Dindigul Farm IPO booked over 188 times on final day; share allotment on Tuesday

Dindigul Farm IPO: The pubic offer of milk protein and milk products maker Dindigul Farm Product Ltd (EnNutrica) has been booked more than 188 times on the final day of bidding on Monday.

The SME public offer received robust demand from retail as well as non-retail investors. The IPO opened for subscription on Thursday, June 20, and closed on Monday.

According to exchange data at 5 pm, the company which sells products under the EnNutrica brand, received applications for 86.81 crore (86,81,04,000) equity shares against 46,16,000 shares on offer, resulting in an oversubscription of 188 times.

The Qualified Institutional Buyers’ (QIBs) portion was booked more than 145 times. Bids for 17.85 crore (17,85,26,000) shares were received against 12,26,000 shares on offer.

Non-Institutional Investors’ quota was subscribed 207 times with applications for 25.79 crore (25,79,80,000) shares dropping in against 12,46,000 shares on offer, according to BSE data at 5 pm.

Retail Individual Investors (RIIs) placed bids for 43,18,94,000 shares against 21,44,000 shares on offer. The RII quota was booked 201.44 times.

Earlier, Dindigul Farm Product raised ₹9.90 crore from anchor investors by allotting 18,34,000 equity shares.

Dindigul Farm Product IPO share allotment

Dindigul Farm is expected to announce the share allotment on Tuesday, June 25, following the close of its offer. The shares will be listed on the SME platform of BSE on June 27.

Dindigul Farm Product IPO details

The ₹34.83 crore public offer comprised a fresh issue of 64.5 lakh shares of ₹ 10/- each. The company had set aside 3,26,000 equity shares of ₹ 10/- each for market makers while the net size of the issue was 61,24,000 equity shares.

The company set the IPO price at ₹51 to ₹54 per share. The minimum lot size was 2000 shares and the minimum investment required by retail investors was ₹108,000.

Beeline Capital Advisors Pvt Ltd is the book running lead manager. Link Intime India Private Ltd is the IPO registrar. Spread X Securities is the market maker.

Dindigul Farm Product IPO objective

The company manufactures milk proteins, dairy ingredients and infant milk formulae. It processes milk protein concentrates, dairy whitener, skimmed milk powder, milk whey powder, whey powder, sodium caseinate, fat-filled powders, acid casein, and infant milk powders. The company's processing facility is at Dindigul and is spread over 15 acres.

Dindigul Farm Product has proposed using the issue proceeds for capital expenditures, working capital requirements, and other general corporate purposes.

The company plans to invest ₹12.12 crore to purchase plant and machinery for starting the production of Butter. It has proposed to use ₹13.84 crore to meet working capital requirements.

Dindigul Farm Product reported revenue of ₹68.74 crore for the period up to December 31, 2023. In the previous fiscal year FY23, its revenue was ₹81.57 crore against ₹28.31 crore in FY22.

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