Mukka Proteins Resubmits IPO Draft Documents to SEBI to Raise Capital
Mangaluru-Based Mukka Proteins Revives IPO Plans, Files Fresh Papers with SEBI
Mukka Proteins Ltd, a manufacturer of fish meal, fish oil, and fish soluble paste, has made a fresh filing with SEBI to raise funds through an initial public offering (IPO). The company had previously withdrawn its draft papers in March 2022 but has now decided to proceed with its IPO plans.
According to the newly submitted draft red herring prospectus (DRHP), the IPO will consist solely of a fresh issue of up to 8 crore equity shares.
Sources suggest that the IPO size could range between Rs 175 crore and Rs 200 crore.
The company intends to utilize approximately Rs 120 crore for working capital requirements and up to Rs 10 crore to invest in its associate, Ento Proteins, for their working capital needs. The remaining funds will be allocated for general corporate purposes.
Mukka Proteins holds a prominent position in the fish protein industry and operates six manufacturing facilities, including two through its overseas subsidiary, Ocean Aquatic Proteins LLC, located in Oman, and four in India. Additionally, the company manages five storage facilities and three blending facilities in India.
Apart from domestic sales, Mukka Proteins exports its products to over 10 countries, including Bahrain, Bangladesh, Chile, China, Indonesia, Malaysia, Myanmar, Philippines, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.
In fiscal year 2022, the company’s revenue from operations increased by 27.60% to Rs 770.50 crore compared to Rs 603.83 crore in fiscal year 2021. The profit after tax (PAT) also witnessed significant growth, surging by 134.50% to Rs 25.82 crore in the same period.
For the nine months ending December 31, 2022, Mukka Proteins reported revenue from operations of Rs 756.41 crore and a PAT of Rs 25.60 crore.
Fedex Securities has been appointed as the sole book-running lead manager for the IPO, and the equity shares are proposed to be listed on both the BSE and NSE.
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