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The Initial Public Offering of Mukka Proteins Limited was subscribed 6.97 times on the second day of bidding.

The issue received bids of 39,01,02,740 shares against the offered 5,60,00,435 equity shares, at a price band of ?26-28, according to the data available on the stock exchanges.

Retail Portion and Non-Institutional Investors Portion was subscribed with 10.20 times and 6.22 times respectively, whereas Qualified Institutional Buyer Portion subscribed 1.86 times. The issue kicked off for subscription on Thursday, February 29, 2024 and will close on Monday, March 04, 2024.

A day prior to the opening of the issue, GPT Healthcare Ltd had raised Rs 67.20 crores from anchor investors. Investors who participated in the anchor were Neomile Growth Fund, Saint Capital Fund, Zinnia Global Fund PCC, Eminence Global Fund PCC, Craft Emerging Market Fund PCC,and Elara India Opportunities Fund.

Leading brokerage firms like Ventura Securities, BP Wealth and AnandRathi have given a “Subscribe” rating to Mukka Proteins Ltd, given its dominant position as a leading manufacturer and exporter of Fish Protein products, strategically located facilities and high entry barriers in terms of environment clearances and licenses.

The brokers are positive on the company as they are strengthening their foothold in their existing markets and expanding to new geographies. They are also pursuing strategic inorganic and organic growth opportunities and has also ventured into a new protein source of Insects.

Weather-sensitive operations, capacity underutilization or inability to operate facilities and inability to get regulatory approvals on time are pointed out as key risks of the company by the brokers.

Fedex Securities Private Limited is the sole book-running lead manager and Cameo Corporate Services Limited is the registrar to the offer. The equity shares are proposed to be listed on the BSE and NSE.

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