Dodla Dairy's initial public offer was subscribed 3.30 times on the second day of subscription on Thursday.
The Rs 520.17-crore initial public offer received bids for 2,80,50,960 shares against 85,07,569 shares on offer, as per NSE data.
The category meant for qualified institutional buyers (QIBs) was subscribed 28 per cent, non-institutional investors 60 per cent and retail individual investors (RIIs) 6.18 times.
The initial public offer comprises a fresh issue of Rs 50 crore and an offer for sale of 1,09,85,444 equity shares.
Price range for the offer is fixed at Rs 421-428 per share.
Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over Rs 156 crore from anchor investors.
The proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirement of the company and for general corporate purposes.
The company's operations in India are primarily across four states -- Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Its international operations are based in Uganda and Kenya.
ICICI Securities and Axis Capital are the managers to the offer.