Dodla Dairy lists with 28.5% premium at Rs 550 on NSE

The shares of Dodla Dairy got listed at Rs 550 apiece, a premium of 28.50 percent to the issue price of Rs 428 on the National Stock Exchange (NSE). The shares were listed with a premium of 23.36 percent at Rs 528 on the BSE.

The Rs 520-crore public offer of Dodla Dairy, which opened at a price band of Rs 421-428 per equity share, was subscribed 45.62 times between June 16-18.

The IPO comprised a fresh issue of shares worth Rs 50 crore and an offer for sale of shares worth Rs 470 crore by selling shareholders.

The net proceeds from the fresh issue will be used for repaying debt and to meet capital expenditure requirements.

Brokerages had 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.