Mukka Proteins, which manufactures fishmeal, fish oil and soluble fish paste, has received approval from capital markets regulator Sebi to raise funds through an initial public offering (IPO).
According to the draft Red Herring Prospectus (DRHP), the IPO will be an all-new issue of shares worth up to ₹8 crore.
The company, which had resubmitted its IPO drafts to the regulator in June, received a observation letter from it on October 30, an update from the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi’s language, receipt of a observation letter means the regulator’s consent to float the public issue.
According to the draft papers, the company proposes to allocate up to 120 billion for general corporate purposes.
According to market sources, the size of the IPO could be between Rs 175 million and Rs 200 million.
The Mangaluru-based company produces fish meal, fish oil and soluble fish paste, an essential ingredient in the production of aqua feed (for fish and shrimp), poultry feed (for broilers and laying hens) and animal feed (dog and cat food). ).
The company has six manufacturing facilities, two of which are operated through its foreign subsidiary Ocean Aquatic Proteins LLC based in Oman and four of which are based in India. The company also operates five storage facilities and three blending facilities in India.
Mukka Proteins’ operating revenue rose 27.60 per cent to Rs 770.50 crore in FY2022 from Rs 603.83 crore in FY2021 and profit after tax (PAT) rose 134.50 per cent to Rs 25.82 crore Rupees in the period under review, from Rs 11.01 crore in the previous fiscal.
Fedex Securities is the sole underwriter. The shares are proposed to be listed on the BSE and NSE.
The company had previously submitted its draft papers to the regulator in March 2022. However, at this point the company put its IPO plans on hold and withdrew its draft papers.
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