Mukka Proteins (MAINBOARD)
Feb 29, 2024 - Mar 4, 2024
| Price | ₹26 - ₹28 |
| Premium | ₹35 |
|---|---|
| Lot size | 535 |
| Allotment | Mar 6, 2024 |
| Listing | Mar 7, 2024 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 535 | 14980 | 52336 |
| sHNI | 14 | 7490 | 209720 | 534 |
| bHNI | 67 | 35845 | 1003660 | 1068 |
Last Updated as on 04-Mar-2024 17:54:00
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 16000435 | 3028531210 | 189.28 |
| HNIs | 12000000 | 3003083935 | 250.26 |
| HNIs (10+L) | 8000000 | 2033180830 | 254.15 |
| HNIs (2-10L) | 4000000 | 969903105 | 242.48 |
| Retail | 28000000 | 1634137170 | 58.36 |
| Total | 56000435 | 7665752315 | 136.89 |
| Total Application : 2,591,666 | |||
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹7.11 | @8% ₹8.13 | @9% ₹9.15 | @10% ₹10.16 | @11% ₹11.18 | @12% ₹12.2 |
| Big HNI (10+L) Cost per lot (7 Days) |
|---|
| Assuming fix interest of ₹2000 per application Big HNI (10+L) costing for every 1 lot allotment is ₹101660 |
Mukka Proteins IPO Anchor List
| Name of Anchor | No. of Shares | % Portion | Amount (cr) |
| Craft emerging market fund pcc elite capital fund | 3571660 | 14.88 | 10.00 |
| Elara india oppurtunities fund | 3571660 | 14.88 | 10.00 |
| Eminence global fund pcc eubilia capital partners fund 1 | 3929040 | 16.37 | 11.00 |
| Saint capital fund | 3573800 | 14.89 | 10.01 |
| Neomile Growth fund series - I | 5781745 | 24.09 | 16.19 |
| Zinnia Global fund pcc - cell dewcap fund | 3571660 | 14.88 | 10.00 |
| 23999565 | 100% | 67.20 |
Mukka Proteins Limited, established in March 2003, is a leading manufacturer specializing in fish protein products. With a focus on producing essential ingredients such as fish meal, fish oil, and fish soluble paste, the company caters to the aqua feed, poultry feed, and pet food industries. Operating across global markets, Mukka Proteins exports its high-quality products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. Committed to excellence, the company maintains a dedicated workforce of 385 employees across various departments, ensuring proficient technical support, efficient administration, effective management, and streamlined operations. Mukka Proteins boasts a robust infrastructure comprising six production facilities, strategically located near coastlines in India and Oman. Additionally, the company operates three blending plants and five storage facilities within India. Adhering to stringent quality standards, Mukka Proteins is certified by NQA and UKAS for ISO 22000:2018 and ISO 9001:2015 management system standards, guaranteeing superior product quality and food safety measures.
Furthermore, the company has established contractual arrangements with reputable third-party manufacturing facilities in key locations such as Sasihithlu and Udupi in Karnataka, and Taloja and Ratnagiri in Maharashtra. Through its unwavering commitment to excellence, adherence to international standards, and strategic business practices, Mukka Proteins Limited continues to thrive as a prominent player in the competitive landscape of fish protein product manufacturing.
Mukka Proteins IPO Details
| Issue Size | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Fresh Issue | 80,000,000 shares (aggregating up to ₹224.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 220,000,000 |
| Share holding post issue | 300,000,000 |
Mukka Proteins IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Mukka Proteins IPO Lead Manager(s)
- Fedex Securities Pvt Ltd
Key Performance Indicator
| KPI | 2023 | 2022 | 2021 |
|---|---|---|---|
| ROE | 36.71% | 30.00% | 17.37% |
| ROCE | 17.62% | 13.86% | 5.86% |
| RONW | 34.19% | 27.75% | 13.91% |
| D/E | 1.64 | 1.68 | 2.31 |
| EPS | 2.00 | 1.10 | 0.41 |
| P/BV | 4.78 | - | - |
| P/E | 12.96 | - | - |
Company Financials
Mukka Proteins Limited Financial Information (Restated Consolidated)
Mukka Proteins Limited's revenue increased by 52.52% and profit after tax (PAT) rose by 84.07% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period | 30 Sep 2023 | Mar 2023 | Mar 2022 | Mar 2021 |
| Assets | 641.18 | 575.16 | 392.30 | 353.93 |
| Revenue | 612.88 | 1,183.80 | 776.15 | 609.95 |
| Profit | 32.98 | 47.53 | 25.82 | 11.01 |
| Net Worth | 159.11 | 128.92 | 87.25 | 64.54 |
| Reserves | 144.92 | 112.57 | 68.51 | 60.80 |
| Borrowing | 317.73 | 254.83 | 173.50 | 159.19 |
| Amount in ₹ Crore | ||||
Strength Factors
Market Leadership in Fish Protein Products: Mukka Proteins Limited holds a dominant position as a leading manufacturer and exporter of fish protein products. Its extensive range of high-quality fish meal, fish oil, and fish soluble paste has positioned the company as a preferred supplier in the aqua feed, poultry feed, and pet food industries globally.
Established Customer Base and Strong Relationships: The Company boasts an established customer base and maintains strong relationships with clients across various international markets. These relationships are built on trust, reliability, and consistent delivery of top-notch products, enhancing customer loyalty and fostering long-term partnerships.
Strategically Located Processing Facilities: Mukka Proteins Limited strategically locates its processing facilities near coastlines in India and Oman, facilitating efficient sourcing of raw materials and streamlined production processes. This geographic advantage ensures cost-effective operations, timely delivery, and reduced transportation costs, further strengthening the company's competitive position.
Entry Barriers: The Company benefits from significant entry barriers in the fish protein products industry. High capital requirements for establishing processing facilities, stringent regulatory compliance, and the need for extensive industry expertise serve as deterrents for new entrants. Mukka Proteins' established presence and expertise act as formidable barriers to entry, safeguarding its market share and competitive advantage.
Strong and Consistent Financial Performance: Mukka Proteins Limited demonstrates a track record of strong and consistent financial performance. With solid revenue growth, healthy profit margins, and prudent financial management, the company instills confidence among investors and stakeholders. Its robust financial position not only ensures sustainability but also provides resources for future growth initiatives, further reinforcing its market leadership and competitive edge.
Risk Factors
Legal Proceedings and Regulatory Compliance: The Company faces potential risks from ongoing legal proceedings related to alleged environmental violations and violations of the Foreign Exchange Management Act by its Promoter Director. Adverse outcomes in these proceedings could impact the company's operations, financial condition, and reputation, potentially leading to disruptions and financial losses.
Dependency on Approvals and Licenses: Mukka Proteins relies on obtaining and renewing necessary approvals and licenses to operate its business smoothly. Any failure to comply with regulatory requirements or obtain necessary approvals may lead to operational disruptions, regulatory penalties, and adverse effects on the company's financial performance and market reputation.
Financial Implications of Legal Challenges: Legal challenges, such as seizure of property and court proceedings, involving the company's Promoter Director could result in financial burdens, legal expenses, and uncertainties regarding the company's financial stability. Adverse outcomes in these legal matters may negatively impact the company's business operations, financial results, and investor confidence.
Uncertainty Regarding Utilization of Proceeds: The Company’s intention to utilize a portion of the net proceeds from its issue towards working capital requirements, based on assumptions and estimates, poses risks of misallocation or insufficient utilization of funds. Failure to effectively deploy the funds as intended may hinder the company's growth plans and operational efficiency.
Operational Disruptions from Regulatory Non-Compliance: Mukka Proteins operations are subject to compliance with various rules and regulations. Non-compliance with these regulations, including failure to obtain or retain necessary approvals and licenses, may result in operational disruptions, legal liabilities, and reputational damage, impacting the company's business continuity and financial performance.
Mukka Proteins IPO Lead Manager(s)
- Fedex Securities Pvt Ltd
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: priya@cameoindia.com
Website: https://ipo.cameoindia.com/