The issue opened for bidding on Friday (29 February 2024) and it will close on Monday (4 March 2024). The price band of the IPO is fixed at Rs 26 to 28 per share. An investor can bid for a minimum of 535 equity shares and in multiples thereof.

The IPO is entirely a fresh issue of 8,00,00,000 equity shares aggregating up to Rs 224 crore.

The objectives for the fresh issue includes Rs 120 crore for funding working capital requirement, Rs 10 crore for investment in associate, and remaining amount for general corporate purpose.

The promoters and promoter group hold an aggregate of 22,00,00,000 equity shares aggregating to 100% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 73.33%.

Ahead of the IPO, Mukka Proteins on Wednesday, 28 February 2024 raised Rs 67.19 crore from anchor investors. The board allotted 2.39 crore shares at Rs 28 each to 6 anchor investors.

Mukka Proteins was incorporated in March 2003, it manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).

The company is one of the key players in the fish protein industry in India. The firm sells its products domestically and exports to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.

The firm reported a net profit of Rs 32.33 crore and sales of Rs 606.09 crore for the six months ended on 30 September 2023.