Mukka Proteins IPO receives 136.89 times subscription on last day of offer

The initial share sale of Mukka Proteins, which manufactures fish meal, fish oil and fish soluble paste, received 136.89 times subscription on the last day of bidding on Monday.

The Rs 224 crore-Initial Public Offer (IPO) got bids for 7,66,57,65,155 shares against 5,60,00,435 shares on offer, according to data available with the NSE.

The portion for non-institutional investors got subscribed 250.26 times, while the portion for Qualified Institutional Buyers (QIBs) received 189.28 times subscription. The quota for Retail Individual Investors (RIIs) fetched 58.36 times subscription.

The company fixed the price band at Rs 26-28 a share for the IPO. The issue was entirely a fresh issue 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 was the manager to the offer.

The company's equity shares are proposed to be listed on the BSE and NSE.