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Mukka Protein IPO: Subscription for the initial public offering (IPO) of Mukka Proteins Limited was opened on February 29, 2024, i.e. Thursday last week. The public issue will remain open until March 4, 2024, which means that primary market investors only have one day available to apply for the public issue. Mukka Proteins’ IPO has already raised $67.20 crore from anchor investors and the promoters of the company aim to raise a total of $224 crore by issuing new shares only. The fish protein products manufacturing company has set the price range of Mukka Proteins IPO at $26 to $28 per share. According to Mukka Proteins’ IPO subscription status, the book edition was subscribed 6.97 times in the first two days of the bidding. Meanwhile, the gray market remains very bullish on the Mukka Proteins IPO. According to stock market observers, Mukka Proteins’ IPO GMP (gray market premium) today is $30 on the gray market today.
As mentioned above, Mukka Proteins IPO GMP today is $30, which is $2 above GMP on Friday $28. They said that the strong response from primary market investors and the strong bullish trend in the Indian stock market could be the possible combination of reasons that have fueled the gray market sentiment. They went on to add that the gray market sentiment regarding the Mukka Proteins IPO may continue to be bullish as the positive global market sentiments may further boost Dalal Street in the coming sessions.
The Initial Public Offer of Mukka Proteins Limited was subscribed 6.97 times on the second day of bidding. The issue received bids for 39,01,02,740 shares against the 5,60,00,435 shares offered, at a price band of $26 to $28, according to data available on stock exchanges.
The Retail Portion and the Non-Institutional Investor Portion were subscribed 10.20 times and 6.22 times respectively, while the Qualified Institutional Buyer Portion subscribed 1.86 times. The edition began for subscription on Thursday, February 29, 2024 and will close on Monday, March 4, 2024.
Giving a ‘subscription’ tag to the book-building issue, BP Equities said: “The company has a track record of sustained consolidated revenue from operations, growing at a CAGR of 39.3% during FY21 -23.We believe that high barriers to entry, consistent financial performance and innovative products have helped the company successfully grow its business. As we move forward, Mukka Proteins Ltd. presents a compelling investment opportunity in the fish protein industry, given its strong market position, diversified product portfolio and global presence. is valued at a P/E of 9.3x in the upper price band based on FY24 earnings, which is fairly valued. We therefore recommend a SUBSCRIBE rating for the issue.”
Arun Kejriwal, Founder, Kejriwal Research and Investment Services, termed the book-making issue a “buy” and said, “Mukka Proteins Limited is engaged in manufacturing fish protein products and its products are in high demand in the foreign market. It is a source of profit.” The manufacturing company and the company’s shares have also been offered at attractive valuations. Therefore, public issuance can be requested to obtain listing profits.”
Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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