Mukka Proteins IPO opens for subscription today; Here is all you need to know

Mukka Proteins, a leading fish protein products manufacturer, announced on Wednesday that it has successfully raised Rs 67.20 crores from anchor investors in anticipation of its upcoming initial public offering (IPO).

The initial public offering of equity shares is set to commence on February 29, 2024, and will conclude on Monday, March 04, 2024. The price band for the offer has been fixed at Rs 26 – Rs 28 per equity share, aiming to raise Rs 224 crores at the upper end of the price range.

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Investors are allowed to bid for a minimum of 535 equity shares, with subsequent bids in multiples of 535 equity shares. The company disclosed that it allocated 2,39,99,565 equity shares at Rs 28 per share to six anchor investors on Wednesday, February 28, 2024.

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Proceeds from the IPO, as outlined in the red herring prospectus (RHP), are earmarked for general corporate purposes, investment in their associate, Ento Proteins Private Limited, and meeting working capital requirements.

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The allocation structure for Mukka Proteins IPO reserves not more than 50% of the shares for qualified institutional buyers (QIB), a minimum of 15% for non-institutional investors (NII), and a minimum of 35% for retail investors.

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Tentatively, basis of allotment of shares will be finalized on Tuesday, March 5. Initiation of refunds will take place on Wednesday, March 6, while the shares will be credited to the demat account of allottees on the same day. Mukka Proteins IPO shares are likely to be listed on BSE and NSE on Thursday, March 7.

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