Mukka Proteins IPO: GMP, subscription status for review. Apply or not as the call for applications ends tomorrow?

Mukka Proteins IPO: The subscription for the initial public offering (IPO) of Mukka Proteins Limited was opened on February 29, 2024, i.e. on Thursday last week. The public issue will remain open until March 4, 2024, meaning primary market investors only have one day to apply for the public issue. The Mukka Proteins IPO has already increased ₹67.20 crore from anchor investors and the company's founders want to raise a total of 67.20 crore ₹224 crore just by issuing new shares. The company that produces fish protein products has set the price range for the IPO of Mukka Proteins ₹26 to ₹28 per share. According to Mukka Proteins' IPO subscription status, the Book Build edition was subscribed 6.97 times in the first two days of bidding. Meanwhile, the gray market remains extremely optimistic about Mukka Proteins' IPO. According to stock market observers, Mukka Proteins' IPO today is GMP (Gray Market Premium). ₹30 on the gray market today.

As mentioned above, Mukka Proteins IPO is GMP today ₹30, that is ₹2 higher than Friday's GMP ₹28. They said that the strong response from primary market investors and the strong uptrend in the Indian stock market could be the possible combination of reasons that have fueled the gray market sentiment. They added that the gray market sentiment may remain optimistic regarding the Mukka Proteins IPO as the positive sentiment in the global market may further fuel Dalal Street in the coming sessions.

The IPO of Mukka Proteins Limited was subscribed 6.97 times on the second day of bidding. For the issue, offers were made for 39,01,02,740 shares against the offered 5,60,00,435 shares at a price range of ₹26 to ₹28, according to data available on stock exchanges.

Infographic: Courtesy of mintgenie

The retail portion and the non-institutional investor portion were subscribed 10.20 times and 6.22 times respectively, while the qualified institutional buyers portion subscribed 1.86 times. Subscription of the issue began on Thursday, February 29, 2024 and will close on Monday, March 4, 2024.

Tagging the Book Build issue as Subscribe, BP Equities said: “The company has sustained consolidated revenue from operations and grew at a compound annual growth rate of 39.3% in FY21-23 innovative products have helped the company successfully expand its business. As we move forward, Mukka Proteins Ltd. represents a compelling investment opportunity in the fish protein industry due to its strong market position, diversified product portfolio and global presence. The issue is valued at a P/E ratio of 9.3x in the upper price band based on FY24 earnings, which is fairly valued. We therefore recommend a SUBSCRIBE rating for the issue.”

Arun Kejriwal, Founder, Kejriwal Research and Investment Services, gave a 'buy' tag to the book build issue and said, “Mukka Proteins Limited is engaged in manufacturing fish protein products and its products enjoy high demand in the overseas market. It's a win- The company and the company's shares were also offered at attractive valuations. So you can apply for the public issue to get the listing profit.”

Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.

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