Worth USD 60,43,800 order win: Recently listed IPO of this small-cap company bags two orders of supplying fish meals from Ever Light Oil Industrial Company Ltd and Uni Best General Trading FZE
Recently, the company's stocks debuted at a premium of nearly 43 per cent over the issue price.
Mukka Protein Ltd has secured Purchase Orders valued at USD 60,43,800, equivalent to approximately Rs 50.39 crores, from Ever Light Oil Industrial Co. Ltd. and Uni Best General Trading FZE for the supply of Fish Meal. This development boosts the company's total order book to approximately Rs 153 crores, signaling significant growth in its business operations.
In a recent development, Ever Light Oil Industrial Co. Ltd. and Uni Best General Trading FZE have secured international contracts for the supply of fish meal. The contracts, valued at USD 5,83,800 (approximately Rs 4.87 Crores) and USD 54,60,000 (approximately Rs 45.53 Crores), respectively, are slated for execution between May and April-May 2024.
Earlier, Mukka Proteins had an impressive entry into the stock market through IPO, as its shares commenced trading at Rs 40 on the National Stock Exchange (NSE) and Rs 44 on the Bombay Stock Exchange (BSE), surpassing the issue price of Rs 28. Despite expectations of pegging the share price between Rs 60 to Rs 66, the company's stocks debuted at a premium of nearly 43 per cent over the issue price.
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According to the CRISIL report, the company stands as a leading player in India's fish protein industry, with its revenue contributing approximately 25 per cent to 30 per cent of the estimated revenue of the Indian fish meal and fish oil industry for FY23.
The company specializes in the manufacturing and supply of fish meal, fish oil, and fish soluble paste, which are crucial components in the production of aqua feed (for fish and shrimp), poultry feed (for broiler and layer), and pet food (dog and cat food). Additionally, fish oil serves various purposes, including pharmaceutical products, soap manufacturing, leather tanneries, and paint industries.
Investors should keep eye on this Small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.