Mukka Proteins IPO

Mukka Proteins Limited

₹13,910 /535 sharesMinimum Investment

Mukka Proteins IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
BSE & NSE₹28.00₹40.00₹12.00 (42.86%)

Mukka Proteins IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
29 Feb ‘24 - 4 Mar ‘24₹13,910535₹26 - ₹28
Issue SizeIPO Doc
224.00Cr
RHP PDF

Subscription Status As on Invalid Date

  • Qualified Institutional Buyers
    189.28x
  • Non-Institutional Investor
    242.86x
  • Retail Individual Investor
    58.52x
  • Total
    136.99x

About Mukka Proteins

Mukka Proteins is a manufacturer of Fish Protein products such as fish meal, fish oil, and fish soluble paste. These ingredients are used for aqua feed, poultry feed, pet food, pharmaceuticals, soap, leather, and paint industries. Mukka Proteins exports its products to about 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. The company operates 6 manufacturing facilities. Four of these facilities are situated in India, while the remaining two are held through our Foreign Subsidiary, Ocean Aquatic Proteins LLC, located in Oman. Additionally, the company manages 3 blending facilities and 5 storage facilities, all strategically positioned in close proximity to the coastline within India.;
Parent Organisation
Mukka Proteins Limited
Founded
2003
Managing Director
Mr. Kalandan Mohammed Haris

Strengths & Risks

  • The company’s revenue from operations grew at a CAGR of 39.62% over the last three fiscals, from Rs. 603.83 cr in Fiscal 2021 to Rs. 1,177.12 cr in Fiscal 2023. Revenue for Fiscal 2023, Fiscal 2022, Fiscal 2021, and the six months ending September 30, 2023, were Rs. 1177.12 cr, Rs. 770.50 cr, Rs.603.83 cr, and Rs. 606.09 cr, respectively.
  • As per the company, it has 4 strategically located manufacturing facilities, 3 blending facilities and 5 storage facilities along the western coastline of India. Further, it has 2 manufacturing facilities in Oman, which are located in proximity to the landing sites and fish catchments.
  • During the Fiscal 2023, Fiscal 2022 and Fiscal 2021, the company served around 84, 46 and 52 customers, respectively and 51 customers during the six months period ended September 30, 2023. As of September 30, 2023, the company has on-going business relationships of more than five years with 19.61% of its total customers who contribute 52.90 % of the revenue from operations.
  • The company has exported its products to about 10 countries in the preceding 3 Fiscals and 6 (six) months period ending September 30, 2023. It exports its products to countries such as Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
  • The company, along with some of its subsidiaries, promoters, directors, and group companies, is involved in certain legal proceedings. Adverse decisions in these proceedings may have a material impact on the company's business, results of operations, and financial condition.
  • The company has certain contingent liabilities. If these liabilities materialize, they could have an adverse effect on the company's financial condition.
  • The company has experienced negative cash flows from operating activities and may continue to do so in the future. Such circumstances could have a material adverse impact on the business, prospects, financial condition, cash flows, and results of operations. In FY 2023, the company’s cash flow from operating activities was Rs. (54.39) cr and for the six-month period ending September 30, 2023, it was Rs. (20.12) cr.
  • A significant majority of the company's revenues come from a limited number of customers. During the six months ending September 30, 2023, and in Fiscal 2023, Fiscal 2022, and Fiscal 2021, the company's top 5 customers contributed Rs. 352.07 cr, Rs. 624.9 cr, Rs. 618.83 cr, and Rs. 461.91 cr, respectively. These amounts represented 58.09%, 53.09%, 80.31%, and 76.50%, respectively, of the total revenue from operations during those periods.
  • The company heavily relies on a limited number of suppliers for its operations. During the six months ending September 30, 2023, and in Fiscal 2023, Fiscal 2022, and Fiscal 2021, the company's top 5 suppliers contributed 35.05% and 33.28%, 35.41% and 35.10%, respectively, of its total purchases.
  • The company relies on third parties for the transportation and export of its finished products. Any disruption in their operations or a decline in the quality of their services could potentially adversely impact the company's business, financial condition, cash flows, and results of operations.
  • As of Sep’2023, the company had unsecured loans of Rs. 54.33 cr which is repayable on demand. Any demand for repayment of such unsecured loans can adversely affect its cash flows.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular26 - 28₹2 Lakh
High Networth Individual26 - 28₹2 - 5 Lakh
For Mukka Proteins IPO, eligible investors can apply as Regular.
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