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Dodla Dairy to use money raised from IPO to repay debt, expansion
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SME Times News Bureau | 11 Jun, 2021
Dairy major Dodla Dairy Ltd will use the Rs 50 crore raised from initial
public offering (IPO) for repaying debt and also for expansion, said a
top company official.
The company will hit the market with its
premium Rs 520 crore IPO that consists of fresh issue of Rs 50 crore and
an offer for sale of up to 10,985,444 shares by promoters, promoter
group and existing investors.
Briefing reporters about the
forthcoming public issue, Dodla Sunil Reddy, Managing Director of the
company, said that about Rs 32 crore of the IPO proceeds coming into the
company will be used for retiring debt and the balance for incremental
capex.
"We will improve milk procurement, invest in chilling plans. We are also looking at inorganic growth," he said.
According to him, the company has sizable internal accruals as well.
Reddy
said the company has an appetite to look at acquisitions with a ticket
size of about Rs 200 crore, but it should be value accretive.
Dodla
Dairy, which will get on to the online sales segment soon, also plans
to add a couple of hundred of retail outlets this year to its existing
370 outlets selling milk and milk based products.
According to
Reddy, the company gets 73 per cent of its revenues from selling liquid
milk and the balance from value added products.
The Dodla Dairy IPO opens on June 16 and the price band will be Rs 421-428 per share. The bid lot will be 35 shares.
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