Mukka Proteins Ltd. launched its initial public offering on Thursday to raise up to Rs 224 crore. The IPO was subscribed 2.47 times on day 1.The fish-meal exporter has set a price band of Rs 26 to Rs 28 per share. The IPO is completely a fresh issue of up to 8 crore equity shares, aggregating Rs 224 crore at the upper end of the price band, with no offer-for-sale component. Investors can bid for a minimum of 535 equity shares and in multiples of 535 equity shares thereafter.Mukka raised Rs 67 crore from anchor investors a day ahead of its public issue. The IPO closes on March 4.Out of the total proceeds, Rs 120 crore will be used towards working-capital requirements and up to Rs 10 crore for investment in its associate Ento Proteins for funding its working-capital requirements. A portion will also be used for general corporate purposes.Issue DetailsIssue opens: Feb. 29Issue closes: March 4Total issue size: 8 crore equity sharesFace value: Rs 1 apiece.Fixed price band: Rs 26–28 per share.Minimum lot size: 535 shares.Listing: NSE and BSE.BusinessThe company is a fish-protein products manufacturer, which manufactures and supplies fish meal, fish oil and fish-soluble paste, which is an essential ingredient in the manufacturing of aqua feed, poultry feed and pet food.Fish oil also finds its application in pharmaceutical products, soap manufacturing, leather tanneries and paint industries. Omega 3 pills and related products derived from fish oil are gaining importance as high nutrient and healthy dietary supplements.The company sells its products domestically and also exports them to over a dozen countries, including Bangladesh, China, Saudi Arabia and South Korea.Subscription Status Day 1The IPO was subscribed 2.47 times as of 5 p.m. on Thursday.Institutional investors: 1.01 times.Non-institutional investors: 1.55 times.Retail investors: 3.69 times.Mukka Proteins IPO - Investment Rationale, Issue Details, Financials, Strengths, Risks And More: Anand Rathi