ICL Organic Dairy Products IPO: ICL Organic Dairy Products extends period of its SME IPO

NEW DELHI: Noida-based ICL Organic Dairy Products has extended its initial public offer (IPO) period till February 7, due to the banking strike, which hindered investors from applying for the issue. Earlier, the issue was scheduled to close on Tuesday.

The SME IPO was subscribed 2.25 times till Wednesday. The issue received bids for 46,08,000 shares against the total issue size of 20,40,000 units.

The IPO is extended as due to the banking strike on January 31, a lot of investors were not able to apply to the issue. Based on requests from many stakeholders, the company decided to extend the period till Friday.

The company intended to raise Rs 4.08 crore via fresh issue of 20,40,000 shares of the face value of Rs 10 each. The stock will be issued at Rs 20 per share.

The firm would be one of the first manufacturers of dairy products to get listed on BSE SME platform.

Founded in 2013, the dairy company operates in four states where procurement, processing, and packaging of milk and milk products are carried out. The company procures about 11,40,000 litres of milk per day. ICL offers different types of milk in pouches such as full cream milk, toned milk, standardised milk, double toned milk and (ultrahigh temperature processed) UHT milk.