Mukkta Proteins made a fantastic debut on the markets today; as against the IPO price of Rs.28, the stock got listed on the BSE at Rs.44 and at Rs.40 on the NSE.

The IPO had received a great response with overall subscription at 136.87x; HNIs led the race with 250.24x, followed by QIBs at 189.28x and Retail investors at 58.33x.

The company holds a 25% market share in fish protein (comprising fish meal, fish oil and fish soluble paste) industry in India, used by aqua feed, poultry feed and pet food industry. It has 4 manufacturing facilities in India (in Karnataka and Gujarat) and 2 in Oman. 60% of Rs. 1,200 cr revenue of FY23 was earned through exports, mainly to Vietnam, Taiwan and China. Product-wise, fish meal accounts for 82% revenue.

Our conclusion in the IPO Analysis - Financials have been growing well, with valuation also not expensive. However, being a sin stock, this IPO may be an ‘avoid’ for a few investors. For the balance who do not face ethical dilemma, one ‘may apply solely for listing gains’, as the company doesn’t have requisite quality for portfolio holding.