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Mukka Proteins gets Sebi’s nod to raise funds via initial public offering
Mukka Proteins, which manufactures fish meal, fish oil, and fish soluble paste, has received capital markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO).
The IPO is an entirely fresh issue of up to 8 crore equity shares, according to the draft red herring prospectus (DRHP).
The company, which had refiled its draft IPO papers with the regulator in June, obtained an observation letter from it on October 30, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi's parlance, obtaining an observation letter means the regulator's nod to float the public issue.
Going by the draft papers, the company proposes to utilize up to Rs 120 crore towards working capital requirements, up to Rs 10 crore for investment in its associate, Ento Proteins Pvt Ltd, for funding its working capital requirements besides a portion will be used for general corporate purposes.
According to market sources, the IPO size could be anywhere .