Home >Markets >Ipo >Dodla Dairy mobilises 156 cr from anchor investors ahead of IPO

New Delhi: Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over 156 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Wednesday.

The company has decided to allocate a total of 36,46,099 equity shares at 428 apiece to anchor investors for 156.05 crore, a circular uploaded on BSE website showed.

Those participated in the anchor bidding included SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Edelweiss MF, Kuber India Fund, Saint Capital Fund and Integrated Core Strategies Asia Pte Ltd.

They also included International Finance Corporation, Ashoka India Opportunities Fund, and IIFL Special Opportunities Fund.

The IPO comprises a fresh issuance of shares worth up to 50 crore, besides 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 expected to fetch 520.17 crore.

The issue, with a price band of 421-428 a share, will open for public subscription during June 16-18.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors, and 15 per cent for non-institutional bidders.

The proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirement of the company, and for general corporate purposes.

The company's operations in India are primarily across the four states — Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Its international operations are based in Uganda and Kenya.

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 the NSE and the BSE.

This story has been published from a wire agency feed without modifications to the text.

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