The Initial Public Offer (IPO) of Noida-based manufacturer of dairy products firm ICL Organic Dairy Products was oversubscribed by 2.92 times on the final day of the bidding process.

With its IPO the company has become the first start-up in FMCG Industry to be listed on SME platforms of BSE Ltd. The IPO which looks to raise Rs. 4.08 Cr. received bids for 5964000 shares against the total issue size of 2040000 shares as per the BSE data.

The category reserved for retail was subscribed by 2.59 times and other investors were filled in 3.23 times. ICL Organic Dairy Products has fixed a price band of Rs. 20 per share. The issue was closed on Tuesday. Finshore Management Services was the Lead Manager for this issue.

About ICL Organic Dairy Products Ltd.

Founded in 2013 ICL Organic Dairy Products Pvt. Ltd. is a renowned manufacturer of dairy products. The company operates in 4 states where procurement processing and packaging of milk and milk products are carried out. ICL has 11 processing plants and 65 milk chilling centers and the products are available in 9 states.