Mukka Proteins IPO: Subscription for the initial public offering (IPO) of Mukka Proteins Limited opened on 29th February 2024 i.e. on Thursday last week. the public issue will remain open till 4th March 2024, which means the primary market investors have just one day in hand to apply for the public issue. Mukka Proteins IPO has already raised ₹67.20 crore from anchor investors and the company promoters aim to raise a total of ₹224 crore through the issuance of fresh shares only. The fish protein product maker company has fixed Mukka Proteins IPO price band at ₹26 to ₹28 per equity share. As per the Mukka Proteins IPO subscription status, the book build issue has been subscribed 6.97 times in the first two days of bidding. Meanwhile, the grey market continues to remain highly bullish on the Mukka Proteins IPO. According to the stock market observers, Mukka Proteins IPO GMP (grey market premium) today is ₹30 in the grey market today.
As mentioned above, Mukka Proteins IPO GMP today is ₹30, which is ₹2 higher than Friday’s GMP of ₹28. They said that the strong response by the primary market investors and the strong bull trend in the Indian stock market could be the possible combination of reasons that has fueled the grey market sentiment. They went on to add that the grey market sentiment regarding Mukka Proteins IPO may continue to remain bullish as positive global market sentiments may further fuel Dalal Street in upcoming sessions.
The Initial Public Offering of Mukka Proteins Limited was subscribed 6.97 times on the second day of bidding. The issue received bids of 39,01,02,740 shares against the offered 5,60,00,435 equity shares, at a price band of ₹26 to ₹28, according to the data available on the stock exchanges.
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Retail Portion and Non-Institutional Investors Portion were subscribed 10.20 times and 6.22 times respectively, whereas Qualified Institutional Buyer Portion subscribed 1.86 times. The issue kicked off for subscription on Thursday, February 29, 2024, and will close on Monday, March 04, 2024.
Giving a ‘subscribe’ tag to the book build issue, BP Equities said, “The company has a record of sustained consolidated revenue from operations, growing at a CAGR of 39.3% during FY21-23. We believe that high entry barriers, consistent financial performance, and innovative products have helped the company to grow its business successfully. As we advance, Mukka Proteins Ltd. presents a persuasive investment opportunity in the fish protein industry, given its strong market position, diversified product portfolio, and global presence. The issue is valued at a P/E of 9.3x on the upper price band based on FY24 earnings, which is fairly valued. We, therefore, recommend an SUBSCRIBE rating for the issue.”
Giving a ‘buy’ tag to the book build issue, Arun Kejriwal, Founder of Kejriwal Research and Investment Services said, “Mukka Proteins Limited is in fish protein product making and its products have high demand in the overseas market. It is a profit-making company and shares of the company have been offered at attractive valuations as well. So, one can apply for the public issue for the listing gain.”
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 02 Mar 2024, 11:57 AM IST