Mukka Proteins Limited IPO

Mukka Proteins Limited IPO

The subscription period for Mukka Proteins Limited’s initial public offering (IPO) commenced on Thursday of last week, February 29, 2024. The public offering will be available until March 4, 2024, which gives primary market investors just one day to submit an application.

TheMukka Proteins Limited IPO has already brought in ₹67.20 crore from anchor investors, and the promoters of the firm want to raise an additional ₹224 crore by issuing entirely new shares. The Mukka Proteins IPO pricing range has been set by the firm that manufactures fish protein products at ₹26 to ₹28 per equity share.

In the first two days of bidding, 6.97 subscriptions were made to the book build issue, according to the Mukka Proteins IPO subscription status. The grey market is still very optimistic about Mukka Proteins’ initial public offering (IPO) in the meantime.

The IPO GMP (gray market premium) for Mukka Proteins is currently ₹30 in the grey market, according to stock market observers.

As previously stated, the GMP for Mukka Proteins’ IPO today is ₹30, ₹2 more than the GMP for Friday, which was ₹28. They suggested that the robust reaction from investors in the primary market and the robust uptrend in the Indian stock market might be the potential causes of the sentiment in the gray market.

They continued by saying that the favorable sentiment in the global market may further support Dalal Street in the following sessions, which would keep the grey market’s outlook on Mukka Proteins’ IPO optimistic.

The Initial Public Offering of Mukka Proteins Limited was subscribed 43.40 times by 12:24 PM on the third day of the bidding; the retail portion of the book build issue was subscribed 30.40 times; the NII portion was booked 111.45 times; and the QIB segment was subscribed 15.18 times.

While qualified institutional buyers subscribed 1.86 times, the retail and non-institutional investors portions were subscribed 10.20 and 6.22 times, respectively. Subscriptions for the issue will be accepted starting on Thursday, February 29, 2024, and ending on Monday, March 4, 2024.

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IPO analysis of Mukka Proteins

With a’subscribe’ tag attached to the book build issue, BP Equities stated, “The company has demonstrated consistent growth in consolidated revenue from operations, with CAGRs of 39.3% over FY21–23. We think that the company’s strong business growth has been facilitated by high entry barriers, steady financial performance, and new products. With its strong market position, diverse product portfolio, and global presence, Mukka Proteins Ltd. continues to present a compelling investment opportunity in the fish protein business.

Fairly valued, the issue has a P/E of 9.3x on the higher price band based on FY24 profits. Thus, we advise giving the issue a SUBSCRIBE rating.”

The founder of Kejriwal Research and Investment Services, Arun Kejriwal, gave the book build issue a “buy” rating, saying, “Mukka Proteins Limited makes fish protein products, and its products are in strong demand in the international market. It is a profitable enterprise, and its shares have been offered at competitive prices. Therefore, one may request for the listing gain through the public issue.”

Disclaimer: No any of the analysts, experts, or broking firms expressed the opinions or suggestions expressed above. It is recommended that investors consult with qualified specialists prior to making any financial decisions.