Mukka Proteins IPO subscribed nearly 5 times so far on Day 2. Check GMP and other details
Mukka Proteins IPO subscribed nearly 5 times so far on Day 2. Check GMP and other details
The initial public offer (IPO) of Mukka Proteins is getting solid response from investors even on the second day of the bidding process. The issue was booked 4.91 times so far, led by retail and NII bidding.
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.
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Mukka Proteins IPO GMP
In the unlisted market, the company's shares are trading with a premium of Rs 28.
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.
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
