Mukka Proteins IPO subscribed 2.47 times on Day 1 of offer

Besides, a portion will be used for general corporate purposes.Mukka Proteins is one of the key players in Indias fish protein sector.

The initial public offer of Mukka Proteins, which manufactures fish meal, fish oil and fish soluble paste, was subscribed 2.47 times on the first day of bidding on Thursday.

The Rs 224 crore-initial share sale received bids for 13,81,99,060 shares against 5,60,00,435 shares on offer, as per NSE data.

The Retail Individual Investors (RIIs) part fetched 3.69 times subscription, while the quota for non institutional investors got subscribed 1.55 times and the portion for Qualified Institutional Buyers (QIBs) received 1.01 times subscription.

The Initial Public Offer (IPO) of up to 8 crore equity shares is in price range of Rs 26-28 a share. The issue is entirely a fresh issue with no Offer For Sale (OFS) component.

Mukka Proteins on Wednesday raised a little over Rs 67 crore from anchor investors.

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.

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.

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

Fedex Securities is the manager to the offer.

The company's equity shares are proposed to be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)