Friday, March 8, 2024

Mukka Proteins makes a punching debut on the exchange; lists at 57% premium

Shares of Mukka Proteins made a punching debut on the exchange at a premium of 57%, higher than the IPO’s issue price of Rs 28. 

The scrip listed Rs 44 per share on BSE and Rs 40 per share on NSE, at a premium of 57.14% and 42.86% respectively. The company's share price closed at Rs 42.26 per share on the BSE, a 50.93% premium, and at Rs 42.25 per share on the NSE, a 50.89% premium.

As per NSE, the total quantity traded stood at 292.78 lakh shares, on BSE the total Quantity stood at 37.61 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 130.45 crore. 

The Market Capitalization of the Company at today’s closing price stood at Rs. 1267.80 Crore as per BSE and Rs. 1,267.50 Crore as per NSE.

The Initial Public Offering of Mukka Proteins Limited was subscribed 136.89 times. Retail Portion was subscribed 58.33 times, Non-Institutional Investors Portion with 250.24 times, whereas Qualified Institutional Buyer Portion subscribed 189.28 times. 

Mukka Proteins is one of the key players in India's Fish Protein sector, consistently being awarded by the Marine Products Export Development Authority (MPEDA) for its exceptional export performance. In the fiscal year 2023, the company contributed between 25% to 30% of the Indian fish meal and fish oil industry's revenue, estimated to be between ₹3,200 crore to ₹4,100 crore, as per a CRISIL report cited in the RHP.

The company also plans to expand the manufacturing footprint through its associates, Ento Proteins Private Limited. It produces insect meal from food waste and is the winner of Network 18 Sustainability Award under the category circularity for the year 2022.

Furthermore, fish oil finds diverse applications, including pharmaceuticals (particularly in EPA-DHA extraction for nutraceuticals), soap making, leather treatment, and paint manufacturing.

Mukka Proteins distributes its products both domestically and internationally, serving over 10 countries such as Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. Additionally, the company, in collaboration with its affiliate EPPL, has entered into the production and sale of insect meal and insect oil. Omega-3 supplements and related products derived from fish oil are gaining popularity as healthy and nutrient-rich dietary additions.

No comments: