Dodla Dairy IPO subscribed 1.40 times on first day of subscription

Dodla Dairy's initial public offering was subscribed 1.40 times on the first day of subscription on Wednesday.

The initial public offering (IPO) received bids for 1,19,38,955 shares against 85,07,569 shares on offer, according to NSE data.

The qualified institutional buyers (QIBs) category received two per cent subscription, non-institutional investors 14 per cent and retail individual investors (RIIs) 2.73 times.

The IPO comprises a fresh issue of Rs 50 crore and an offer-for-sale of 1,09,85,444 equity shares.

Its price range is at Rs 421-428 per share. At the upper-end of the price range, the IPO is expected to fetch Rs 520.17 crore.

Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over Rs 156 crore from anchor investors.

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.

ICICI Securities and Axis Capital are the managers to the offer.