New Delhi | 3rd February 2020: The initial public offer (IPO) of Noida-based manufacturer of dairy products firm ICL Organic Dairy Products was oversubscribed by 1.38 times on the Second day of the bidding process.

The IPO, which looks to raise Rs 4.08 Cr., received bids for 27,72,000 Shares against the total issue size of 20,40,000 shares as per the BSE data. 

The category reserved for High-net-worth (HNIs) was subscribed 2.54 times and retail individual investors were filled in 0.36 times. 

ICL Organic Dairy Products has fixed a price band of Rs 20 per share. The issue closed on Tuesday. 

ICL Organic Dairy Products IPO comprises of a fresh issue aggregating up to Rs 4.08 crore.

Finshore Management Services is the Lead Manager for this issue. 

Commenting on the oversubscription, Mr. A.K. Gola, Director, ICL Organic Dairy Product said, “We are glad to receive a great response from our investors for this issue and many more milestones to cover. And we are thrilled of being the first company in Organic Dairy Industry to be listed on SME platform of BSE Limited, we now plan to scale up the business by expanding our team and market presence”.

ICL Organic Dairy Products Ltd. Founded in 2013, ICL Organic Dairy Products Pvt Ltd is a renowned manufacturer of dairy products. The company operates in 4 states where procurement, processing, and packaging of milk and milk products are carried out. ICL has 11 processing plants and 65 milk chilling centers and the products are available in 9 states.