Dodla Dairy IPO
Dodla Dairy IPO — date, price band, lot size & details 2021
Dodla Dairy listed on 28 Jun 2021 at ₹550, 28.5% above the ₹428 issue price.
Dodla Dairy is an integrated dairy company in south India that sells milk and dairy products under the Dodla Dairy and KC+ brands. Its total income was Rs 2,145.65 crore in FY2020.
Stock price
Dodla Dairy is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 16 Jun 2021
- Close 18 Jun 2021
- Allotment 23 Jun 2021
- Refund/credit 24 Jun 2021
- Listing 28 Jun 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 16 to 18 Jun, 2021 |
|---|---|
| Price Band | ₹421 – ₹428 |
| Face Value | ₹10 |
| Lot Size | 35 Shares |
| Issue Size | ₹520.18 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,980 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 35 shares at the ₹428 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,980 |
| Retail (max) | 13 | 455 | ₹1,94,740 |
| S-HNI (min) | 14 | 490 | ₹2,09,720 |
| S-HNI (max) | 66 | 2,310 | ₹9,88,680 |
| B-HNI (min) | 67 | 2,345 | ₹10,03,660 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 1,597.01 crore in FY2018 to Rs 2,145.65 crore in FY2020.
- 02Profit after tax was Rs 116.39 crore in the nine months to 31 December 2020, far above the full FY2020 figure of Rs 49.87 crore.
- 03Total borrowing fell from Rs 157.79 crore on 31 March 2019 to Rs 95.88 crore on 31 December 2020.
- 04The pre-issue P/E was 21.45 at the upper band of Rs 428, based on EPS of Rs 19.95.
- 05Net worth grew from Rs 339.53 crore on 31 March 2018 to Rs 549.69 crore on 31 December 2020.
- 06It runs 13 processing plants and an established distribution network across 11 states.
Risks · 5
- 01Rs 470.18 crore of the Rs 520.18 crore issue was offer for sale, so most of the money went to selling shareholders.
- 02Profit after tax fell from Rs 62.76 crore in FY2019 to Rs 49.87 crore in FY2020.
- 03Milk procurement costs swing with weather and fodder prices, which can squeeze margins quickly. Milk is the main product across its 13 plants.
- 04Most sales come from 5 states, led by Telangana and Andhra Pradesh.
- 05Promoters and the promoter group held 66.85% before the issue, as per the RHP.
Three years of numbers
All figures in ₹ crore, as reported in the Dodla Dairy offer document.
| Metric | 31 Dec 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 863.79 | 800.31 | 751.92 | 608.96 |
| Total Income | 1,417.04 | 2,145.65 | 1,699.46 | 1,597.01 |
| Profit After Tax | 116.39 | 49.87 | 62.76 | 56.85 |
| EBITDA | 206.51 | 140.93 | 134.15 | 112.72 |
| NET Worth | 549.69 | 433.50 | 406.37 | 339.53 |
| Reserves and Surplus | 549.69 | 433.50 | 406.37 | 339.53 |
| Total Borrowing | 95.88 | 150.06 | 157.79 | 125.81 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dodla Dairy RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dodla Dairy IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹19.95 | ₹19.56 |
| P/E Ratio (x) | 21.45 | 21.88 |
| Market Cap at Offer Price (₹ Cr) | ₹2,496.99 | ₹2,546.78 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹428 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹50.00 Cr of the issue is earmarked to named objects.
About the company
It sells standardised, toned and double toned milk and value-added products such as curd, butter, ghee, ice cream and flavoured milk. Its main brands in India are Dodla, Dodla Dairy and KC+, and it sells in Uganda and Kenya under Dodla Dairy, Dairy Top and Dodla+.
It has 13 processing plants. Its key markets are Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra, served through 40 sales offices, 3336 distribution agents, 863 milk distributors and 449 product distributors across 11 states.
The IPO was Rs 520.18 crore, with Rs 50.00 crore of fresh issue and Rs 470.18 crore of offer for sale. Rs 32.26 crore was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Dodla Dairy IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Dodla Dairy?
The current Grey Market Premium is ₹80, or 19% over the issue price.
What is the Dodla Dairy IPO price band?
₹421 to ₹428, on a face value of ₹10.
When is the allotment?
The basis of allotment is 23 June 2021, with listing on 28 June 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
