Mukka Proteins IPO to open on Feb 29; sets price band of ₹26-28/ share

Mukka Proteins IPO to open on Feb 29; sets price band of ₹26-28/ share
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New Delhi, Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, on Monday fixed a price band of Rs 26-28 apiece, for its Rs 224 crore Initial Public Offering (IPO). The company's maiden public issue will open for subscription on February 29 and conclude on March 4.

The issue is entirely a fresh issue of up to 8 crore equity shares aggregating to Rs 224 crore at the upper end of the price band, with no Offer For Sale (OFS) component, Manguluru-based company said.

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.

Besides, a portion will be used for general corporate purposes.

Investors can bid for a minimum of 535 equity shares and in multiples of 535 equity shares thereafter.


Mukka Proteins is one of the key players in India's fish protein sector.

Furthermore, fish oil has diverse applications, including pharmaceuticals (particularly in EPA-DHA extraction for nutraceuticals), soap making, leather treatment, and paint manufacturing.

In the fiscal year 2023, the company contributed between 25 per cent and 30 per cent of the Indian fish meal and fish oil industry's revenue, estimated to be between Rs 3,200 crore and Rs 4,100 crore, as per a Crisil report cited in the RHP (Red Herring Prospectus).

Mukka Proteins distributes its products both domestically and internationally, serving over 10 countries such as Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.

At present, the company has six manufacturing facilities, with two held through its foreign subsidiary, Ocean Aquatic Proteins LLC, based in Oman, and four situated in India.

Additionally, it operates five storage facilities and three blending facilities strategically located along the Indian coastline.

Also, the company plans to expand its manufacturing footprint through its associates, Ento Proteins Private Limited.

On a consolidated basis, Mukka Proteins' revenue from operations surged 53 per cent to Rs 1,177.12 crore in fiscal 2023 from Rs 770.50 crore in fiscal 2022, and profit after tax jumped 84 per cent to Rs 47.52 crore in fiscal 2023, from Rs 25.82 crore in fiscal 2022.

Fedex Securities Private Limited is the sole book-running lead manager to the offer. The equity shares are proposed to be listed on the BSE and NSE.