Dodla Dairy Limited IPO – Review, Allotment, Subscription, GMP, DRHP & more

Dodla Dairy Limited is an integrated dairy company based in south India deriving all of their consolidated revenues for Fiscal 2018 from the sale of milk and dairy based VAPs in the branded consumer market. Amongst private dairy players with a significant presence in the southern region, the company is the third highest in terms of milk procurement (Source: CRISIL Report) with an average procurement of 1.00 million litres of raw milk per day as of May 31, 2018 (“MLPD”) and second highest in terms of market presence amongst private dairies . Dodla Dairy Limited IPO comprises of  [●] Equity shares, face value of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Dodla Dairy Limited IPO release date, IPO offer price, subscription, Dodla Dairy Limited IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Dodla Dairy Limited IPO Review & Ratings

Dodla Dairy Limited IPO Ratings & Review
Criteria Ratings
Industry Sentiments  8.3/10
Industry Ranking  8.3/10
Company Background 8.1/10
Company Reputation 7.4/10
Competitive Edge 7.4/10
Financial Statements 6.5/10
Popularity Index 7.2/10
Promoters Reputation 7.3/10
Retail Appetite  7.2/10
Top Brokers Review 7.6/10
Overall Ratings  7.7/10
Star Ratings ★★★★☆

Summary of Dodla Dairy Limited  IPO

Dodla Dairy Limited IPODodla Dairy Limited is an integrated dairy company based in south India deriving all of their consolidated revenues for Fiscal 2018 from the sale of milk and dairy based VAPs in the branded consumer market. Amongst private dairy players with a significant presence in the southern region, the company is the third highest in terms of milk procurement with an average procurement of 1.00 million litres of raw milk per day as of May 31, 2018 and second highest in terms of market presence amongst private dairies. Dodla Dairy Limited IPO comprises of Equity shares, face value of Rs.10 each.

From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements,

From fiscal 2017 to 2018, company’s revenue from operations and net profit has increased at a growth rate of 10.44% and 20.01%, respectively.

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs.15,904.75 Millions, Rs. 14,400.44 Millions and Rs. 12,009.01 Millions, respectively representing growth of  10.44% from the FY 2018-17 to FY 2017-16. For the period ended March 31, 2018, FY 2016-17 and FY 2015-16 the net profit was Rs.810.76 Millions, Rs. 680.53 Millions and Rs. 751.22 Millions, respectively, representing a growth of  20.01 % from the FY 2018-17 to FY 2017-16.

  • During the financial year 2017-18 the Other Income of the company increased to Rs. 15,970.13 Millions as against Rs. 14,473.70 Millions for the financial year 2016-17, representing increase by 10.33% due to increase in interest income & insurance claim in FY 2017- 18.
  • Company’s Net Profit after tax for the year 2016-17 is Rs.543.35  Millions from the year 2015-16 of Rs. 465.31 Millions showing an increase of 16.77% from last year, showing remarkable performance.

The Promoter of this company are Dodla Sunil Reddy, Dodla Sesha Reddy and Dodla Family Trust. The lead manager to the issue is Edelweiss Financial Services Limited and the Registrar to this issue is  Karvy Computershare Private Limited.


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Dodla Dairy Limited IPO Date

The opening and the closing date of IPO of Dodla Dairy Limited is not known yet.


Dodla Dairy Limited IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1      
Day 2        
Day 3        
Day 4        
Day 5        

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Dodla Dairy Limited IPO Allotment Status

Allotment of the Equity Shares pursuant to the Fresh Issue and transfer of the Equity Shares by the Selling Shareholders pursuant to the Offer for Sale to Allottees .


Dodla Dairy Limited IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Dodla Dairy Limited IPO Equity Share Offering

Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed .


Dodla Dairy Limited – Company Overview

Dodla Dairy Limited is an integrated dairy company based in south India deriving all of their consolidated revenues for Fiscal 2018 from the sale of milk and dairy based VAPs in the branded consumer market. Amongst private dairy players with a significant presence in the southern region, the company is the third highest in terms of milk procurement (Source: CRISIL Report) with an average procurement of 1.00 million litres of raw milk per day as of May 31, 2018 (“MLPD”) and second highest in terms of market presence amongst private dairies .

The Company commenced  its African operations in Fiscal 2015 with the acquisition of the operations of Hillside Dairy and Agriculture Ltd. through their Subsidiary Lakeside Dairy Ltd. For the international operations, the company procure raw milk from cooperative societies and follow a similar integrated business model as their India operations .

The Company is promoted by Dodla Sunil Reddy, Dodla Sesha Reddy and Dodla Family Trust and  are the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Dodla Dairy Limited:

  • Consumer focused dairy company with a diverse range of products under the “Dodla Dairy” brand
  • Integrated business model with well-defined procurement, processing and distribution capabilities .
  • Focused engagement and long term relationship with dairy farmers .
  • Stringent quality control procedures .
  • Financial Growth and operational efficiencies

Business strategies of Dodla Dairy Limited:

  • Enhance the brand visibility and expand the reach of the products .
  • Further strengthen the procurement and processing operations
  • Expand the operations domestically and internationally by way of organic and inorganic growth .
  • Increase the revenues from dairy based VAPs

Dodla Dairy Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary: (Consolidated)

Amount (in INR & Millions)
31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 6,007.67    5,257.36 4,351.44 4,053.46 3,237.70
Total Revenue 15,970.13  14,473.70 12,069.07 10,333.50 8,488.40
Total Expense 15,159.37     13,793.17 11,317.85 10,165.15 8,098.01
Profit After Tax 543.35   465.31 528.31 113.28 253.45

Earnings per Equity Share (in Millions)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 9.76 8.36 9.49

From the above statements, one could find that the Dodla Dairy Limited may perform well.


Dodla Dairy Limited IPO – Promoters

The Promoter of this company are:

  1. Dodla Sunil Reddy,
  2. Dodla Sesha Reddy
  3. Dodla Family Trust

List of Related Parties (Key Managerial Personnel)

  • Dodla Sunil Reddy 
  • Venkat Krishna Reddy Busireddy
  • Dodla Sesha Reddy

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Dodla Dairy Limited IPO Offer Details or Issue Details

 Particulars  No. Of Equity Shares
 Equity Shares Offered Not more than [●] Equity Shares
 Of which:
Fresh Issue Up to [●] Equity Shares, aggregating to Rs1,500 million
Offer for Sale Up to 9,543,770 Equity Shares, aggregating to `[●] million
 Of which:
 Retail Investors Portion Not less than [●] Equity Shares available for allocation or Offer less allocation to QIB Bidders and Non Institutional Bidders
 Non-Retail Investors Portion Not less than [●] Equity Shares available for allocation or Offer less allocation to QIB Bidders and Retail Individual Bidders
 Equity Shares outstanding prior to the Issue 55,671,991 Equity Shares
 Equity Shares outstanding after the Issue [●] Equity Shares

Dodla Dairy Limited IPO Issue Object

These are the IPO Issue Objects of the company

  • Repayment/pre-payment, in full or part, of certain borrowings availed by the Company;
  • Purchase of equipments; 
  • General corporate purposes

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Dodla Dairy Limited IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Consumer focused dairy company with a diverse range of products under the “Dodla Dairy” brand;
  •  Integrated business model with well-defined procurement, processing and distribution capabilities;
  • Focused engagement and long term relationship with dairy farmers;
  • Stringent quality control procedures;
  • Financial Growth and operational efficiencies;
  • Experienced Board and senior management team

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 9.49 20.96
31-Mar-17 8.36 15.88
31-Mar-18 9.76 14.84 1037.49
  • Industry P/E Ratio:
Particulars P/E ratio
Average 54.6
Highest 111.2
Lowest 30.7
  • Competitive Peers:
Particulars Face Value (in Rs.) EPS     (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
Hatsun Agro Products  1 6 111.2 24.9 24
Heritage Foods 5 13.5 45 9.8 138
Parag Milk Food 10 10.4 30.7 12.1 85.2
Prabhat Dairy 10 4.9 31.7 6.5 74.8

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Manorama Industries IPO Lead Managers

Lead Managers
Edelweiss Financial Services Limited
14th Floor, Edelweiss House Off CST Road, Kalina
Mumbai 400 098 ,Maharashtra, India
Tel: + 91 22 4009 4400
Fax: +91 22 4086 3610
E-mail:
Investor grievance e-mail:
Website: www.edelweissfin.com
Contact Person: Nishita John / Tanya Rizvi
SEBI Registration No.: INM0000010650ICICI Securities Limited

Dodla Dairy Limited IPO Registrar to offer

Registrar to the Offer
Karvy Computershare Private Limited
Karvy Selenium Tower-B”
Plot No. 31-32, Gachibowli, Financial District
Nanakramguda, Hyderabad, 500 032
Tel: +91 40 6716 2222
Fax: +91 40 6716 1551
E-mail:
Investor grievance E-mail:
Website: www.karisma.karvy.com
Contact Person: Murali Krishna M
SEBI Registration No.: INR000000221

Other Details:

  • Statutory Auditor –  B S R & Associates LLP
  • Peer Review Auditor – B S R & Associates LLP
  • Bankers to the Company –   HDFC Bank Limited ,ICICI Bank of India

Dodla Dairy Limited IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 6.5/10 6.6/10 6.6/10 6.4/10 6.4/10
Sharekhan 6.7/10 6.4/10 6.6/10 6.1/10 6.2/10
Kotak Securities 6.7/10 6.7/10 6.7/10 6.4/10 6.3/10
ICICI Direct 6.6/10 6.3/10 6.7/10 6.5/10 6.5/10
IIFL 6.4/10 6.7/10 6.8/10 6.4/10 6.7/10
Edelweiss 6.7/10 6.4/10 6.4/10 6.3/10 6.7/10
Zerodha 6.5/10 6.4/10 6.7/10 6.4/10 6.5/10
5Paisa 6.7/10 6.4/10 6.3/10 6.7/10 6.5/10
Karvy 6.8/10 6.3/10 6.7/10 6.4/10 6.0/10
Motilal Oswal 6.6/10 6.4/10 6.6/10 6.6/10 6.4/10

Dodla Dairy Limited IPO Grey Market Premium

The Dodla Dairy Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Dodla Dairy Limited IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

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