Mukka Proteins Ltd IPO

Upcoming

IPO Synopsis

Mukka Proteins, headquartered in Gujarat, has filed it preliminary papers with SEBI to raise funds via an IPO and waits for its approval.
The issue comprises fresh issuance of 8 crore equity shares. There will not be any OFS by promoters nor a pre-IPO in question. 
Finshore Management Services Limited is the sole book running lead manager to the public issue

Objective of the Issue

The proceeds from the issue will be used for: 

1. Working Capital Requirements 
2. Part re-payment of Working Capital Limit 
3. General Corporate Purposes  
4. Issue Related Expenses

About Mukka Proteins Ltd

Mukka Proteins Limited is an animal protein company, primarily engaged in the production of Fish Meal, Fish Oil and Fish Soluble Paste as well as developing alternative proteins such as Black Soldier Fly (BSF) Insect meal in the animal food segment.
The group has set up modern Fishmeal manufacturing units across the strategically important coastlines with 9 (Nine) Fishmeal plants spread across 3 (Three) in Karnataka, 4 (Four) in Gujarat and 2 (Two) in Oman. Each unit has dedicated in house laboratory and EIA approved technologists for quality control management.
The company has entered in to a Joint Venture Agreement dated September 13, 2021 between Ento Proteins Private Limited (EPPL) and Holocene Ecosolutions Private Limited (HEPL) (a part of Sakku Group based in Guntur, Andhra Pradesh, one of the largest producers of BSF eggs in India. It is projected that the insect meal industry is set to take off in the next decade and the volumes could increase from present 10000 MT to 500000 MT by 2030.
The Company aims to expand its Fish Meal and Fish Oil business across the globe, as well as diversify into Insect meal production to emerge as the world’s most diversified animal protein producer.
The firm has decades old long standing business relationship with all the major aquafeed giants all across the world, especially Hongkong, Vietnam, Taiwan, Bangladesh, Malaysia, Denmark, Chile, USA, Oman, Turkey etc, in addition to the largest domestic market leaders in Indian Aquaculture industry. Some of our marque clients include CP Aqua, Avanti feeds, GC Luckmate, Skretting, Grobest to name a few.

Particulars (in Rs. Crores) FY21 FY20 FY19
Revenue 603.8 549.2 408.8
EBITDA 21.9 23.8 22.7
PAT 11.0 13.6 13.7
Particulars (in Rs. Crores) FY21 FY20 FY19
Total Assets 354.8 293.1 200.8
Share Capital 5.5 5.5 5.5
Total Borrowings 159.2 141.7 82.9
Particulars (in Rs. Crores) FY21 FY20 FY19
Net cash generated from / (used in) operating activities 9.67 -19.17 -15.74
Net cash from / (used in) investing activities -12.74 -27.97 -23.16
Net cash flow from / (used in) financing activities 10.19 53.79 34.20
Net increase (decrease) in cash and cash equivalents 2.54 0.74 -9.24
       

Peer Comparison

Name of the Company Basic EPS Nav Rs. per share PE RoNW%

Mukka Proteins Limited

0.5 3.02 NA 13.49%
The Waterbase Limited 1.43 45.89 70.21 3.17%
Godrej Agrovet Limited 14.53 91.42 36.09 16.74%

Avanti Feeds Limited

22.41 110.33 18.51 19.82%


The key points are -

IPO Key Points

  • Strengths

    1. Market position as manufacturer and exporter in the fast-growing fish meal industry
    2. Wide geographic reach through the pan India sales and distribution network 
    3. Operates in an industry which has a large addressable market with long-standing relationships with key end customers
    4. World class quality certified plant in strategic locations of India
    5. Well-equipped and automated manufacturing facilities
    6. In-House Research & Development (R&D)

  • Risks

    1. Failure to obtain, retain and renew certain approvals and licences or comply with such rules and regulations, and the failure to obtain or retain them in a timely manner or at all
    2. The Company, its Subsidiaries, Associates, Joint Ventures, its Promoters, its Directors and its 3. Group Companies are parties to certain legal proceedings
    3. Operates in an environmentally sensitive industry and are subject to disruptions due to unpredictable or unseasonal weather
    4. The widespread contamination due to man-made factors affecting the pelagic fish populations
    5. Failure to provide the specified quality of fish meal, fish oil and fish soluble paste

How to apply for IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

IPO FAQs

What is the price band of the IPO?

Mukka Proteins IPO details are yet to be announced.

When does the Mukka Proteins issue open and close?

Mukka Proteins IPO details are yet to be announced.

What is the size of Mukka Proteins IPO issue?

The IPO comprise of fresh issue of 8 crore equity shares.

Who are the promoters/key personnels of Mukka Proteins?

Mukka Proteins is promoted by Kalandan Mohammed Haris, Kalandan Mohammed Althaf and Kalandan Mohammad Arif.

What is the allotment date of Mukka Proteins?

Mukka Proteins IPO details are yet to be announced.

What is the Mukka Proteins listing date?

Mukka Proteins IPO details are yet to be announced.

Who are the book runners for Mukka Proteins IPO?

Finshore Management Services Limited is the book running lead managers to the issue.

What is the objective of the issue?

The proceeds from the issue will be used for: 

1. Working Capital Requirements 
2. Part re-payment of Working Capital Limit 
3. General Corporate Purposes  
4. Issue Related Expenses

How to apply for the Mukka Proteins IPO?

To apply for the IPO, follow the steps given below

1. Login to your 5paisa account and select the issue in the current IPO section
2. Enter the number of lots and price at which you wish to apply for
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
4. You will receive a mandate notification to block funds in your UPI app