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Dodla Dairy shares list at over 28% premium to IPO price; stock makes strong market debut

The Rs 520-crore initial public offering (IPO) of Dodla Dairy was subscribed 45.61 times.

Dodla Dairy made a strong debut on the stock exchanges on Monday, in an otherwise volatile market. Shares of the debutant company began trading at Rs 550 per share on NSE, up Rs 122 or 28.50% from the issue price of Rs 428 apiece. Dodla Dairy had a market capitalization of over Rs 3,000 crore on the listing. While, on BSE, Dodla Dairy shares got listed at Rs 528 apiece, rising Rs 100 or 23.36 per cent over the IPO price. In the traded volume terms, 90,000 shares traded on BSE, while a total of 27.77 lakh scrips exchanged hands on NSE, so far. The Rs 520-crore initial public offering (IPO) of Dodla Dairy was subscribed 45.61 times.

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Dodla Dairy IPO was sold in a price range of Rs 421-428 per share. The Rs 520.17-crore initial public offer (IPO) received bids for 38.80 crore shares against 85.07 lakh shares on offer. The Qualified Institutional Buyers(QIBs) category was subscribed 84.88 times, noninstitutional investors 73.26 times, and retail individual investors(RIIs) 11.33 times. Dodla Dairy, a leading dairy company in southern India, had raised a little over Rs 156 crore from anchor investors, a day before its IPO.

The research teams at Angel Broking and Ventura Securities in their respective notes had recommended to subscribe to the offer while those at HDFC Securities and JST Investments had no rating to the IPO. Dodla Dairy earns its revenue through the sale of milk and dairy-based value added products (VAPs) in the branded consumer market. The company sells fresh milk, ghee, butter, curd, paneer, among other dairy products, which are targeted at consumption at home.

Dodla Dairy is present across five states including Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra, operating under brands like Dodla Dairy, Dodla and KC+. Its international operations are based in Uganda and Kenya with brands Dodla Dairy, Dairy Top and Dodla+.

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