Dodla Dairy Limited which had tapped the capital markets with its fresh issue for Rs 50 crs and an offer for sale of 1,09,85,444 shares in a price band of Rs 421-428 listed on the bourses and had a great debut gaining 42.31%.
The issue had opened on Wednesday the 16th of June and closed on Friday the 18th of June. The issue would raise Rs 520 cr at the top end of the band.
Earlier the company had allotted 36,46,099 equity shares to 10 anchor investors comprising of 18 entities. The highest allocation had been made equally to 4 anchor investors of 16.66%. These four entities comprising of DSP Small Cap Fund, Aditya Birla Sun Life, SBI Mutual Fund and Ashoka India Fund. These four entities have been allotted 6,07,460 shares each. The total allotment to these four entities is 24,29,840 shares constituting 66.64%.
The issue saw QIB portion get subscribed 84.88 times, HNI portion was subscribed 73.26 times and Retail portion was subscribed 11.34 times. There were 11.76 lac applications and on basis of lots, Retail portion was subscribed 9.68 times. Overall, the issue was subscribed 45.62 times.
The discovered price on BSE was Rs 528 at which price, 89,668 shares were traded. On NSE the discovered price was Rs 550 at which price, 23,77,396 shares were traded.
The high on BSE was Rs 633.60, low was Rs 528 and the close was Rs 609.10. The gain was Rs 181.10 or 42.31%. On NSE, the high was Rs 652, low was Rs 550 and the close was Rs 609.90, a gain of Rs 181.90 or 42.50%
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 528.00 | 633.60 | 528.00 | 609.10 | 181.10 | 42.31 | 603.41 | 2365082 | 720877 | 30.48 |
| NSE | 550.00 | 652.00 | 550.00 | 609.90 | 181.90 | 42.50 | 596.32 | 24434056 | 7360593 | 30.12 |
| Total | 26799138 | 8081470 | 30.16 |
The combined traded volume was 267.99 lac shares which was 2.21 times the IPO size of 121.53 lac shares. It was 3.15 times the non-anchor portion size of 85.07 lac shares. Delivery volume was 80.81 lac shares which was 30.16% of the traded volume. It was 66.49% of the IPO size and a massive 94.99% of the non-anchor portion. The weighted average of the day’s trade was Rs 603.41 on BSE and Rs 596.32 on NSE.
In terms of institutional trade there were none reported on either the buy side or the sell side. There were however a huge number of day traders whose trades were reported and they were by and large squared off.
The share has performed much better than expected and has certainly beaten the street’s expectations. In terms of valuations, the share is more than adequately priced at the current levels. While the newness of the stock could be a factor for a couple of days, one should expect the stock to consolidate and try and digest the listing day gains going forward before any meaningful movement happens.
