Dairy company Dodla Dairy Ltd said it raised Rs 156.05 crore ($21.3 million) ahead of its proposed initial public offering (IPO) at the higher price band of Rs 428 per share.
The company said it allotted 3.6 million equity shares to 18 anchor investors.
The company’s IPO comprises a fresh issue of shares worth up to Rs 500 million and an offer for sale of up to 10.9 million equity shares by promoters and TPG.
Dodla, which is the second-largest private dairy company in terms of market presence in India, said around 16.6% of the anchor investor portion was allocated to SBI Mutual Fund, DSP Mutual Fund, Aditya Birla Mutual Fund and White Oak Capital Partners each.
Incorporated in 1995, Dodla procures, processes and markets milk and value-added dairy products such as curd, ghee, butter, flavoured milk and ice cream. It gets about two-thirds of its revenue from milk and the remaining from dairy products.
ICICI Securities and Axis Capital are the book running lead managers to the issue.