Mukka Proteins Shares End At 51% Premium Over IPO Price
The Rs 224-crore IPO was subscribed 136.99 times on its third and final day.
Shares of Mukka Proteins Ltd. made a stellar debut on Thursday and ended on the BSE at Rs 42.26 apiece, a premium of 50.93%.
On the National Stock Exchange, the shares ended at Rs 42.25, a premium of 50.9% over the IPO price of Rs 28 per share.
The shares listed at Rs 44 apiece on the BSE, while it debuted at Rs 40 per share on the NSE.
The Rs 224-crore initial public offering was subscribed 136.99 times on its third and final day. Bids were led by non-institutional investors (250.38 times), followed by institutional investors (189.28 times) and retail investors (58.52 times).
The IPO was 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.
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.
Business
The 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.
