New Delhi (Anish Yande): Dodla Dairy would be launching its initial public offering on June 16. The dairy company aims to raise up to Rs 520 crore through the launch of the IPO. Check all details of the upcoming Dodla Dairy IPO here.
Dodla Dairy IPO details:
The initial public offer of Dodla Dairy would amount to Rs 520 crore. Price band for the Dodla Dairy issue is fixed at Rs 421 to 428 per share. The company's IPO will open on 16 June and close on 18 June. The shares are expected to be listed on the BSE and NSE on June 28.
Dodla Dairy's initial public offer would consist of a fresh issue of up to Rs 50 crore. Offer for sale would amount up to 1,09,85,444 equity shares by promoters and investors. The promoter group of the company includes Dodla Family Trust, Dodla Sunil Reddy, and Dodla Deepa Reddy.
The offer for sale would consist of up to 92 lakh equity shares by promoter TPG Dodla Dairy Holding. Offer for sale would consist of 10,41,509 equity shares by Dodla Family Trust, 4,16,604 equity shares by Dodla Sunil Reddy, and 3,27,331 equity shares by Dodla Deepa Reddy.
Following the issue, the promoter's stake in the company would decrease to 64.17% from the previous 68.52%. Public shareholders would raise their shareholding in Dodla Dairy to 35.83% from the previous 31.48%.
Dairy company to repay debt through IPO:
Investors can opt for a minimum of 35 equity shares through a bid and multiples of 35 equity shares. The reserved portion for qualified institutional buyers is fixed at 50 per cent or around 60.76 lakh equity shares of the total issue size. Retail investors can bid a 35 per cent stake and non-institutional investors can bid a 15 per cent stake or 18.23 lakh equity shares.
The company aims to utilise the proceeds from the issue for repaying debt and fulfilling capital expenditure requirements. The book running lead managers to the Dodla Dairy issue are ICICI Securities and Axis Capital.
Dodla Dairy is a dairy company based in Hyderabad. The dairy company has a notable presence in south India. The average milk procurement of the company per day stands at 1.03 million litres of raw milk as of March 31, 2021.
The company operates in South India regions such as Telangana, Karnataka, Andhra Pradesh, and Tamil Nadu. Dodla has a presence in international markets such as Uganda and Kenya.
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