Mukka Proteins IPO subscribed 6.96 times on Day 2 of offer

The initial public offer of Mukka Proteins, which manufactures fish meal, fish oil and fish soluble paste, received 6.96 times subscription on Friday's second day of bidding. The Rs 224 crore initial share sale received bids for 38,99,15,490 shares against 5,60,00,435 shares on offer, as per NSE data. The quota for Retail Individual Investors (RIIs) subscribed 10.20 times while the category for non-institutional investors received 6.22 times subscription. The portion for Qualified Institutional Buyers (QIBs) fetched 1.86 times the subscription.

The Initial Public Offer (IPO) of up to 8 crore equity shares is in a price range of Rs 26-28 a share. The issue is fresh with no Offer For Sale (OFS) component. Mukka Proteins on Wednesday raised a little over Rs 67 crore from anchor investors. Of the total proceeds, Rs 120 crore will be used towards working capital requirements and up to Rs 10 crore for investment in its associate, Ento Proteins, for funding its working capital requirements. Besides, a portion will be used for general corporate purposes.

Mukka Proteins is one of the key players in India's fish protein sector. Furthermore, fish oil has diverse applications, including pharmaceuticals (particularly in EPA-DHA extraction for nutraceuticals), soap making, leather treatment, and paint manufacturing. The company distributes its products both domestically and internationally, serving various countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, the Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. Fedex Securities is the manager to the offer. The company's equity shares are proposed to be listed on the BSE and NSE.