Dodla Dairy raises Rs 156Cr ahead of IPO
Dodla Dairy announced on Tuesday that it has raised over Rs 156 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Wednesday.
The company has resolved to allot 36,46,099 equity shares at Rs 428 each to anchor investors for Rs 156.05 crore, a circular uploaded on the BSE website revealed.
The anchor bidding saw participation from SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Edelweiss MF, Kuber India Fund, Saint Capital Fund, and Integrated Core Strategies Asia Pte Ltd., International Finance Corporation, Ashoka India Opportunities Fund, and IIFL Special Opportunities Fund.
The IPO includes fresh issuance of shares worth up to Rs 50 crore, apart from an offer for sale of up to 1,09,85,444 equity shares by TPG Dodla Dairy Holdings Pte Ltd, Dodla Sunil Reddy, Dodla Deepa Reddy, and Dodla Family Trust.
At the upper end of the issue price, the initial public offering (IPO) is foreseen to raise Rs 520.17 crore. The issue, with a price band of Rs 421-428 a share, will open for public subscription during June 16-18.
Half of the issue size has been set aside for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional bidders.
The proceeds raised from the issue will be utilized for repayment of some borrowings, financing capital expenditure requirements of the company, and for general corporate purposes.
The company primarily operates across four South Indian states —Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its global operations are based in Uganda and Kenya.
Axis Capital and ICICI Securities have been appointed as the investment bankers of the company’s initial share sale. The equity shares of both companies will be listed on the NSE and the BSE.
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