The subscription for the initial public offering (IPO) of Mukka Proteins Limited commenced on February 29, 2024, and will conclude on March 4, 2024. The IPO has garnered significant interest, with anchor investors contributing ₹67.20 crore. The company’s promoters aim to raise a total of ₹224 crore through the issuance of fresh shares, and the IPO price band is set at ₹26 to ₹28 per equity share.
As per the Mukka Proteins IPO subscription status, the book build issue witnessed a subscription of 6.97 times in the first two days of bidding. The grey market remains optimistic about the IPO, with the Mukka Proteins IPO Grey Market Premium (GMP) currently at ₹30, an increase of ₹2 compared to the previous day.
The strong response from primary market investors, coupled with the bullish trend in the Indian stock market, is cited as a possible reason for the positive sentiment in the grey market. Market observers suggest that this sentiment may persist as positive global market conditions are expected to further influence Dalal Street in the upcoming sessions.
By the third day of bidding, the IPO was subscribed 9.79 times overall, with the retail portion and non-institutional investors portion oversubscribed at 10.20 times and 6.22 times, respectively. The qualified institutional buyer portion was subscribed 1.86 times. The issue, which began on February 29, 2024, will close on March 4, 2024.
In terms of reviews, BP Equities has given a ‘subscribe’ recommendation, noting the company’s sustained revenue growth, high entry barriers, consistent financial performance, and innovative products. Arun Kejriwal, Founder of Kejriwal Research and Investment Services, has recommended a ‘buy,’ highlighting Mukka Proteins Limited’s profitability, high demand for its fish protein products in the overseas market, and attractive valuations.
Disclaimer:The opinions expressed above are not of The Daily Guardian; rather, they represent the opinions of certain analysts, specialists, and brokerage firms. It is recommended that investors consult with qualified specialists prior to making any financial decisions.