Mumbai : Mangaluru-based Mukka Proteins announced their forthcoming Initial Public Offering (IPO) here recently with equity shares priced at Rs 26 to 28 per share, aggregating Rs 224 crores. The entirely fresh issue IPO will open on February 29 and close on March 4, 2024
Kalandan Mohammed Haris, CMD and CEO, Mukka Proteins Limited, said the company manufactures fish meal, fish oil and fish soluble paste used in making aqua feed (for fish and shrimp), poultry feed and pet food, besides fish oil used in production of soap, leather tanneries and the paint industry.
Omega-3 pills and other related products from fish oil are becoming popular as healthy and high-nutrient dietary supplements, he said, adding that the company has six manufacturing facilities with two based in Oman and four in India.
Besides the domestic market, the company exports its products to over 10 countries including Bahrain, Bangladesh, Chile, China, Indonesia, Malaysia, Myanmar, Philippines, Saudi Arabia, South Kores, Oman, Taiwan and Vietnam.
The company, in fiscal 2023, contributed to 25% to 30% of Indian fish meal and fish oil industry’s revenue – estimated to be between Rs 3,200 crore and Rs 4,100 crore.
The company’s Total Revenue was Rs 11,771.22 million and PAT 475.25 million, while revenues for six months ended September 30, 2023 stood at Rs 606.09 crore and PAT at Rs 32.98 crore.
Its future growth strategy is: building a large network of supply partners across India and the Middle East for procuring fish on a larger scale; increasing manufacturing capacity and expanding into newer territories.
“India has a huge coastline with 90% area lying untapped, while the Indian government is giving good subsidy packages for the fishing sector. We intend to use the IPO for meeting the working capital requirements including leasing national and international fishing vessels.”
The company is a key player of the fish protein industry in India and has been consistently awarded by the Marine Products Export Development Authority (MPEDA) for its export performance, he said.
