Mukka Proteins Ltd IPO Timeline

Mukka Proteins Ltd IPO opens on 29-Feb-2024, and closes on 04-Mar-2024. The Mukka Proteins Ltd IPO bid date is from 29-Feb-2024 to 04-Mar-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Mukka Proteins Ltd IPO Opening Date 29-Feb-2024
Mukka Proteins Ltd IPO Closing Date 04-Mar-2024
Basis of Allotment 05-Mar-2024
Initiation of Refunds 06-Mar-2024
Credit of Shares to Demat 06-Mar-2024
Mukka Proteins Ltd IPO Listing Date 07-Mar-2024

Mukka Proteins Ltd IPO Lot Size

Mukka Proteins Ltd IPO lot size is 535 shares. A retail-individual investor can apply for up to 13 lots (6955 shares or 194740).

Application Lots Shares Amount
Minimum 1 535 ₹14980
Maximum 13 6955 ₹194740

Mukka Proteins Ltd IPO Details

Mukka Proteins Ltd IPO Date 29-Feb-2024 to 04-Mar-2024
Mukka Proteins Ltd IPO Face Value Shares of ₹1 per share
Mukka Proteins Ltd IPO Price ₹26 to ₹28 per share
Mukka Proteins Ltd IPO Lot Size 535
Issue Size Shares of ₹1 (aggregating up to ₹224 Cr)
Fresh Issue Shares of ₹1 (aggregating up to ₹224 Cr)
Offer for Sale -
Issue Type Book Built Portion
Listing At BSE, NSE
QIB Shares Offered Not more than 16000435
Retail Shares Offered Not less than 28000000
NII (HNI) Shares Offered Not less than 12000000
Company Promoters Kalandan Mohammed Haris, Kalandan Mohammad Arif, Kalandan Mohammed Althaf.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Funding working capital requirements of the company
  • 2 Investment in its associate viz Ento Proteins Pvt Ltd, for funding its working capital requirements
  • 3 General corporate purposes

Company Financials

Mukka Proteins Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2023 500.03 1075.27 39.42
03-2022 329.07 700.63 19.82
03-2021 288.38 545.40 4.61
Amount in ₹ Crore
  • Its position as a leading manufacturer and exporter of Fish Protein products.
  • Established customer base and strong relationships.
  • Strategically located processing facilities.
  • Entry Barriers.
  • Strong and consistent financial performance.
  • Focus on Quality, Environment, Health and Safety (QEHS).
  • Experienced Promoter Directors with extensive domain knowledge.
  • The Company, some of its Subsidiaries, Promoters, Directors and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company business, results of operations and financial condition.
  • The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business, any failure to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect the company operations.
  • Introduction of stricter norms regulating the company operation in domestic and overseas market could result in loss due to its inability to meet customer requirement and production schedules, which could materially affect the company business, results of operations and financial condition.
  • The company have certain contingent liabilities as stated in the Restated Consolidated Financial Statement, and in the event, they materialize it could adversely affect its financial condition.
  • The company has experienced negative cash flows from operating activities and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
  • The Company is party to a legal proceeding concerning an alleged violation of environmental norms by the Company. An adverse outcome of the proceeding could have an impact on the Company's operations at Mukka Manufacturing Facility I.
  • In past, one of the company Promoter Director, Kalandan Mohammed Haris has been subject to search and seizure of property by Directorate of Enforcement in relation to alleged violation of Foreign Exchange Management Act, 1999 against which the company Promoter has filed a Writ Petition against (i) Union of India, (ii) Commissioner of Customs and (iii) Directorate of Enforcement before the Hon'ble High Court of Karnataka, at Bengaluru. An adverse outcome of the proceeding could have an impact on the Company's business, results of operations and financial condition.
  • A significant majority of the company revenues from operations are derived from a limited number of customers.
  • A majority of the company supplies for the company operations are obtained from a limited number of suppliers.
  • Under-utilisation of the company manufacturing capacities and an inability to effectively utilise its expanded manufacturing capacities could have an adverse effect on its business, future prospects and future financial performance.
  • The company operates in an environmentally sensitive industry and are subject to disruptions due to unpredictable or unseasonal weather.
  • There may have been certain instances of non-compliances and alleged non-compliances with respect to certain regulatory filings for corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
  • Man-made factors affecting the pelagic fish populations could adversely affect the company business, financial condition and results of operations.
  • The company production and operations are subject to seasonal fluctuations.
  • The products that the company manufacture or process is subject to risks such as contamination, adulteration and product tampering during their production, transportation or storage and any failure to provide the specified quality of fish meal, fish oil and fish soluble paste could have a negative impact on the company business.
  • The Company does not have any formal long-term arrangements with the suppliers of its key raw material. Any significant variation in the supply may adversely affect the operations and profitability of the Company.
  • The company has recently ventured into insect protein business and its may be unable to execute the company strategy to expand the business or find suitable market for insect proteins, which could have a material adverse effect on its business, financial condition and results of operations.
  • In respect of the land on which Mukka Manufacturing Facility II is located, the company Licensor's title to the land may be defective on account of failure to obtain necessary written consent of Governor of Karnataka represented by the Director of Ports and Inland Water Transport in Karnataka ("Port Authority") in relation to transfer of licence of the land to Haris Marine Products (now Haris Marine Products Private Limited) or the written consent if at all obtained, is not traceable and the document executed with Marine Enterprises by Haris Marine Products is not duly registered or adequately stamped.
  • The company procure raw material from its Associates and the partnership firm, wherein though the Company has made substantial capital contribution, the Company do not control such entities and therefore its interests may not align with the interests of the other stakeholders of such entities.
  • The gross margin for the company products could decline and its cannot assure you that the company can maintain its gross margin at the same level in the future.
  • The company is subject to the legal and regulatory framework of the international markets where its export the company products and may not always be able to comply with applicable rules and regulations or may be adversely affected in the event of introduction of international trade barriers.
  • An inability to comply with applicable health and hygiene standards or quality standards in the company operations and ensure quality of its products may materially and adversely the company business and reputation.
  • Intellectual property rights are important to the company business. Failure to get approval for intellectual property rights may adversely affect its business. The company may be unable to protect them from being infringed by others, including its current and / or future competitors/employees which may adversely affect the company business value, financial condition and results of operations.
  • The company issusceptible to exchange rate fluctuations.
  • The company is dependent on its Promoters Directors for the functioning of the company business and the loss of or its inability to attract or retain such persons could adversely affect the company business, results of operations and financial condition.
  • Any inability on the company part to collect amounts owed to it or pay amounts owed by it could result in the reduction of its profits.
  • The company senior management team and other key managerial personnel in its business units are critical to the company continued success and its may be unable to attract and retain such personnel in the future.
  • The company is currently entitled to certain Export incentives. Any decrease in or discontinuation of such Export incentives or export promotion schemes may adversely affect its results of operations and financial performance.
  • The company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures could have a material adverse effect on its business growth and prospects, financial condition and results of operations.
  • An inability to effectively manage the company growth and expansion may have a material adverse effect on its business prospects and future financial performance.
  • The Company is dependent on third parties for transportation and export of its finished products and any disruption in their operations or a decrease in the quality of their services could have an adverse impact on the company business, financial condition, cash flows and results of operations.
  • The company may be affected by competition law, the adverse application or interpretation of which could adversely affect its business.
  • Any significant interruption in continuing operations of the company manufacturing or storage facilities could have a material adverse effect on its business, results of operations, cash flows and financial condition.
  • In addition to the Manufacturing Facilities, the company enter into arrangement with third-party manufacturers including on job work basis and therefore, the company is subject to risks associated with the third-party manufacturing processes.
  • The company business is dependent on the delivery of adequate and uninterrupted supply of electrical power and water at a reasonable cost and any shortage, disruption or non-availability of power and water may adversely affect its entire processing requirements and have an adverse impact on the company business, results of operations and financial condition.
  • Activities involving the company manufacturing process can be dangerous and can cause injury to people or property in certain circumstances. A significant disruption at any of its facilities may adversely affect the company production schedules, costs, revenue and ability to meet customer demand.
  • The company pursuit of inorganic growth opportunities may not be successful and could result in increased costs.
  • The company relies on contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on the company results of operations and financial condition.
  • Changes in technology may affect the company business by making its processing facilities or equipment less competitive or obsolete.
  • Failure to procure and/ or maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.
  • The company may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect the company operations, business growth and financial results.
  • The Company and its Subsidiaries, during the during the nine months period ended December 31, 2022 Fiscal 2022, 2021 and 2020 had entered into various transactions with its Promoters, some of the members of the Promoter Group and some of the Directors. The Company and its Subsidiaries have in the past entered into Related Party Transactions and may continue to do so in the future also, which may adversely affect the company competitive edge and better bargaining power had these transactions been with non-related parties resulting in relatively more favourable terms and conditions and better margins.
  • The company majorly supply its products to aqua feed, poultry feed and pet food industry and outbreaks of any livestock diseases in general, and shrimp and poultry disease in particular, can significantly restrict the company ability to conduct its operations.
  • Certain sections of this Draft Red Herring Prospectus disclose information from (i) the CRISIL Report which have been commissioned and paid for by it exclusively in connection with the Issue; and (ii) RaboResearch Report which is a publicly available report and BRLM has obtained consent of RaboResearch for use of the report, by email dated March 10, 2023 and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
  • The company do not own some of the business premises where its Manufacturing Facilities, Blending Facilities and Storage Facilities are located.
  • The company operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees.
  • Failure or disruption of the company information and technology ("IT") and/ or enterprise resources planning systems may adversely affect its business, financial condition, results of operations and future prospects.
  • The company may be held liable for the non-payment of wages to the contract labour its engage in the company business.
  • The company lenders have charge over its movable and immovable properties in respect of finance availed by it.
  • The company has availed unsecured loans which are repayable on demand. Any demand for repayment of such unsecured loans, may adversely affect its cash flows.
  • The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force it to sell the company assets, which may adversely affect its cash flows, business, results of operations and financial condition.
  • The company management will have broad discretion in how its apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Issue will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.
  • Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • Some of the company Group Companies have incurred losses in the previous Fiscals.
  • The company Promoters and certain members of its Promoter Group have issued personal guarantees in relation to debt facilities availed by it, which if revoked may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • The company future funds requirements, in the form of issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company financing arrangements.
  • The company Promoters and some of its Directors are interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
  • The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
  • The average cost of acquisition of Equity Shares by the company Promoters could be lower than the floor price.
  • Bismi Fisheries Private Limited, the Group Company is engaged in activities which is similar to its business. This may be a potential source of conflict of interest for it and which may have an adverse effect on the company business, financial condition and results of operations.
  • The company Promoters have interest in entities, which are in businesses similar to its and this may result in conflict of interest with it.
  • Information relating to the installed manufacturing capacity of the Manufacturing Facility included in this Draft Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
  • The company ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company access to capital and thereby adversely affect its business and results of operations.
  • The requirements of being a public listed company may strain its resources and impose additional requirements.
  • If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
  • The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
  • Strengthening its foothold in its existing markets and expanding to new geographies.
  • Expanding its presence in new protein source.
  • Pursue strategic inorganic growth opportunities.

Mukka Proteins Ltd IPO Promoter Holding

Pre Issue Share Holding 85.22%
Post Issue Share Holding 62.49%

Mukka Proteins Ltd IPO Subscription Status (Bidding Detail)

The Mukka Proteins Ltd IPO is subscribed 136.99 times on Mar 04, 2024 05:00:00 PM. The public issue subscribed 58.52 times in the retail category, 189.28 times in the QIB category, and 250.38 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) 189.28 250.38 58.52 - 136.99

Mukka Proteins Ltd IPO Prospectus

Mukka Proteins Ltd IPO Listing Date

Listing Date 07 Mar 24
BSE Script 544135
NSE Symbol MUKKA
Listing In BSE, NSE
ISIN INE0CG401037
IPO Price ₹28
Face Value ₹1

Mukka Proteins Ltd IPO Registrar

Cameo Corporate Services Ltd

Phone: +91 44-40020700
Email: priya@cameoindia.com
Website: www.cameoindia.com

Mukka Proteins Ltd IPO Lead Manager(s)

  1. Fedex Securities Pvt Ltd

FAQs on Mukka Proteins Ltd IPO

Mukka Proteins Ltd IPO, which opens for subscription from 29-Feb-2024 to 04-Mar-2024 has an issue size of ₹224 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Mukka Proteins Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Mukka Proteins Ltd IPO Opens for subscription from 29-Feb-2024 to 04-Mar-2024.

The lot size of Mukka Proteins Ltd is 535 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14980 and ₹194740 respectively.

Allotment date for Mukka Proteins Ltd is 05-Mar-2024 and refund of application amount (in case allotment is not received) will begin from 06-Mar-2024. If your allotment goes through, then shares will be credited in your Demat account by 06-Mar-2024.

The registrar for Mukka Proteins Ltd IPO is Cameo Corporate Services Ltd. You can check your IPO allotment status on the registrar's website.

The shares of Mukka Proteins Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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