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Dodla Dairy Ltd made a strong debut on the bourses on Monday, with the stock getting listed at Rs 550, a 28 per cent premium over its initial public offer (IPO) issue price of Rs 428 per share on the National Stock Exchange. The stock opened at Rs 528 on the BSE, up 23 per cent. It extended gains to Rs 588.95, a premium of 38 per cent over its issue price.
The shares of Dodla Dairy were trading at a premium of 35 per cent over the issue price at Rs 575 on the BSE and NSE. A combined 5.1 million shares had changed hands on the counter on the NSE and BSE at the time of writing this report.
Dodla Dairy is a South India based integrated dairy company that is ranked the third largest among private players in terms of milk procurement per day (average 1.02MLPD).
The public issue of Dodla Dairy was subscribed 45.62 times as the offer received bids for 388 million equity shares against the IPO size of 8.51 million equity shares. The qualified institutional buyers (QIB) put in bids for 84.88 times of their reserved portion, and the quota of non-institutional investors garnered 73.26 times bids.
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The part set aside for retail investors was subscribed 11.34 times. The company said the net funds raised from the fresh issue will be utilized for repaying of borrowings.
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