ICL Organic Dairy IPO Review, Dates, Allotment, Size, Live Bid Details, GMP & RHP

Last Updated Date: Nov 17, 2022

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

ICL Organic Dairy IPO Review & Ratings

IPO Ratings & Review
Criteria	Ratings
Industry Sentiments	7.9/10
Industry Ranking	7.2/10
Company Background	8.2/10
Company Reputation	7.7/10
Competitive Edge	7.2/10
Financial Statements	8.0/10
Popularity Index	7.9/10
Promoters Reputation	8.0/10
Retail Appetite	7.1/10
Top Brokers Review	7.8/10
Overall Ratings	7.5/10
Star Ratings	★★★★☆

Summary of ICL Organic Dairy IPO

ICL Organic Dairy IPO

With the vision of participation in the Indian dairy sector, their Company was originally incorporated as “ICL Organic Dairy Products Private Limited” on February 21, 2013 under the provisions of the Companies Act, 1956 bearing Corporate Identification Number U74120UP2013PTC055187 issued by the Registrar of Companies, Kanpur, Uttar Pradesh.

Subsequently their company was converted into Public Limited Company and the name of their Company was changed to “ICL Organic Dairy Products Limited” vide a fresh Certificate of Incorporation dated January 23, 2019 bearing Corporate Identification Number U74120UP2013PLC055187 issued by the Registrar of Companies, Kanpur, Uttar Pradesh.

ICL Organic Dairy IPO – Financial Highlights

In the year 2015, their company entered into an agreement with the promoters Avadhesh Kumar Gola and Roop Kishore Gola to use its mechanical dairy. The said agreement was valid till March 2019. With a vision to create its own fully mechanical dairy, the said agreement was not renewed further.
Further on August 22, 2019, the company has acquired 128 cows from Roop Kishore Gola, Director and Promoter of the Company to provide improved quality milk and hygienic milk to premium customers

The Promoters of this company are MR. ROOP KISHORE GOLA and MR. AVADHESH KUMAR GOLA. The lead manager to the issue is FINSHORE MANAGEMENT SERVICES LIMITED. The Registrar to this issue is CAMEO CORPORATE SERVICES LIMITED.

List of Upcoming IPOs

ICL Organic Dairy IPO Dates / Launch Date

The opening and the closing date of ICL Organic Dairy IPO is Jan 31, 2020 – Feb 7, 2020.

ICL Organic Dairy IPO Subscription

Day / Date	NII	RII	Total Subscription
1st Day – Jan 31	0.63x	0.11x	0.37x
2nd Day – Feb 3	2.58x	0.47x	1.52x
3rd Day – Feb 4	3.26x	1.49x	2.38x
4th Day – Feb 5	3.26x	1.49x	2.38x
5th Day – Feb 6
6th Day – Feb 7
Shares Offered or Net Issue	969,000	969,000	1,938,000

The shares subscribed by the public will be updated here.

ICL Organic Dairy IPO Allotment Status

Here, you can find the Allotment Status of this IPO. Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

ICL Organic Dairy IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization	Feb 7, 2020
Refunds Initiation	Feb 10, 2020
Credit of Shares to Demat Account	Feb 11, 2020
Share Listing Date	Feb 12, 2020

ICL Organic Dairy IPO Price Band / Cash Price

The face value of each share is Rs.10,and the cash price of the IPO is Rs.20.

ICL Organic Dairy IPO Size

This Initial Public Issue of 20,40,000 Equity Shares of Rs.10 each for cash at a price of Rs.20 per equity share aggregating to Rs.408.00 lakhs.

ICL Organic Dairy IPO Share Offering

Fresh Issue: The Fresh Issue of 20,40,000 Equity Shares by their Company of Rs.10 each at a price of Rs.20 per equity share, including a share premium of Rs.10/- per equity aggregating to Rs.408.00 lakhs,

Net Issue : The Net Issue of 19,38,000 Equity Shares of Rs.10 each at Rs.20 per Equity Share, including a share premium of Rs.10/- per equity aggregating to Rs. 387.60 lakhs.

ICL Organic Dairy Limited – Company Overview

Their Company was incorporated in the year 2013, and promoted by Mr. Roop Kishore and Mr. Avadhesh Kumar Gola. Both the brothers Mr. Roop Kishore Gola and Mr. Avadhesh Kumar Gola belong to a farmer family and with a agricultural background they initiated the Dairy business and availed the benefit of Kamdhenu Yojna of Uttar Pradesh Government to set up the Dairy in 2013 at Bareilly.

ICL Organic Dairy Farming

During the year from 2013 till 2019 their company is only engaged in dairy farming with the main object to produce and extract milk from cow and distributing the same raw milk extracted from the cow and supplying it to Sweet Shops, Retailers, different establishments and households.

The company is mainly active in District of Bareilly and adjoining district of Badaun, a huge milk producer area as well as Pilibhit which is just 30 to 40 kms away from operational area and covered approximately 30 villages at present.

ICL Organic Dairy – Approach to Milk Production

The company has a team of veterinary supporting staff to educate the farmers on animal healthcare and clean milk production. This has enabled the farmer community to produce good quality milk. ICL enjoys goodwill among the milk producers for its fair price policy. The trained field staffs working at the front end is the core strength of the company.

ICL Organic Dairy Limited: Business strategies

Focus on Increase in Volume of Sales
Quality Assurance
Increase geographical presence
Leverage and enhance the ICL brand name
Their Major Products, Services and Processes
Improving operational efficiencies
High Margin Products
Leveraging their Market skills and Relationships

ICL Organic Dairy Ltd – Financial Statements

On the basis of Standalone statement:

Amount (in INR & Lakhs)
	30-Jun-19	31-Mar-19	Mar-18	31-Mar-17
Total Assets	44,511.85	31,660.76	32,782.52	22,600.93
Total Revenue	18,762.38	1,57,265.20	1,20,730.10	25,268.68
Total Expense	18,164.05	1,53,377.76	1,15,955.03	24,537.37
Profit After Tax	436.36	2,762.43	3,493.22	503.55

Earnings per Equity Share (in Lakhs)

Amount (in INR & Lakhs)
	Mar-19	31-Mar-18	31-Mar-17
Basic & Diluted	4.15	232.88	33.57

ICL Organic Dairy IPO – Promoters

The Promoters of this company are:

MR. ROOP KISHORE GOLA
MR. AVADHESH KUMAR GOLA

List of Related Parties (Key Managerial Personnel)

Mr. Anil Kumar Sahu, Whole Time Director cum CFO
Ms. Neha Mittal, Company Secretary cum Compliance officer

Interest of Key Management personnel

The Key Management Personnel do not have any interest in their Company, except Mr. Anil Kumar Sahu (Whole Time Director & CFO) other than to the extent of the remuneration or benefits to which they are entitled to as per their terms of appointment and reimbursement of expenses incurred by them during the ordinary course of business.

Interests of Promoter in property of their Company

None of their Promoters or Group Entities have any interest in any property acquired by their Company within two (2) years of the date of this draft prospectus or proposed to be acquired by it or in any transaction in acquisition of land or any construction of building or supply of machinery.

ICL Organic Dairy IPO Offer Details or Issue Details

Particulars	No. Of Equity Shares
Equity Shares Offered	Up to 20,40,000 Equity Shares, aggregating up to Rs.408.00 Lakhs
Of which:
Market Maker Reservation Portion	Up to 1,02,000 Equity Shares, aggregating to Rs.20.40 Lakhs
Net Issue	Up to 19,38,000 Equity Shares, aggregating up to Rs.387.60 Lakhs
Of which
Allocation to Retail Individual Investors for up to Rs. 2.00 lakh	9,72,000 Equity Shares of Rs.10/- each fully paid-up of their Company for cash at a price of Rs.20/- per Equity Share aggregating to Rs.194.40 Lakhs.
Allocation to other investors for above Rs. 2.00 lakh	9,66,000 Equity Shares of Rs.10/- each fully paid-up of their Company for cash at a price of Rs.20/- per Equity Share aggregating to Rs.193.20 Lakhs
Equity Shares outstanding prior to the Issue	39,61,696 Equity Shares
Equity Shares outstanding after the Issue	60,01,696 Equity Shares

ICL Organic Dairy IPO Issue Object

These are the IPO Issue Objects of the company:

To meet the working capital requirements of the company
To meet the Issue Expenses
General Corporate Purposes

ICL Organic Dairy Limited: Key Strength

Experienced & Qualified Management Team
Existing Client Base
Existing Supplier Relationship
Their Brand Names

ICL Organic Dairy 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:

Established and proven track record;
Leveraging the experience of their Promoters;
Experienced management team and a motivated and efficient work force;
Cordial relations with their customers
Quality Assurance & Control

ICL Organic Dairy IPO – Quantitative Factors

	Basic & Diluted EPS	RONW in %	NAV (Rs.)
31-Mar-17	33.57	51.32%	98.12
31-Mar-18	232.88	78.07%	447.45
31-Mar-19	4.15	9.36%	26.26

Price to Earnings (P/E) ratio in relation to Price band of Rs.10 to Rs.20 per Equity Share

Particulars	P/E ratio
Highest	66.80
Average	28.60
Lowest	4.90

ICL Organic Dairy Limited : Competitive Peers

	Face Value (Rs.)	NAV per share (Rs.)	EPS (Basic) (Rs.)	P/E Ratio	Return on Net Worth (%)
ICL Organic Diary Limited	10.00	4.15	26.26	4.82	9.36
Listed Peers
Prabhat Dairy	10.00	5.00	79.90	33.90	6.50
Heritage Foods	5.00	17.80	170.30	20.40	10.50
Parag Milk Foods	10.00	14.50	103.90	10.60	15.80
Umang Dairies	5.00	2.30	25.90	13.70	9.10

ICL Organic Dairy IPO Lead Managers

Lead Manager

FINSHORE MANAGEMENT SERVICES LIMITED
Anandlok”, Block-A, 2nd Floor, Room No. 207, 227 A.J.C Bose Road,
Kolkata-700020, West Bengal
Telephone: +91 – 33 – 22895101
Email: ramakrishna@finshoregroup.com
Website: www.finshoregroup.com
Investor Grievance Email: info@finshoregroup.com
Contact Person: Mr. S. Ramakrishna Iyengar
SEBI Registration No: INM000012185
CIN No: U74900WB2011PLC169377

ICL Organic Dairy IPO Registrar to Offer

Registrar to the Offer

CAMEO CORPORATE SERVICES LIMITED
“Subramanian Building”, #1, Club House Road,
Chennai – 600 002, India
Telephone: +91-44-40020700, 28460390
Facsimile: +91-44-28460129
Email: investor@cameoindia.com
Contact Person: Mr. R.D. Ramasamy, Director
Website: www.cameoindia.com
SEBI Registration Number: INR000003753
CIN No: U67120TN1998PLC041613

Other Details:

Statutory Auditor – SAROJ KUMAR JHA & ASSOCIATES
Legal Counsel to the Company – BHUPENDRA S. BHADANA, (MBA, LLB, Advocate)
Bankers to the Company – ICICI BANK LIMITED

ICL Organic Dairy IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review	Company Reputation	Competitive Edge	Financial Statement	Popularity Index	Promoters Reputation
Angel Broking	7.5/10	7.4/10	8.5/10	8.1/10	7.1/10
Sharekhan	7.2/10	7.1/10	8.6/10	8.1/10	7.2/10
Kotak Securities	7.3/10	7.5/10	8.4/10	8.1/10	7.3/10
ICICI Direct	7.3/10	7.3/10	8.7/10	8.1/10	7.1/10
IIFL	7.5/10	7.2/10	8.8/10	8.0/10	7.1/10
Edelweiss	7.5/10	7.4/10	8.4/10	8.3/10	7.2/10
Zerodha	7.4/10	7.1/10	8.5/10	8.1/10	7.0/10
5Paisa	7.1/10	7.1/10	8.4/10	8.1/10	7.1/10
Karvy	7.4/10	7.3/10	8.2/10	8.1/10	7.1/10
Motilal Oswal	7.1/10	7.1/10	8.6/10	8.3/10	7.2/10