As the Mukka Proteins IPO gears up for its listing tomorrow, market indicators point towards a strong debut. The Grey Market Premium (GMP) stands at an impressive +35, suggesting a robust demand and an estimated listing price of ₹63 per share, marking a substantial 125% increase from the IPO price.
Scheduled for listing on Thursday, March 7th, the Mukka Proteins IPO has finalized its allotment process, with shares set to be credited to demat accounts today, Wednesday, March 6th. Meanwhile, the refund process for those who didn’t receive shares will also be initiated today.
Throughout its subscription period, the Mukka Proteins IPO witnessed overwhelming responses, with the subscription status reaching a remarkable 136.99 times on the third day, as per BSE data.
The IPO, which opened for subscription on Thursday, February 29th, and closed on Monday, March 4th, offered shares in the price band of ₹26 to ₹28 per equity share of face value Re 1, with a lot size of 535 equity shares.
Reserved not more than 50% of shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors.
The Mukka Proteins IPO GMP, currently at +35, reflects a premium of ₹35 in the grey market. Considering this and the upper end of the IPO price band, the estimated listing price stands at ₹63 per share, marking a substantial gain.
The IPO, valued at ₹224 crore, comprises a fresh issue of 8,00,00,000 equity shares with a face value of Re 1, without any offer-for-sale component. The net proceeds from the issue are intended for general corporate purposes, investment in their associate Ento Proteins Private Limited, and working capital requirements, as stated in the red herring prospectus (RHP).
Promoter directors Kalandan Mohammed Haris, Kalandan Mohammed Arif, and Kalandan Mohammed Althaf are actively involved in the business.
Cameo Corporate Services Limited serves as the registrar for the IPO, with Fedex Securities Pvt Ltd as the book running lead manager. Mukka Proteins Limited’s listed peers include Avanti Feeds Ltd, Godrej Agrovet Ltd, Zeal Aqua Ltd, and Waterbase Ltd.
The company’s profit after tax (PAT) surged by 84.07%, while revenue jumped by 52.52% between March 31, 2022, and March 31, 2023, as per its RHP.
