The IPO of Mukka Proteins marks a significant milestone for the company, inviting public investment into its business operations. The promoters of Mukka Proteins Limited are Kalandan Mohammed Haris, Kalandan Mohammad Arif, and Kalandan Mohammed Althaf. These individuals held 100% ownership before the IPO, which got diluted to 73.33% post-IPO as the company aimed to raise capital for its various business needs including working capital requirements and investments in its associate companies
The latest Grey Market Premium (GMP) for Mukka Proteins IPO, as reported on March 1, 2024, was ₹28. This suggests that the market participants anticipate the IPO shares to list at a price higher than the offer price, with an estimated listing price of ₹56 per share. The GMP reflects a 100% expected gain over the IPO price band of ₹28. However, GMP can fluctuate and should not be the sole criterion for investment decisions. The IPO was open for subscription from February 29, 2024, to March 04, 2024, with an expected listing date on March 07, 2024
Competitor Performance and Industry Trends:
Mukka Proteins is recognized as a significant player in the fish meal and fish oil industry, with a considerable market presence and export performance. In terms of competition, Mukka Proteins is identified as the third-largest company in its peer group in terms of sales, trailing behind industry leaders like Avanti Feeds and Godrej Agrovet. In the context of EBITDA margins, Mukka Proteins is positioned behind Avanti, Zeal, and Waterbase, while in terms of PAT margins, Avanti Feeds and Godrej Agrovet lead the group, with Mukka and others showing relatively lower margins.
Mukka Proteins has carved out a robust market position owing to its extensive product portfolio, strong distribution network, and consistent quality assurance practices. The company’s focus on the aqua feed, poultry feed, pet food, pharmaceuticals, soap manufacturing, leather tanneries, and paint industries illustrates its broad operational scope and market reach. Additionally, Mukka Proteins’ strategic facility locations and export diversification strategy further solidify its competitive stance in the market.
Mukka Proteins Limited has established a significant presence in the global market, exporting its products to more than 10 countries. These countries include Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. The company’s strategic positioning near coastal areas aids in its export activities, ensuring efficient transportation and delivery of its products to international markets. Additionally, having manufacturing facilities in Oman, through its subsidiary Ocean Aquatic Proteins LLC, further supports its global distribution network
Conclusion: The GMP of Mukka Proteins’ IPO provides an early signal of market expectations. Investors closely monitor this figure, alongside other fundamental and technical analyses, to make informed decisions. However, it is essential to remember that GMP is an informal metric and should not be the sole basis for investment decisions.
Disclaimer: This analysis is for informational purposes only and not intended as investment advice. Investors should conduct their own research or consult a financial advisor before making investment decisions.
