The fish oil supplier’s initial public offering (IPO) opened to strong demand.
The company manufactures fish protein products and supplies fish meal, fish oil and fish-soluble paste for the aqua feed and pet food industries.
On its opening day, Mukka Proteins IPO saw strong interest from retail investors, with that category being booked 3.7 times. The price for the offer has been set at INR 26-28 ($0.3/€0.3) per share, with the IPO expected to fetch around ₹224 crore (€2.5M/$2.7M).
The fish oil company says its products are sold domestically and exported to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, the Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.
For fiscal year 2023, the company’s revenue was ₹10,663.98 million (€118.9M/$128.6M), which, according to the supplier, gives them a 25% to 30% market share in the Indian fish meal and fish oil industry for the corresponding period.
Mukka Proteins also claims that it is among the “first few” Indian companies to have commercialized insect meal and insect oil as an ingredient in aqua feed, animal feed and pet food.
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