The initial Public offering (IPO) of Mukka protein, which delivers fish proteins, fish meal, fish oil and fish soluble paste, was reported to be  subscribed 127.67 times by March 4 afternoon, the final day of bidding. The company is looking to raise 224 crore through a fresh issue of 8 crore shares at a price band of 26-28 a share.

Within the total subscription, the High net-worth individuals has led the subscription process with 239.78 times their quota of shares. The retail investors picked 52.67 times the quota of shares and qualified institutional buyers 174.3 times their reserved portion.

According to the company they will spend 120 crore of the proceeds to meet its requirement of working capital and more 10 crore to invest in their associate company, Ento Proteins. The rest of the amount will be used general corporate purposes.

The IPO of Mukka Protein, was open for bidding from 29^th February To 4^th March, and grabbed, 67.2 crore from anchor investors. Six Investors participated in the bidding round which includes, Neomile Growth Fund, Saint Capital Fund, Zinnia Global Fund, Eminence Global Fund, Craft Emerging Market Fund and Elara India Opportunities Fund.

According to the report, the investors invested in the IPO after considering its market position, diversified product portfolio, global presence, and consistent revenue growth. The shares of Mukka Proteins are trading at a premium of 30 in the grey market today. Mukka Protein has also witness a consistent improvement in its financials over the last three years. The company’s revenue from operations grew at 28% in FY22 and 53% in FY23. The company’s revenue from operations stood at 1,177 crore at the end of FY23, it has also achieved revenues of 606 crore in the first half of FY24.

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