Dodla Dairy IPO oversubscribed on Day 2 of subscription
Dodla Dairy IPO was subscribed 3.30 times on the second day of subscription on Thursday. Dodla Dairy IPO to raise ₹520 crore, comprising of a fresh issue of equity shares and an offer for sale by existing shareholders, opened for three days on Wednesday, June 16, and will close on Friday, June 18.
The IPO received bids for 2,80,50,960 shares against 85,07,569 shares on offer, data from the National Stock Exchange (NSE) showed. The category meant for qualified institutional buyers (QIBs) was subscribed 28 per cent, non-institutional investors 60 per cent and retail individual investors (RIIs) 6.18 times.
The Dodla Dairy initial public offer comprises a fresh issue of ₹50 crore and an offer for sale of 1,09,85,444 equity shares. The price range for the offer is fixed at ₹421 to ₹428 per share.
Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over ₹156 crore from anchor investors. The company has said that proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirements of the company and for general corporate purposes.
Dodla Dairy's operations in India are primarily across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu and its international operations are based in Uganda and Kenya.
ICICI Securities and Axis Capital are the managers of the offer. The company filed draft papers with the Securities and Exchange Board of India (Sebi) earlier this year and received the capital markets regulator’s approval to float its IPO in the last week of April.