Dodla Dairy Makes A Strong Debut; Lists At 28% Premium On NSE

Dodla Dairy's Rs 520 crore IPO consisted of a fresh issue of Rs 50 crore and an offer for sale of 1,09,85,444 shares, and the shares were offered in the price band of Rs 421-428 per share

Dodla Dairy Makes A Strong Debut; Lists At 28% Premium On NSE

At 10:30 am, Dodla Dairy shares were trading up Rs 176.85, or 41.31 per cent on BSE

Dodla Dairy has made a strong debut on the bourses. The shares of the South India-based integrated dairy company listed at Rs 528 on the BSE, a premium of 23.36 per cent compared to the issue price of Rs 428. And on the NSE, the shares opened at a premium of 28.50 per cent at Rs 550. At 10:30 am, Dodla Dairy shares were trading at Rs 608.85, up Rs 176.85, or 41.31 per cent on the BSE and a Rs 605.45, up Rs 177.50 or 41.62 per cent on the NSE.

Dodla Dairy's Rs 520 crore IPO consisted of a fresh issue of Rs 50 crore and an offer for sale of 1,09,85,444 shares. The shares were offered in the price band of Rs 421-428 per share.

The public issue was subscribed 45.61 times. The IPO received bids for 38,80,64,950 shares against 85,07,569 shares on offer. The qualified institutional buyers category was subscribed 84.88 times, non-institutional investors 73.26 times and retail investors segment, 11.33 times.

Ahead of the IPO, the company raised Rs 156 crore from anchor investors.

Dodla Dairy will utilise the IPO proceeds to repay debt and to meet capital expenditure requirements.

Dodla Dairy is headquartered in Hyderabad. It operates in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra, with Dodla Dairy, Dodla and KC+ brands, and in Uganda and Kenya under the brand names Dodla Dairy, Dairy Top and Dodla+.

Axis Capital and ICICI Securities are the book-running lead managers to the public issue, whereas KFintech is the registrar.