategically by Mukka Proteins Ltd. Rs 120 crore is earmarked for the company’s own working capital requirements, while an additional Rs 10 crore will be directed towards the working capital needs of its associate company, Ento Proteins.
Mukka Proteins Ltd, boasting six manufacturing facilities, specializes in the production of fish meal, fish oil, and fish soluble paste.
The latter, an essential component in formulating aqua feed, poultry feed, and pet food, serves diverse industries.
Fish oil, another key product, finds applications in pharmaceuticals, soap manufacturing, leather tanneries, and paint industries.
Notably, Mukka Proteins Ltd isn’t limited to the Indian market; it exports its products to over 10 countries, including Bahrain, Chile, Malaysia, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
Examining the financial performance of Mukka Proteins, the company reported a consolidated net profit of Rs 25.8 crore in the fiscal year 2022, a substantial increase compared to the previous year’s profit of Rs 11.01 crore.
The revenue for FY 2022 witnessed a significant surge, reaching Rs 770.5 crore, compared to Rs 603.8 crore in the preceding year.
For the period of April to December 2023, Mukka Proteins Ltd continued its robust financial performance with a net profit of Rs 25.6 crore and revenue amounting to Rs 756.4 crore.
The IPO launch of Mukka Proteins Ltd represents a pivotal moment for the company, providing an avenue for investors to partake in its growth trajectory amidst promising financial indicators and a diverse product portfolio.
Source:
Mukka Proteins IPO Opens on February 29. Check Price Band, Other Key Details
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