Dodla Dairy, an integrated dairy company based in south India, on Friday, June 11, said it has fixed a price band of Rs 421-428 a share for its Rs 520-crore initial share sale. It is planning to open the public subscription on June 16.
The three-day initial public offering (IPO) will conclude on June 18 and the bidding for anchor investors would open on June 15, the company said.
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The IPO comprises fresh issuance of shares worth up to Rs 50 crore, besides, an offer for sale of up to 1,09,85,444 equity shares by TPG Dodla Dairy Holdings, Dodla Sunil Reddy, Dodla Deepa Reddy, and Dodla Family Trust.
The promoters hold 24,970,631 Equity Shares, aggregating to 42.81 per cent of the pre-offer issued, subscribed and paid-up Equity Share capital of the company. Dodla Sesha Reddy holds 556,716 Equity Shares, Dodla Sunil Reddy holds 8,269,038 Equity Shares and Dodla Family Trust holds 16,144,877 Equity Shares in the company.
The company sells fresh milk, ghee, butter, curd, paneer, and sweets, which are targeted at consumption at home. The company’s operations in India are primarily across the four south Indian states of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its international operations are based in Uganda and Kenya.
The company’s operations are undertaken under the brands Dodla Dairy, Dodla, and KC+. Their overseas operations are undertaken under the brands Dodla Dairy, Dairy Top, and Dodla+.
The IPO is expected to fetch Rs 520.17 crore at the upper end of the issue price.
Proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirements of the company, and for general corporate purposes.
Axis Capital and ICICI Securities are the investment bankers of the company’s initial share sale. The equity shares of both companies will be listed on NSE and BSE.
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