Mukka Proteins IPO subscription available from today. Check issue size, price band & other details

Mukka Proteins IPO: March 4 is the deadline to subscribe to the public offer.

Mukka Proteins, a Mangalauru-based manufacturer of fish protein products, will open its initial public offering (IPO) for subscription on Thursday, with March 4 being the deadline to subscribe to the public offer.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

The company aims to raise ₹224 crore through the exercise; on the IPO's eve, it garnered ₹67.20 crore out of the total net proceeds, doing so by allocating as many as 2,39,99,565 shares to six anchor investors at ₹28 per share, reported HT's sister website Mint.

The anchor investors were: Neomile Growth Fund, Saint Capital Fund, Zinnia Global Fund PCC, Eminence Global Fund PCC, Craft Emerging Market Fund PCC, and Elara India Opportunities Fund.

Mukka Proteins IPO details

The public offer consists of a fresh issue of up to 8 crore equity shares with no offer-for-sale (OFS) component, with the price band being ₹26- ₹28 per share. Additionally, investors can bid for a minimum of 535 equity shares, and in multiples of 535 equity shares thereafter.

Mukka Proteins has reserved not more than 50% shares for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and not less than 35% for retail investors.

Fedex Securities Private Limited is the sole book-running lead manager and Cameo Corporate Services Limited is the registrar to the IPO.

Important Dates (tentative)

On March 5, Mukka Proteins will finalise the allotment of shares; the following day, these will be credited to the demat accounts of the allottees, and on the same day, the company will initiate refunds for those who missed out on the shares. Then, on March 7, the firm's shares are likely to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Net proceeds to be used for?

As stated by Mukka Proteins in its red herring prospectus (RHP), the company intends to use the money to fund the following: general corporate purposes; investment in its associate (Ento Proteins Private Limited); and, its own working capital requirements.