Mukka Proteins IPO listed @ Rs. 40

March 7, 2024 admin Leave a replyPost Comment

Mukka Proteins IPO GMP, Details & Review @ Chanakyanipothi.com
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Who is the promoter of Mukka Proteins IPO? 
KALANDAN MOHAMMED HARIS, KALANDAN MOHAMMAD ARIF
AND KALANDAN MOHAMMED ALTHAF

What is the business of Mukka Proteins?

Consistently being awarded by MPEDA, during the last 7 years for our export performance, inter alia,
including as an outstanding performance in export of fish meal, fish oil and allied products for Fiscal 2021, Fiscal 2020 and Fiscal 2019, the company is one of the key players of the Fish Protein industry in India. In Fiscal 2022, of the total estimated revenue of the Indian fish meal and fish oil industry of Rs.13,000 to Rs. 17,000 million, the revenue of its Company was Rs.6,928.87 million thus, being 45%-50% contributor to the estimated revenue of the Indian fish meal and fish oil industry for the corresponding period. The Company is also amongst the first few Indian companies to have commercialised insect meal and insect oil as an ingredient for aqua feed, animal feed and pet food.
Fish Protein and Insect Protein are hereinafter, collectively, referred to as “Animal Protein”

As a manufacturer of Fish Protein products, it manufactures and supplies fish meal, fish oil and fish soluble paste which is an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed and pet food. Further, fish oil also finds its application in pharmaceutical products
, soap manufacturing, leather tanneries & paint industries. It sells its products domestically and also export them to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.

The company has 6 manufacturing facilities operated by it, out of which 4 manufacturing facilities are located in India and 2 manufacturing facilities, held through its Foreign Subsidiary, namely Ocean Aquatic Proteins LLC is located in Oman. Further, the Company operates
3 blending facilities and 5 storage facilities located in India. All its Facilities are strategically located
within the close proximity to the coastline.

For more information, click www.mukkaproteins.com 

What is the object of Mukka Proteins IPO?
The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:
1. Funding working capital requirements of the Company;
2. Investment in its Associate, viz. Ento Proteins Private Limited, for funding its working capital
requirements; and
3. General Corporate Purpose

Mukka Proteins IPO GMP, Particulars & Guidance

Mukka Proteins IPO Guidance:
Consistently being awarded by MPEDA, during the last 7 years for our export performance, inter alia,
including as an outstanding performance in export of fish meal, fish oil and allied products for Fiscal 2021, Fiscal 2020 and Fiscal 2019, the company is one of the key players of the Fish Protein industry in India. In Fiscal 2022, of the total estimated revenue of the Indian fish meal and fish oil industry of Rs.13,000 to Rs. 17,000 million, the revenue of its Company was Rs.6,928.87 million thus, being 45%-50% contributor to the estimated revenue of the Indian fish meal and fish oil industry for the corresponding period. The Company is also amongst the first few Indian companies to have commercialised insect meal and insect oil as an ingredient for aqua feed, animal feed and pet food.
Size:  The net size of the IPO is Rs. 224 Cr comprising of 8000000 shares. Considering the recent IPO trends, the IPO is very small. With just 5333 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 33.60 Cr, so oversubscription may not be an issue.
Financial Angle: In the 3 years, prior to the IPO, the total income and net profits have shown steady rise, except sharp rise in the net profits in the year 2022-23. If the company can maintain its profits of the year 2022-23, then the offer price of Rs. 28 is reasonably priced.
One more Aspect: The company deals in fish meal and fishoil. Many of the investors avoid investing in such businesses and this may affect the fancy and over-subscription.
Grey Market Aspect: Currently, grey market has huge bearing on the listing trends of most of the IPOs. So you may take clue from grey market trend and then take final decision.

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