Dodla Dairy share lists at over 28% premium to issue price

Share of Dodla Dairy listed at a premium of 28.50% to the issue price today. The stock of the South India-based integrated dairy company made its debut at Rs 550 on NSE against issue price of Rs 428 per share.

The share moved further to hit an intra day high of Rs 648, rising 51% above its issue price. Market cap of the firm rose to Rs 3,536 crore.

On BSE, the stock opened at Rs 528 gaining 23% above IPO issue price . Market cap of the firm rose to Rs 3,503 crore. The stock hit intra day high of Rs 633 on BSE.

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Total 12.15 lakh shares changed hands amounting to turnover of Rs 73.07 crore.

Price band of the IPO was fixed at Rs 421 to Rs 428 per share.

The IPO was held from June 16  to June 18. A minimum 35 shares in one lot could be applied for Rs 14,980 in the share sale.  A maximum of 13 lots comprising 455 shares could be bought in the issue for Rs 1,94,740.

Allotment of shares was done on June 23, 2021.

The initial public offer of Dodla Dairy was subscribed 45.61 times on the last day of IPO.

The Rs 520.17-crore initial public offer (IPO) received bids for 38,80,64,950 shares against 85,07,569 shares on offer, according to an update on NSE.

The category for qualified Institutional buyers (QIBs) was subscribed 84.88 times, non-institutional investors 73.26 times, and retail individual investors (RIIs) 11.33 times.

The initial public offer comprised of fresh issue of Rs 50 crore and an offer for sale of 1,09,85,444 equity shares.

Dodla Dairy raised a little over Rs 156 crore from anchor investors.

The proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirements of the company, and for general corporate purposes.

The company's operations in India are primarily across four states- Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its international operations are based in Uganda and Kenya.