ICL Organic Dairy Products SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Jan 2020 – 07 Feb 2020
- Listing date
- 17 Feb 2020
- Face value
- ₹10 per share
- Issue price
- ₹20 per share
- Lot size
- 6,000 shares
- Total issue size
- ₹4.08 Cr
- Market cap at offer price
- ₹12 Cr
- Promoter holding
- 72.71% → 47.99% pre-issue → post-issue
- ISIN
- INE0AU701018
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- A-105, 3rd Floor,, Sector-63,, Gautam Buddha Nagar, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,02,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹20
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 48,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 54,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹12 Cr |
About ICL Organic Dairy Products SME
Incorporated as ICL Organic Dairy Products Private Limited on February 21, 2013 and converted into a public limited company (ICL Organic Dairy Products Limited) on January 23, 2019, the company was founded by brothers Roop Kishore Gola and Avadhesh Kumar Gola, who came from a farmer family and used the Uttar Pradesh government's Kamdhenu Yojna to set up their dairy at Bareilly in 2013; the registered office later moved from Bareilly to Noida (July 15, 2016). From 2013 to 2019 the company has been engaged solely in dairy farming with the main object of producing and extracting milk from cows and distributing raw milk to sweet shops, retailers, establishments (including hospital/school canteens such as Deepak Sweets, Ajanta Sweets, Mission Hospitals) and households. It procures raw milk from around 30 villages across Bareilly, Badaun and Pilibhit and, since acquiring 128 cows from promoter Roop Kishore Gola on August 22, 2019, also produces milk at its own Khajuai, Bareilly facility for premium customers, delivering via rented vehicles in wholesale and retail modes. Essentially all revenue comes from sale/trading of raw milk — growing from Rs. 251.68 lakhs (FY17) to Rs. 1,206.55 lakhs (FY18) and Rs. 1,569.86 lakhs (FY19), with FY19 profit after tax of Rs. 27.62 lakhs. It uses the 'ICL' trademark owned by group company ICL Multitrading India Limited under a no-objection letter, had 35 employees as on November 30, 2019, and is raising Rs. 408.00 lakhs through a fixed-price SME IPO on BSE SME.
Company Analysis
from DRHPICL Organic Dairy Products Limited is engaged in dairy farming — producing, extracting and trading raw cow's milk sourced from its own 128-cow herd and from around 30 villages across Bareilly, Badaun and Pilibhit districts of Uttar Pradesh — supplying sweet shops, retailers, establishments and households in India's dairy/food-processing sector.
Incorporated as ICL Organic Dairy Products Private Limited on February 21, 2013 and converted into a public limited company (ICL Organic Dairy Products Limited) on January 23, 2019, the company was founded by brothers Roop Kishore Gola and Avadhesh Kumar Gola, who came from a farmer family and used the Uttar Pradesh government's Kamdhenu Yojna to set up their dairy at Bareilly in 2013; the registered office later moved from Bareilly to Noida (July 15, 2016). From 2013 to 2019 the company has been engaged solely in dairy farming with the main object of producing and extracting milk from cows and distributing raw milk to sweet shops, retailers, establishments (including hospital/school canteens such as Deepak Sweets, Ajanta Sweets, Mission Hospitals) and households. It procures raw milk from around 30 villages across Bareilly, Badaun and Pilibhit and, since acquiring 128 cows from promoter Roop Kishore Gola on August 22, 2019, also produces milk at its own Khajuai, Bareilly facility for premium customers, delivering via rented vehicles in wholesale and retail modes. Essentially all revenue comes from sale/trading of raw milk — growing from Rs. 251.68 lakhs (FY17) to Rs. 1,206.55 lakhs (FY18) and Rs. 1,569.86 lakhs (FY19), with FY19 profit after tax of Rs. 27.62 lakhs. It uses the 'ICL' trademark owned by group company ICL Multitrading India Limited under a no-objection letter, had 35 employees as on November 30, 2019, and is raising Rs. 408.00 lakhs through a fixed-price SME IPO on BSE SME.
Objects of the Issue
- To meet the working capital requirements of the company Rs. 348.00 Lakhs (85.29%) p.51
- To meet the Issue Expenses Rs. 35.00 Lakhs (8.58%) p.51
- General Corporate Purposes Rs. 25.00 Lakhs (6.13%) p.51
Issue Structure
- Total Issue
- Rs. 408.00 Lakhs (Initial Public Offer of 20,40,000 Equity Shares of face value Rs. 10/- each at Rs. 20/- per Equity Share)
- Fresh Issue
- Fresh Issue of 20,40,000 Equity Shares at Rs. 20/- per Equity Share aggregating to Rs. 408.00 Lakhs (entire Issue)
- Lot Size
- 6,000 Equity Shares (minimum lot size)
- Face Value
- Rs. 10/- each
Business Model
Earns virtually all revenue from the sale (trading) of raw milk. Currently focuses on milk procurement and direct distribution: raw milk is collected from around 30 villages in Bareilly, Badaun and Pilibhit districts and produced from its own 128 cows, then distributed directly to Sweet Shops, Retailers, different establishments and households in and around Bareilly in both wholesale and retail mode, using vehicles taken on rent; milk from its own Khajuai, Akaha Ghanni Road, Bareilly facility is distributed to premium customers. Production of processed dairy products is contemplated at group companies as per future plans, not currently carried out.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Roop Kishore Gola | Promoter | 44.82% | 29.59% |
| Avadhesh Kumar Gola | Promoter | 27.87% | 18.39% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.