Mukka Proteins received an overwhelming response for its initial public offering, with the IPO being subscribed 136.89 times on the last day of bidding on Monday.
The Rs 224 crore-IPO got bids for 7,66,57,65,155 shares against 5,60,00,435 shares on offer.
The portion for non-institutional investors was subscribed 250.26 times, while the portion for Qualified Institutional Buyers (QIBs) received 189.28 times subscription. The quota for Retail Individual Investors (RIIs) fetched 58.36 times the subscription.
Following the favourable subscription, Mukka Proteins IPO GMP—the price at which IPO shares are sold and bought on the unregulated grey market—shot up more than Rs 35 of the price band at Rs 26-28 apiece.
This would suggest that the shares may be listed at Rs 63, which is 125 per cent increase from the price at its upper band of Rs 28.
Mukka Proteins has already raised a little over Rs 67 crore from anchor investors.
Mukka Proteins is one of the key players in India's fish protein sector. Furthermore, fish oil has diverse applications, including pharmaceuticals (particularly in EPA-DHA extraction for nutraceuticals), soap making, leather treatment, and paint manufacturing.
The company distributes its products both domestically and internationally, serving various countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, the Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam.