E-Paper
Dodla Dairy makes strong debut, lists at over 28% premium
Dodla Dairy IPO received bids for 38,80,64,950 shares against 85,07,569 shares on offer.
Dodla Dairy, which recently concluded its IPO, on Monday made a strong debut on domestic stock exchanges. Dodla Dairy shares began trading at ₹550 per share on the National Stock Exchange of NSE and were up ₹122 or 28.50 per cent as compared to the issue price of ₹428 apiece. On BSE, Dodla Dairy shares got listed at ₹528 apiece, rising ₹100 or 23.36 per cent over its IPO price. Dodla Dairy IPO, worth ₹520 crore, was subscribed 45.61 times.
Brokerages said investor could subscribe to the Dodla Dairy IPO citing the company’s strong financial performance, reasonable valuations, robust business growth, growth potential and long-term prospects of the domestic dairy industry.
Dodla Dairy IPO received bids for 38,80,64,950 shares against 85,07,569 shares on offer. The Qualified Institutional Buyers (QIBs) category was subscribed 84.88 times, non-institutional investors 73.26 times and the retail investors (RIIs) segment was subscribed 11.33 times. Dodla Dairy raised ₹156 crore from anchor investors ahead of its IPO.
Dodla Dairy IPO comprised a fresh issue of ₹50 crore and an offer for sale of 1,09,85,444 equity shares. The share offering was in a price range of ₹421-428 per share.
The company has said that it will use the proceeds from the issue for payment of certain borrowings, funding capital expenditure requirements of the company, and for general corporate purposes.
Dodla Dairy operations in India are primarily across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu and international operations are based in Uganda and Kenya. ICICI Securities and Axis Capital were the managers of the offer.
(With agency inputs)
