Dindigul Farm Product IPO


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20th – 24th Jun 2024
27 Jun 2024
₹51 – ₹54
2000 shares (₹108000)


Issue open date 20 Jun 2024
Issue close date 24 Jun 2024
UPI mandate deadline 24 Jun 2024 (5 PM)
Allotment finalization 25 Jun 2024
Refund initiation 26 Jun 2024
Share credit 26 Jun 2024
Listing date 27 Jun 2024
Mandate end date 09 Jul 2024
Lock-in end date for anchor investors (50%) 25 Jul 2024
Lock-in end date for anchor investors (remaining) 23 Sep 2024


Dindigul Farm Product’s IPO is launching on June 20, 2024, with subscriptions closing on June 24, 2024. Established in 2010, Dindigul Farm Product Ltd specializes in processing whole and skimmed milk to produce dairy ingredients like milk protein concentrates, skimmed milk powder, whey protein concentrate, casein, cream, butter, and fat-filled powders for infant formula. Their 15-acre facility in Dindigul complies with FSSC 22000 and other industry regulations including FSSAI, Halal, Kosher, and APEDA.

They procure about 50,000 liters of milk daily from farmers and up to 100,000 liters from the market, supported by over 150 village collection centers and relationships with more than 4,000 farmers and 50 dairy farms. Their quality control involves automatic milk analyzers and NABL-approved labs, ensuring compliance with quality standards. They market products under the brands ENNUTRICA and Activday, selling domestically in over 15 states and internationally in three countries, with plans to expand into ASEAN and Europe. Their customer base spans the dairy, food ingredients, nutrition, ice cream, and baking industries.

Funds Raised in the IPO Amount
Overall ₹34.83 crores
Fresh Issue ₹34.83 crores
Offer for sale

Financial Snapshot

Financial Year Ended March 2021 March 2022 March 2023 December 2023
Total Assets 29.95 24.96 28.99 51.23
Revenue 17.63 28.31 81.57 68.74
Profit After Tax -46.20 -41.65 51.67 58.89
EPS (3.21) (2.90) 3.59 4.09

*All figures except EPS are in ₹ Crores

Risk factors

  • Product contamination could reduce sales and lead to liability and regulatory actions: Despite stringent quality controls, the perishable nature of milk poses contamination risks. Such incidents could lead to reduced sales, damaged reputation, liability claims, and regulatory penalties.
  • Improper storage, processing, or handling of dairy products can lead to spoilage and damage: They produce various dairy products, each requiring specific storage conditions. Improper processing, storage, handling, or transport can lead to spoilage or contamination, resulting in non-compliance with regulatory and customer standards.
  • Limited dairy industry experience by Corporate Promoter Indrayani Biotech Limited: Despite lacking dairy industry experience, Corporate Promoter Indrayani Biotech Limited, who acquired Equity Shares of our Company on June 30, 2022, has been instrumental in determining the strategic direction and future growth path since their investment.


  • The above schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion.
  • The allotment status will be available by June 26, 2024, on the Registrar’s website and the BSE website.