The initial public offering (IPO) of Dodla Dairy has been subscribed 3.33 times June 17, the second day of the bidding process. The offer has received bids for 2.8 crore equity shares against the total issue size of 85.07 lakh equity shares, according to subscription data available on exchanges at 5 pm.
The portion set aside for retail investors has been subscribed 6.18 times, while that of non-institutional investors saw 60 percent subscription. The qualified institutional buyers' portion received a 28 percent subscription so far.
The Rs 520-crore IPO of Dodla Dairy, which opened at a price band of Rs 421-428 per equity share, closes on June 18.
The company has already raised Rs 156.05 crore by allocating a total of 36,46,099 equity shares at Rs 428 apiece to anchor investors on June 15 ahead of its IPO.
Brokerages have recommended subscribing to the Dodla Dairy IPO on the back of the company’s strong financial performance, robust business growth, growth potential, reasonable valuations, and long-term prospects of the domestic dairy industry.
“Considering the company has a diversified product basket, strong brands and a wide distribution network, we believe that the company will continue to perform well on both the top-line and the bottom-line front. Hence we recommend investors to subscribe to the issue from a longer-term perspective,” said Anand Rathi.
First Published: IST