Mangaluru-based Mukka Proteins, manufactures fish meal, fish oil and fish soluble paste, an essential ingredient in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food), has fixed the price band of Rs 26/- to Rs 28/- per Equity Share of face value ₹1/- each for its maiden initial public offer. The Initial Public Offering of the Company will open on Thursday, February 29, 2024, for subscription and close on Monday, March 04, 2024. Investors can bid for a minimum of 535 Equity Shares and in multiples of 535 Equity Shares thereafter. The issue is entirely of a fresh issue of up to 8 crore equity shares with no offer for sale component. The equity shares are proposed to be listed on the BSE and NSE.
Of the total net proceeds to be raised through the issue, the company proposes to utilise up to Rs 120 crore towards working capital requirements, up to Rs 10 crore for investment in its associate, Ento Proteins Private Limited, for funding its working capital requirements besides general corporate purposes.
Mukka Proteins is one of the key players in India’s Fish Protein sector, consistently being awarded by the Marine Products Export Development Authority (MPEDA) for its exceptional export performance. In the fiscal year 2023, the company contributed between 25% to 30% of the Indian fish meal and fish oil industry’s revenue, estimated to be between Rs 3,200 crore to Rs 4,100 crore, as per a CRISIL report cited in the RHP.
The company also plans to expand the manufacturing footprint through its associates, Ento Proteins Private Limited. It produces insect meal from food waste and is the winner of Network 18 Sustainability Award under the category circularity for the year 2022.
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. Additionally, the company, in collaboration with its affiliate EPPL, has entered into the production and sale of insect meal and insect oil. Omega-3 supplements and related products derived from fish oil are gaining popularity as healthy and nutrient-rich dietary additions.
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.
