Mukka Proteins
Book Building issueMainboard₹224 Cr issue
+57.14%
Listing gain over issue price
Issue size
₹224 Cr
1 lot at cut-off
₹14,980
Lot size
535shares
Open
29 Feb 2024
Close
04 Mar 2024
Allotment
05 Mar 2024
Listing
07 Mar 2024
Listing performance
Issue price
₹28
Listed at
₹44
Listing-day close
₹42.26
Latest price
₹24.23
Close on 23 Oct 2026
Listing gain
+57.14%
Return since issue
-13.46%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Feb 2024 – 04 Mar 2024
- Listing date
- 07 Mar 2024
- Face value
- ₹1 per share
- Issue price
- ₹28 per share
- Lot size
- 535 shares
- Issue type
- Book Building issue
- Total issue size
- ₹224 Cr
- Market cap at offer price
- ₹840 Cr
- Promoter holding
- 99.99% → 73.33% pre-issue → post-issue
- ISIN
- INE0CG401037
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Mukka Corporate House, Door, No.18-2-16/4, First Cross, NG Road, Attavar, Dakshina, Kannada, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,39,99,565 | — | — |
Application size
Minimum 535 shares per lot, in multiples, at ₹28
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 535 | ₹14,980 |
| Retail (max) | 13 | 6,955 | ₹1,94,740 |
| S-HNI (min) | 14 | 7,490 | ₹2,09,720 |
| S-HNI (max) | 66 | 35,310 | ₹9,88,680 |
| B-HNI (min) | 67 | 35,845 | ₹10,03,660 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,39,99,565
Anchor portion
₹67.20 Cr
at ₹28 per share
Valuation and performance
Valuation at offer price
₹28 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.16 | 2.20 |
| P/E (×) | 12.96 | 12.73 |
| Price to book (×) | 4.78 | — |
| Market cap | — | ₹840 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.19%
- ROCE
- 17.62%
- Debt / equity
- 1.64
- PAT margin
- 4.04%
- NAV per share
- ₹5.86
- Price to book
- 4.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mukka Proteins
Mukka Proteins Limited was originally formed as a partnership firm on March 13, 2003, and converted to a private limited company on November 4, 2010. It was further converted to a public limited company on December 2, 2019, and later renamed to Mukka Proteins Limited on August 6, 2021. The company manufactures fish meal, fish oil, and fish soluble paste—essential ingredients in aqua feed (for fish and shrimp), poultry feed (broiler and layer), and pet food (dog and cat food). Fish oil also finds application in pharmaceutical products, including EPA-DHA extraction for nutraceuticals, as well as in soap manufacturing, leather tanneries, and paint industries. The company sells domestically and exports to over 10 countries. Through its Associate, Ento Proteins Private Limited (EPPL), the company has entered the business of manufacturing and selling insect meal and insect oil.
Company Analysis
from RHPMukka Proteins Limited manufactures fish meal, fish oil, and fish soluble paste for aqua feed, poultry feed, and pet food industries, with operations spanning aquaculture nutrition and emerging insect-based protein sectors.
Mukka Proteins Limited was originally formed as a partnership firm on March 13, 2003, and converted to a private limited company on November 4, 2010. It was further converted to a public limited company on December 2, 2019, and later renamed to Mukka Proteins Limited on August 6, 2021. The company manufactures fish meal, fish oil, and fish soluble paste—essential ingredients in aqua feed (for fish and shrimp), poultry feed (broiler and layer), and pet food (dog and cat food). Fish oil also finds application in pharmaceutical products, including EPA-DHA extraction for nutraceuticals, as well as in soap manufacturing, leather tanneries, and paint industries. The company sells domestically and exports to over 10 countries. Through its Associate, Ento Proteins Private Limited (EPPL), the company has entered the business of manufacturing and selling insect meal and insect oil.
Aquaculture nutritionPoultry feed manufacturingPet food manufacturingFish protein processingInsect-based proteinPharmaceutical and nutraceutical ingredientsLeather tanneriesPaint industries
Objects of the Issue
- Funding working capital requirements of our Company Up to ₹1,200.00 million p.34
- Investment in our Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements Up to ₹100.00 million p.34
- General corporate purposes [●] p.34
- To meet working capital requirements p.99
- Investment in Ento Proteins Private Limited for funding its working capital requirement p.99
- General corporate purposes p.99
- Funding working capital requirements of our Company up to 1,200.00 million p.141
- Investment in our Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements up to 100.00 million p.141
- General corporate purposes [●] million (not to exceed 25% of Gross Proceeds) p.141
Issue Structure
- Total Issue
- Up to ₹[●] million
- Fresh Issue
- Fresh Issue of up to 8,00,00,000 Equity Shares
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 per Equity Share
Business Model
The company manufactures and sells fish protein products (fish meal, fish oil, and fish soluble paste) to domestic and international customers. It operates manufacturing facilities and blending facilities across multiple locations in India (Karnataka, Gujarat, Maharashtra) and Oman. The company also has contractual arrangements with third-party manufacturers to procure 100% of their production output or conducts job work arrangements. Revenue is generated from the sale of these products to customers in aquaculture, poultry, and pet food sectors.
Business Segments
Manufacturing and sale of fish meal, fish oil, and fish soluble paste for use as essential ingredients in aqua feed, poultry feed, and pet food manufacturing
Through Associate EPPL, manufacturing and selling of insect meal and insect oil
Manufacturing and processing of fish meal, fish oil and fish soluble paste from pelagic fish for use as protein-rich ingredients in aquaculture feed, poultry feed and pet food
Manufacturing and selling of insect meal and insect oil through associate EPPL, using Black Soldier Fly (BSF) larvae harvested from organic solid waste
Manufacturing and sale of fish meal from processed pelagic fish
Manufacturing and sale of fish oil from processed pelagic fish
Manufacturing and sale of fish soluble paste from processed pelagic fish
Manufacturing and selling of fish meal, fish oil, and fish soluble paste which are essential ingredients in the manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer), and pet food (dog and cat food). Fish oil also finds application in pharmaceutical products, soap manufacturing, leather tanneries and paint industries.
Manufacturing and selling of insect meal and insect oil through Ento Proteins Private Limited (50% associate), produced by processing larvae of Black Soldier Fly that are hatched, fed and harvested at Municipal Solid Waste Management sites on low-value agri-food material.
Protein product made from cooked and processed pelagic fish, used in aqua feed (87% of usage), pig feed (8%), poultry feed (1%), and other applications (4%)
Clear brownish yellow liquid derived from fish tissues, rich in omega-3 fatty acids (DHA and EPA), used primarily in aquaculture feed (75%), pharmaceutical omega-3 products (16%), and other applications (9%)
Brown, semi-viscous liquid produced through evaporation of protein water after fish oil separation, high in crude protein content, used in aquafeed for palatability and nutrition, and as organic fertilizer
Products derived from Black Soldier Fly larvae, containing high protein content (50% to 80% dry matter basis), used as feed ingredient for aquaculture, pets, and other animals; currently used for captive consumption by the company
Manufacturing and selling of fish meal
Manufacturing and selling of fish oil with applications in pharmaceutical, nutraceuticals, soap manufacturing, leather tanneries and paint industries
Manufacturing and selling of fish soluble paste
Manufacturing and sale of fish meal
Manufacturing and sale of fish oil
Manufacturing and sale of fish soluble paste
Manufacturing of fish meal, fish oil, fish soluble paste, and insect meal for aqua feed, poultry feed, pet food, pharmaceutical, soap, leather tannery, and paint industries
SWOT Analysis
Strengths
- • Established credit ratings with stable outlook(p.58)
- • Significant market share in fish meal and fish oil industry(p.94)
- • Diversified revenue streams from fishmeal exports to multiple countries(p.70)
- • Strategic geographic presence along western coastline(p.94)
- • Investment in insect protein as emerging business opportunity(p.58)
- • Leading position in fish protein manufacturing and export markets(p.155)
- • Established customer base and strong market relationships(p.155)
- • Strategic facility locations(p.155)
- • Competitive barriers to entry(p.155)
- • Strong and consistent financial performance(p.155)
- • Focus on quality and safety standards(p.155)
- • Experienced promoter management with deep domain expertise(p.155)
- • Strong return on equity and capital employed(p.159)
- • Established market leader with significant export share(p.234)
- • Diversified geographic presence across Indian coastline minimizes raw material dependency(p.237)
- • Long-standing promoter expertise spanning over 50 years(p.237)
- • Pioneer in steam-dried fish meal manufacturing in India(p.237)
- • Early mover in insect protein commercialization(p.236)
- • Strong customer relationships with long tenure(p.238)
- • Multiple international certifications and approvals(p.238)
- • Consistent export recognition by government authorities(p.236)
- • Leading market position with 25-30% estimated share of Indian fish meal and fish oil industry(p.246)
- • Strong consistent revenue growth at 39.62% CAGR from FY2021 to FY2023(p.246)
- • Long-standing customer relationships with majority of revenue from long-term customers(p.247)
- • Strategically located manufacturing facilities across western coastline minimizing raw material dependency(p.250)
- • High entry barriers due to regulatory approvals and MPEDA moratorium on new registrations(p.251)
- • Multiple quality certifications and approvals including GMP+, ISO standards, EU certification(p.251)
- • Experienced promoter directors with collective 5+ decades industry experience(p.251)
- • Expanded export presence to over 10 countries with 62.69% of revenue from exports in H1 FY2024(p.272)
- • Established subsidiaries with fish processing operations across multiple geographies(p.300)
- • Experienced management team with long industry tenure(p.305)
- • Diversified revenue streams through domestic and export operations(p.354)
- • Strong board composition with independent directors(p.303)
- • Established governance framework and board committees(p.316)
- • Consolidated financial position with diversified product portfolio(p.405)
- • Strong revenue from international markets(p.405)
- • Established manufacturing capacity and infrastructure(p.362)
- • Profitable operations with improving margins(p.374)
- • Diversified revenue streams across aqua feed, poultry feed, and pet food industries(p.423)
- • Strong revenue growth trajectory and profitability improvement(p.423)
- • Established export presence across 10+ countries with high export revenue contribution(p.423)
- • High export benefits and government support for exports(p.426)
- • Strategic manufacturing and sourcing partnerships for supply chain efficiency(p.423)
- • Access to high-quality fish meal from partnership firms with capital interest(p.423)
- • High regulatory barriers protecting market position against new entrants(p.425)
Weaknesses
- • Significant revenue concentration from top customers(p.54)
- • Litigation exposure across company, subsidiaries, promoters and directors(p.50)
- • High working capital intensity(p.55)
- • Regulatory uncertainty regarding manufacturing facility licenses(p.56)
- • Seizure of promoter property by enforcement authorities(p.53)
- • Defective land title for Mukka Manufacturing Facility II due to missing Port Authority consent(p.58)
- • Inadequately stamped and unregistered licensing agreements for manufacturing facility(p.59)
- • Very low capacity utilization rates across manufacturing facilities(p.77)
- • Negative operating cash flows in recent periods(p.73)
- • Significant related-party transaction dependency affecting competitive terms(p.59)
- • Group companies incurring sustained losses(p.71)
- • Directors lack experience in managing public listed companies(p.70)
- • High dependence on limited number of suppliers for raw materials(p.74)
- • High working capital intensity relative to revenue(p.144)
- • Significant dependence on short-term borrowings for working capital(p.113)
- • High leverage with debt-to-equity ratio(p.159)
- • Concentrated family-based promoter ownership at 85.22% pre-issue(p.136)
- • Perishable and seasonal raw material dependent on fish catch availability(p.144)
- • Declining market share in fiscal 2023 due to new market entrants(p.235)
- • Significant dependence on two major customers(p.238)
- • High working capital requirements due to seasonal procurement patterns(p.203)
- • Lower protein content in fish meal compared to global competitors(p.208)
- • Vulnerable to volatility in raw material costs and availability(p.203)
- • Heavy customer concentration with top 10 customers representing 72.29% of revenue(p.267)
- • Low capacity utilization across most manufacturing facilities(p.256)
- • Recent entry into insect protein business with limited commercial traction(p.244)
- • Dependence on third-party manufacturers with associated operational risks(p.269)
- • Past insurance claim disputes and inadequate coverage on certain losses(p.271)
- • Exposure to environmental violation litigation regarding Mukka Manufacturing Facility I(p.266)
- • Significant reliance on related-party transactions and group companies(p.339)
- • High current borrowings relative to non-current debt(p.349)
- • Concentration of promoter shareholding(p.326)
- • Negative operating cash flows in recent periods(p.351)
- • High debt burden relative to equity(p.415)
- • Concentration of receivables with few customers(p.376)
- • Ongoing income tax disputes(p.360)
- • Significant quarterly discrepancies in reported working capital(p.369)
- • Disputed insurance claims and receivables(p.365)
- • High dependence on a concentrated customer base with top 5 customers representing 58% of revenue(p.426)
- • Absence of long-term supply contracts with customers creating vulnerability(p.426)
- • Limited product portfolio concentrated in fish proteins(p.451)
- • High financial leverage with debt-to-equity ratio of 1.68 and net debt-to-EBITDA of 4.98(p.433)
- • Ongoing customs duty and tax litigation exposing company to significant financial and reputational risks(p.453)
- • Environmental compliance challenges and pending litigation related to coastal operations(p.455)
- • High raw material costs representing 80%+ of revenue with volatile pricing(p.423)
- • Multiple promoter litigations involving FEMA violations and property seizures(p.473)
- • Promoter facing customs and income tax criminal complaints(p.480)
- • Indirect tax demands against promoters(p.472)
- • Manufacturing facility operating under deemed consent after approval expiry(p.491)
Opportunities
- • Expansion into insect protein business with growth potential(p.59)
- • Acquisition and consolidation strategy to strengthen market position(p.68)
- • Resilience in Indian oil sardine population for future supply recovery(p.84)
- • Expansion in insect-based protein market through associate EPPL(p.148)
- • Funding growth through IPO proceeds for working capital(p.141)
- • Benefits from listing on stock exchanges for visibility and brand building(p.141)
- • Revenue growth trajectory with 52.77% growth in FY2023(p.159)
- • Export market expansion with 62.69% export revenue in recent period(p.144)
- • Strong projected growth in Indian aquaculture and animal feed industry(p.240)
- • Rapid growth expected in aqua feed segment(p.240)
- • Government support for fisheries sector expansion(p.202)
- • Significant growth potential in global aquaculture production(p.240)
- • Rising global demand for nutraceuticals and omega-3 supplements(p.240)
- • Emerging market for insect protein with significant growth potential(p.240)
- • Projected industry growth to Rs. 16-20 billion by fiscal 2026(p.240)
- • Opportunity to upcycle municipal solid waste into high-value protein(p.240)
- • Expansion into emerging insect protein market as sustainable alternative to fish meal(p.244)
- • Expanding wallet share with existing customers and penetrating new export markets(p.252)
- • Entry into new geographies including USA and Turkey through foreign subsidiary(p.252)
- • Setting up manufacturing facilities in eastern coastal states to access new raw material sources(p.253)
- • Strategic inorganic growth through acquisitions and joint ventures(p.253)
- • Industry tailwind with estimated 130-150% value growth and 90-110% volume growth in FY2023(p.251)
- • Expansion into emerging protein segments including insect-based proteins(p.337)
- • Increasing exports and international market penetration(p.353)
- • Strategic investments in group companies to expand production capacity(p.301)
- • Export market expansion potential(p.405)
- • Growing demand for seafood products in global markets(p.404)
- • Capacity to increase production through capital investments(p.374)
- • Growing demand in aqua feed and animal feed industries supporting market expansion(p.426)
- • Benefit from import duty reduction on fish meal and competing inputs supporting industry demand(p.425)
- • Global undersupply of fish meal creating export opportunity for Indian producers(p.425)
- • Expansion potential with pharmaceutical and nutraceutical applications for fish oil(p.423)
- • Strategic capacity expansion through third-party manufacturing agreements(p.423)
Threats
- • Environmental regulation compliance costs and risks(p.52)
- • Customer concentration dependency risk(p.54)
- • Loss of significant customers due to consolidation or competition(p.54)
- • Customer demand reduction from macroeconomic factors(p.54)
- • Moratorium on new fish meal and oil unit registration and capacity expansion(p.81)
- • Severe volatility and scarcity in availability of pelagic fish raw material(p.84)
- • Risk of El Niño effect reducing fish availability and population(p.85)
- • Monsoon and seasonal dependency affecting production and raw material procurement(p.85)
- • Reduction in import duty on fish meal intensifying competition(p.105)
- • Potential international trade barriers and regulatory restrictions(p.81)
- • Livestock disease outbreaks affecting customer demand(p.82)
- • Exchange rate fluctuations impacting export-dependent revenues(p.71)
- • Intense competitive pressure from existing and new market entrants(p.94)
- • Inflation impacting raw material and operational costs without assured price pass-through(p.108)
- • Foreign investment restrictions limiting international investor participation(p.108)
- • Natural disasters and calamities affecting business and financial condition(p.109)
- • Communicable disease outbreaks impacting regional operations(p.109)
- • Constraints on foreign currency borrowing limiting financing options(p.109)
- • India's sovereign debt downgrade affecting cost and availability of overseas financing(p.108)
- • Severe volatility in Indian oil sardine (IOS) landings affecting raw material availability(p.188)
- • Environmental factors including El Niño negatively impact fish availability(p.188)
- • Competition from unsustainable fishing practices depleting fish stocks(p.203)
- • Global slowdown reducing export demand for fish meal and fish oil(p.174)
- • Development of alternative plant-based and insect-based feed substitutes(p.203)
- • Production shortage in Peru creating temporary competitive advantage for rivals(p.227)
- • Dependence on limited availability of high-quality oily fish species(p.226)
- • Compliance burden with multiple export regulations and certifications(p.204)
- • Seasonal and weather-dependent raw material availability affecting supply(p.246)
- • Regulatory moratorium on expansion of fish meal and fish oil production capacity(p.267)
- • Intensifying competition from consolidation of existing players and entry of new competitors(p.268)
- • Foreign exchange fluctuation risk impacting export-denominated revenue(p.272)
- • Coastal Regulation Zone restrictions on setting up and operating facilities(p.281)
- • Environmental compliance requirements and stringent pollution control regulations(p.250)
- • Raw material sourcing and fish supply chain volatility(p.299)
- • Related-party dependency for property and machinery leasing(p.314)
- • Regulatory and compliance risks in multiple jurisdictions(p.301)
- • Currency and foreign exchange exposure from overseas operations(p.350)
- • Foreign exchange exposure and currency volatility(p.398)
- • Dependence on working capital credit facilities(p.416)
- • Interest rate sensitivity on variable rate borrowings(p.398)
- • Supply chain concentration and input price volatility(p.372)
- • Regulatory compliance requirements including EPCG obligations(p.374)
- • Volatile raw material availability and pricing dependent on fishing seasons and weather(p.451)
- • Regulatory moratorium on new unit registration limiting industry capacity expansion(p.425)
- • Foreign exchange risk from high export revenues affecting profitability(p.424)
- • Intensifying competition from consolidation of existing players post import duty reduction(p.425)
- • Risk of trade barriers affecting export markets(p.426)
- • Competitive pressure from global competitors with superior resources and distribution(p.425)
- • Coastal regulation restrictions affecting factory operations and expansion(p.455)
- • Regulatory litigation over coastal zone and environmental compliance(p.473)
- • Pollution control board litigation against subsidiaries(p.472)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kalandan Mohammed Haris | Promoter | 41.22% | — |
| Kalandan Mohammad Arif | Promoter | 22.00% | — |
| Kalandan Mohammed Althaf | Promoter | 22.00% | — |
| Kalandan Mohammed Haris | Promoter | — | — |
| Kalandan Mohammed Althaf | Promoter | — | — |
| Kalandan Mohammad Arif | Promoter | — | — |
| Kalandan Mohammed Haris | Promoter | 41.22% | [●] |
| Kalandan Mohammad Arif | Promoter | 22.00% | [●] |
| Kalandan Mohammed Althaf | Promoter | 22.00% | [●] |
| Kalandan Abdul Razak | Promoter Group | 10.00% | [●] |
| Umaiyya Banu | Promoter Group | 4.78% | [●] |
| Kalandan Mohammed Haris | Promoter/Promoter Director | — | — |
| Kalandan Mohammad Arif | Promoter/Promoter Director | — | — |
| Kalandan Mohammed Althaf | Promoter/Promoter Director/CFO | — | — |
| Kalandan Mohammed Haris | Promoter | — | — |
| Kalandan Mohammad Arif | Promoter | — | — |
| Kalandan Mohammed Althaf | Promoter | — | — |
| Kalandan Mohammed Haris | Promoter | 41.22% | — |
| Kalandan Mohammad Arif | Promoter | 22.00% | — |
| Kalandan Mohammed Althaf | Promoter | 22.00% | — |
| Kalandan Mohammed Haris | Promoter | 41.22% | — |
| Kalandan Mohammed Althaf | Promoter | 22.00% | — |
| Kalandan Mohammad Arif | Promoter | 22.00% | — |
| Kalandan Mohammed Razak | Promoter | 10.00% | — |
| Kalandan Mohammed Haris | Promoter | — | — |
| Kalandan Mohammed Althaf | Promoter | — | — |
| Kalandan Abdul Razak | Promoter | — | — |
| Umaiyya Banu | Promoter | — | — |
| Kalandan Mohammed Haris | Promoter | — | — |
| Kalandan Mohammed Althaf | Promoter | — | — |
| Kalandan Mohammad Arif | Promoter | — | — |
| Kalandan Abdul Razak | Promoter | — | — |
Leadership
Kalandan Mohammed Haris · Managing Director/CEO/Promoter
Kalandan Mohammad Arif · Chief Operating Officer/Whole-Time Director/Promoter
Kalandan Mohammed Althaf · Chief Financial Officer/Whole-Time Director/Promoter
Karkala Shankar Balachandra Rao · Chairman & Non-Executive Independent Director
Mehaboobsab Mahmadgous Chalyal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Mukka Proteins IPO FAQs
What is the lot size of Mukka Proteins IPO?
The minimum lot size of Mukka Proteins IPO is 535 shares. One lot costs ₹14,980 at the cut-off price.
When does Mukka Proteins IPO open and close?
Mukka Proteins IPO opened for subscription on 29 Feb 2024 and closed on 04 Mar 2024.
What is the listing date of Mukka Proteins IPO?
Mukka Proteins IPO listed on 07 Mar 2024.