Mukka Proteins IPO | Institutional investors pick Rs 67 crore worth shares via anchor book

Fish protein products manufacturer Mukka Proteins mobilised Rs 67.2 crore through its anchor book on February 28, a day prior to the IPO opening.

The public issue will be opened for subscription on February 29, while the last day for bidding will be March 4.

The Karnataka-based company, in its filing to exchanges, said it has finalised allocation of 2,39,99,565 equity shares to anchor investors at a price of Rs 28 per equity share.

Total six investors participated in the anchor book including Neomile Growth Fund, Saint Capital Fund, Eminence Global Fund, and Elara India Opportunities Fund.

Neomile Growth Fund was the largest investor amongst them, buying Rs 16.19 crore worth of shares, followed by Eminence Global Fund which picked Rs 11 crore-worth shares of the company in the anchor book round, while the rest of the four participants acquired Rs 10 crore shares each.

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Mukka Proteins, which produces fish meal, fish oil, fish soluble paste and pet food, intends to raise Rs 224 crore through its maiden public issue of 8 crore equity shares at the upper price band.

The IPO comprises only a fresh issue component with no offer-for-sale part. The price band for the IPO is Rs 26-28 per share.

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The company will spend Rs 120 crore of the net fresh issue proceeds for its working capital requirements, and Rs 10 crore for investment in the associate company, Ento Proteins, for working capital requirements. The remaining funds will be used for general corporate purposes.

Mukka Proteins operates its business through six manufacturing facilities, of which four are in India and two in Oman. Further, it operates three blending facilities and five storage facilities in India.