Mukka Protein IPO: Last date Check Subscription status, GMP, Risks

Animal protein manufacturer Mukka Proteins Limited is based in India. Its main products are fish meal, fish oil, and fish soluble paste, which are needed to make aqua feed (for shrimp and fish), poultry feed (for broilers and layers), and pet food (for cat and dog food). They are among the top producers and distributors of fish-based goods in both the domestic and international markets, selling their goods both domestically and internationally to more than ten nations.

Currently serving as the company’s managing director and CEO, Mr. Kalandan Mohammed Haris, the organization has a distinguished history spanning about fifty years in the Indian marine industry. The Mukka Group established one of the earliest steam-sterilized fishmeal mills in India, making them one of the industry pioneers.

Other fascinating information regarding mukka proteins is as follows:

In India, they hold a 25–30% market share.
The initial public offering (IPO) of the company was more than 50 times oversubscribed.
In the animal feeding sector, they are creating substitute proteins like Black Soldier Fly (BSF) Insect Meal.

I found some information that two of their locations have open hours this week:

• Mangaluru, Karnataka: https://www.facebook.com/mukkaproteinsltd/ (their hours are 9 am to 7 pm)
• Javar Village, Gujarat: https://www.linkedin.com/posts/mukka-proteins-limited_mukka-proteins-limited-recognized-as-best-activity-7089165104042156032-ah1P?trk=public_profile_like_view (their hours are 9 am to 2 am)

Mukka Proteins IPO: GMP and Subscription Status

As of today, March 4, 2024, the Mukka Proteins IPO is closed. The ultimate subscriber count is somewhat elevated:

Total number of subscribers: 59.30
56.77 times in the Retail Investor (RI) category

249.80 times in the Non-Institutional Investor (NII) category
189.28 times in the Qualified Institutional Buyer (QIB) category
These numbers show that investors are quite interested in all of the categories.

Grey Market Premium, or GMP:

Currently, Mukka Proteins IPO’s GMP is approximately ₹ 25. This indicates that shares are trading at ₹ 25 premium in the unlisted market compared to the ₹ 26 – ₹ 28 IPO pricing bracket.

Important Note:

• GMP is an unofficial indicator and does not guarantee listing price or future performance of the stock.

Mukka Proteins: Strengths and Risks

Strengths:

• Market Leader: Mukka Proteins is a leading company in India for manufacturing and marketing fish-based meal, oil, and soluble paste for animal feed. They hold a significant market share (around 25-30%) domestically.
• Established Track Record: With a rich legacy of over 50 years in the Indian Marine Industry, Mukka Proteins has a long history of success and experience.
• Global Presence: The company exports to over 10 countries, indicating a strong international presence.
• Innovation: Mukka Proteins is exploring alternative protein sources like Black Soldier Fly (BSF) Insect meal, which shows their commitment to innovation and adapting to changing markets.
• Strong Public Offering: Their recent IPO being over 50 times subscribed suggests strong investor confidence in the company.

Risks:

• Commodity Dependence: Mukka Proteins’ products (fish meal, fish oil) are commodities susceptible to price fluctuations based on supply and demand variations.
• Competition: The animal feed industry is competitive, and new players could emerge, impacting market share.
• Regulation: Regulations on fishing practices or environmental concerns could affect Mukka Proteins’ ability to source raw materials.
• Single Source Dependence: While they have a presence in multiple locations, information provided highlights only two locations. Dependence on a limited number of processing plants could be risky in case of unforeseen disruptions.
• Shifting Consumer Preferences: Growing concerns about sustainability and animal welfare could lead to a decline in demand for fish-based animal feed.

By understanding these strengths and risks, Mukka Proteins can make informed decisions about future strategies. They can leverage their strengths to expand their market share and develop new products, while also mitigating risks by diversifying their raw material sources, exploring alternative protein options, and staying compliant with regulations.

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