Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for the production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).
The company exports its products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
As of March 31, 2023, the company employed 385 people from various departments, including technical and support staff, administration, management and operations.
The company currently operates six production facilities, including four in India and two in Oman, which are held by its foreign subsidiary Ocean Aquatic Proteins LLC. In addition, the company operates three blending plants and five storage facilities, all of which are located in India. All of the company's facilities are strategically located near the coast.
The company is certified by NQA and UKAS to ISO 22000:2018 and ISO 9001:2015 management system standards.
As of December 31, 2022, the company has contractual arrangements with third-party manufacturing facilities in Sasihithlu (Karnataka), Udupi (Karnataka), Taloja (Maharashtra) and Ratnagiri (Maharashtra) for the supply of fishmeal and fish oil.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding working capital requirements of the Company; | — |
| Investment in the Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements; and | — |
| General Corporate Purposes. | — |
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Total Assets | 641 | 575 | 392 |
| Revenue | 613 | 1,184 | 776 |
| PAT | 33 | 48 | 26 |
| Net Worth | 159 | 129 | 87 |
| Reserves | 145 | 113 | 69 |
| Total Borrowing | 318 | 255 | 174 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 40,000,000 (50%) | — |
| NII / HNI | — | 12,000,000 (15%) | — |
| Retail (RII) | — | 28,000,000 (35%) | — |
| Total | — | 80,000,000 (100%) | — |
* Amount calculated at upper price band (₹28) · ** Total includes all investor categories
- 1 Initiation of Refund 06 Mar 2024
- 2 Credit of Shares to Demat 06 Mar 2024
- 3 Lock-in Period (30%) April 4, 2024
- 4 Lock-in Period (50%) June 3, 2024
- Retail allocation is good at 35% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 50%.
- The IPO P/E of 13x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹2 compares to post-issue EPS of ₹2 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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