Dodla Dairy share sale subscribed 45.6 times

The IPO received bids for 388.10 million shares against 8.51 million shares on offer, as per data available with the exchanges.

The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 84.88 times, non-institutional investors 73.26 times and that for retail individual investors (RIIs) 11.34 times.

The IPO consists of a fresh issue aggregating up to Rs50 crore and an offer for sale of up to 10,985,444 equity shares by existing investors of the company. The offer for sale consists of share sale by the promoters of the company and private equity investor TPG Capital.

The net proceeds of a fresh issue will be utilized for repaying of certain borrowings availed by the company.

Analysts at Hem Securities in an IPO note said "Company being the leading dairy brand with strong consumer recognition has a strong procurement network in regions of operation. Company focused on containing costs and ensure supply of quality raw milk. Company is bringing the issue at price band of ₹421-428 at price to equity multiple of about 16 on post issue annualized FY21 earnings per share which looks reasonable".

Also on Friday, the initial public offer of hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) sailed through successfully with a subscription of 3.86 times.

The IPO received bids for 55.66 million equity shares against 14.41 million equity shares on offer, as per data available with the NSE.

The portion reserved for retail investors saw a subscription of 2.9 times, Qualified Institutional Buyers (QIBs) was subscribed 5.26 times, Non institutional investors 1.89 times and that of employees was subscribed 1.06 times.

Krishna Institute of Medical Sciences (KIMS) is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of number of patients treated and treatments offered.

The initial public offer comprises a fresh issue of up to ₹200 crore and an offer for sale of up to 2,35,60,538 equity shares.