India’s Dodla Dairy plans to raise $148m through IPO

India-based Dodla Dairy has filed a draft red herring prospectus (DRHP) with securities and commodity market regulator Sebi for its IPO through, which it reportedly plans to raise around Rs8bn ($148.1m).

In its DRHP filing, the company stated that the public issue consists of a fresh issue of up to Rs 500m ($9.2m)  by the firm, as well as an offer for sale of up to 1,00,85,444 equity shares by promoters and an investor.

This offer for sale comprises up to 8.3 million shares by TPG Dodla Dairy Holdings, 1,041,509 equity shares by promoter Dodla Family Trust, 416,604 equity shares by promoter Dodla Sunil Reddy and 327,331 equity shares by another promoter Dodla Deepa Reddy.

The company plans to use the proceeds to repay debt and for capital expenditure, reported Moneycontrol.com.

In 2018, the firm filed IPO papers to raise around Rs5bn ($92.59m).

Based in the southern part of India, Dodla Dairy is an integrated dairy company, which sells milk and dairy-based value-added products in the branded consumer segment.

It has operations across five states in the country – Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and Maharashtra. It also has overseas operations in Uganda and Kenya.

Meanwhile, Heritage Novandie Foods, a JV between India-based Heritage Foods and Novandie Foods, a unit of France-based Andros, announced its foray into the Indian market with its first product line under Mamie Yova.

The line of products is available through distributors and retailers.

The products have been launched in Mumbai, Pune, and Ahmedabad, with plans for a launch in Baroda and Surat by end of March, and in Hyderabad and Bangalore by Q1 of FY21-22.