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.
Mukka Proteins has submitted a new draft red herring prospectus to the SEBI for an IPO to raise funds. The company, which leads Indias fish protein industry, intends to offer up to eight crore shares, with a face value of Re1, in a fresh issue. At least 35% will be available to retail individual bidders, while up to INR10 crore ($1.3m) will be invested in Mukkas associate, Ento Proteins Private Limited. More than 50% of the issue will be open to allocation to qualified institutional buyers. The companys DRHP shows it made INR770.5 crore in revenue in FY22, up 27.6% YoY.