Mukka Proteins IPO opens for subscription today. Should you bid?
Mukka Proteins opens for subscription today. The issue, which closes on March 4, comprises fresh equity sale of 8 crore shares with no offer for sale component. Ahead of the IPO, the company raised Rs 67 crore from anchor investors.
Mukka Proteins IPO review
Most analysts gave a subscribe recommendation for the IPO from a long term perspective over fair valuations and unique business model.
«At the upper price band, the company is valued at P/E of 17.7x with a market cap of Rs 840 crore post issue of equity shares. We believe that valuations of the company are fairly priced and recommend a Subscribe-Long Term rating to the IPO,» said Anand Rathi.
Mukka Proteins IPO GMP
In the unlisted market, the company's shares are trading with a premium of Rs 17.
Mukka Proteins IPO price band
The price band for the offer has been determined at Rs 26–28 per equity share. The IPO will fetch Rs 224 crore at the upper end of the price band. Investors can bid for a minimum of 535 equity shares and in multiples thereafter.
Mukka Proteins IPO opens: 10 things to know before subscribing to the issue
Other details
The issue is being made through the book building process, wherein 50% will be available for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
Net proceeds raised through the issue will be used towards working capital requirements, investment in its associate, Ento Proteins, and funding working capital requirements as well as general corporate purposes.
Mukka Proteins is one
