Shares of Mukka Proteins Ltd are set to make market debut on Thursday. Chances are the stock may deliver strong listing gains to investors, as hinted by the grey market trend. Ahead of its listing, shares of Mukka Proteins were commanding a GMP of Rs 35 per share in the grey market, suggesting a listing pop of 125 per cent. The GMP Was Rs 25-30 a few days ago. Mukka Proteins sold its IPO in the price band of Rs 26-28 per share. The issue ran from February 29 and March 4. The company raised a total of Rs 224 crore through its primary offering, which was entirely a fresh share sale of up to 8,00,00,000 equity shares. The issue was overall subscribed a solid 136.99 times, thanks to solid buying across all categories of investors. The quota for non-institutional bidders was subscribed 250.26 times while the portion reserved for qualified institutional investors was subscribed 189.28 times. The retail quota subscription stood at 58.36 times in the three-day bidding process.
Mukka Proteins was incorporated in March 2003. It specialises in the production of fish protein products. The company manufactures and delivers fish meal, fish oil, and fish soluble paste, crucial components for aqua feed used in fish and shrimp farming, as well as poultry feed for broilers and layers, and pet food for dogs and cats.
The issue was not widely tracked by the brokerage firms but those tracking the issue mostly had positive views on it. Fedex Securities is the sole book running lead manager of the Mukka Proteins IPO, while Cameo Corporate Services is the registrar for the issue.