Shares of Mukka Proteins Ltd made a strong Dalal Street debut on Thursday but the gains have been less than expected. Mukka Proteins shares debuted at Rs 44 on BSE, a premium of 57.14 per cent over its issue price of Rs 28. However, the stock was listed at a premium 42.86 per cent at Rs 40 on the NSE. Mukka Proteins listing has been less than expected. Ahead of its listing, shares of Mukka Proteins were commanding a premium of Rs 35 per share in the grey market, suggesting a listing pop of 125 per cent for the investors. However, the company was commanding a premium of Rs 25-30 before the issue had opened for bidding. Mukka Proteins sold its IPO in the price band of Rs 26-28 per share with a lot size of 535 equity shares. The issue could be subscribed between February 29 and March 04. 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 stellar 137 times, thanks to solid buying interest from all categories of investors. The quota for non-institutional bidders saw bidding for 250.26 times while the portion reserved for qualified institutional investors was subscribed 189.28 times. The allocation for retail investors was booked 58.36 times during the three-day bidding. Mukka Proteins was incorporated in March 2003 and it specializes 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.
Fedex Securities is the sole book running lead manager of the Mukka Proteins IPO, while Cameo Corporate Services is the registrar for the issue.