Dindigul Farm Product IPO Closed
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Schedule of Dindigul Farm Product
| 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 |
Note: The 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 can be checked on the registrar's website and the exchange website.
About Dindigul Farm Product
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 litres of milk daily from farmers and up to 100,000 litres from the market, supported by over 150 village collection centres 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.
Financials of Dindigul Farm Product
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹34.83 crores |
| Fresh Issue | ₹34.83 crores |
| Offer for sale | – |
*All figures except EPS are in ₹ Crores
Risks
- 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.
Note:
- 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.