Dindigul Farm Product IPO (EnNutrica IPO)  Review

 
EnNutrica IPO Review

IPO Open Date: June 20, 2024

IPO Close Date: June 24, 2024

IPO Price: ₹51 to ₹54 per share

Lot Size: 2000 Shares

Listing: June 27, 2024

EnNutrica is scheduled to hit the market on June 20, 2024 and close on June 24, 2024. EnNutrica plans to raise around ₹34.83 Cr through an IPO with a sale of up to 6,450,000 equity shares of ₹10 each. The Retail offered 35%, QIB Shares Offered 50%, HNI Shares Offered 15%.

Dindigul Farm Product Limited, established in 2010, specializes in processing whole milk and skimmed milk to create a variety of dairy ingredients. These include milk protein concentrates, skimmed milk powder, dairy whitener, whey protein concentrate, milk whey powder, casein, unbranded cream, butter, and fat-filled powders for infant milk formula. The company operates a processing unit spanning 15 acres in Dindigul, adhering to the regulations set by authorities like FSSAI, Halal, Kosher, Export Import Council of India, and European Regulations. Additionally, they hold a registration cum membership certificate from APEDA and maintain a network of over 150 village collection centers, connecting with more than 4,000 farmers and 50 dairy farms.

Under the brand names ENNUTRICA and Activday, Dindigul Farm Product Limited caters to a diverse clientele across multiple industries. Their products are distributed in over 15 states nationwide and three countries globally. As of December 23, 2023, the company employed 101 staff members along with contractual laborers as needed to support their operations and growth.

EnNutrica



EnNutrica IPO Details

EnNutrica IPO opens on June 20, 2024, and closes on June 24, 2024. The Listing date for EnNutrica IPO is on June 27, 2024. The price band for IPO is ₹51 to ₹54 per share and lot size of 2000 Shares.

IPO DateJune 20, 2024 to June 24, 2024
Listing DateJune 27, 2024
Price₹51 to ₹54 per share
Lot Size2000 Shares
Issue Size₹34.83 Cr
Face Value₹10 per share

EnNutrica IPO Tentative Timetable

EnNutrica opening date is June 20, 2024 and close date is June 24, 2024. The IPO allotment date is June 25, 2024. The refund initiation of IPO is on June 26, 2024. The credit of shares in demat account is on June 26, 2024. The listing date is on June 27, 2024.

EventDate
IPO OpeningJune 20, 2024
IPO ClosingJune 24, 2024
IPO Allotment DateJune 25, 2024
Refund InitiationJune 26, 2024
Shares Credit to DematJune 26, 2024
Lisiting DateJune 27, 2024

EnNutrica IPO Lot Size

Lot Size of this IPO is 2000 shares. A retail-individual investor can apply for up to 1 lots (2000 shares or ₹108,000).

CategoryLotsSharesAmount
Retail(Minimum)12000₹108,000
Retail(Maximum)12000₹108,000
HNI (Minimum)24000₹216,000

EnNutrica IPO Promoter Holding

Pre Issue Share Holding80.66%
Post Issue Share Holding59.36%

EnNutrica IPO Review

Dindigul Farm Product Ltd. (DFPL), established in 2014, is primarily engaged in processing whole milk and skimmed milk to produce a variety of dairy ingredients, including milk protein concentrates, skimmed milk powder, dairy whitener, whey protein concentrate, milk whey powder, casein, unbranded cream, butter, and fat-filled powders for infant milk formula. The company's processing facility is located in Dindigul, spanning over 15 acres, and is equipped to comply with FSSC 22000, FSSAI, Halal, Kosher, and other relevant standards. DFPL sources approximately 50,000 litres of milk daily from over 150 village collection centers, directly accessing more than 4,000 farmers and over 50 dairy farms. The company emphasizes stringent quality control and assurance processes, ensuring that all products meet high standards, which is a critical driver of their business success.

Financially, DFPL experienced setbacks during FY21 and FY22 due to the pandemic, posting losses during these periods. However, the company marked a significant turnaround in FY23, with total income rising to Rs. 81.99 crore and a net profit of Rs. 5.17 crore. For the 267 days ended December 23, 2023, DFPL reported a net profit of Rs. 5.89 crore on a total income of Rs. 68.77 crore. This boost in performance is attributed to the streamlining of production facilities. Despite this positive trend, the dairy segment remains highly competitive and fragmented, raising questions about the sustainability of such performance. The company’s average EPS over the last three fiscals is Rs. 0.84, and the issue is priced at a P/E of 16.36, making it appear fully priced based on FY24 annualized earnings.

The company is launching an IPO of 6,450,000 equity shares, aiming to raise Rs. 34.83 crore. The IPO price band is set at Rs. 51 to Rs. 54 per share. The proceeds will be used to fund capital expenditure (Rs. 12.12 crore), working capital (Rs. 13.84 crore), and general corporate purposes. Post-IPO, the company’s paid-up equity capital will increase from Rs. 17.98 crore to Rs. 24.43 crore, with a market capitalization of Rs. 131.92 crore at the upper price band. Despite the positive growth trajectory and robust quality control measures, investors should consider the aggressive pricing of the IPO. DFPL’s strategic positioning, strong quality assurance, and turnaround in financial performance make it a compelling option for medium to long-term investment. However, the competitive landscape and high price-to-book value ratio suggest that potential investors should weigh the risks carefully.

EnNutrica IPO Subscription Status (Bidding Details)

Table not found

EnNutrica IPO Broker Recommendations

  • Capital Market: To be updated soon
  • Anand Rathi: To be updated soon
  • SMC Global: To be updated soon
  • Arihant Capital: To be updated soon

EnNutrica IPO FAQs

What is EnNutrica IPO?

EnNutrica is issuing 6,450,000 equity shares with a face value of ₹10 each, totaling up to ₹34.83 Cr. The shares are being offered at a price of ₹51 to ₹54 each, with a minimum order quantity of 2000 shares.

Link Intime India Private Ltd is the registrar for the IPO, and the shares are planned to be listed on the BSE and NSE.

When EnNutrica IPO will open?

EnNutrica will open on June 20, 2024 for QIB, NII, and Retail Investors.

When EnNutrica IPO will end?

EnNutrica will end on June 24, 2024.

What is EnNutrica IPO Size?

EnNutrica IPO size is 34.83 Cr.

What is EnNutrica IPO Price Band?

EnNutrica price band is ₹51 to ₹54 per share.

What is the EnNutrica IPO Allotment Date?

EnNutrica allotment date is June 25, 2024.

What is the EnNutrica IPO Listing Date?

EnNutrica listing date is June 27, 2024. The IPO is to be listed on BSE and NSE.

How to EnNutrica IPO through Zerodha?

To apply for the IPO “EnNutrica” on Zerodha, log in to the Zerodha website or app, go to the Portfolio section, and click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Zerodha.

How to Apply EnNutrica IPO through Upstox?

To apply for the IPO “EnNutrica” on Upstox, log in to the Upstox website or app, click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Upstox.

How to check EnNutrica IPO Allotment Status?

For EnNutrica IPO Allotment status check you can visit this link, select the desired IPO and enter your PAN to check the allotment status.

What is EnNutrica IPO GMP?

You can check out here: EnNutrica IPO GMP

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About Ishika Agarwal

Ishika Agarwal is a seasoned financial writer with a strong background in the stock market and investment sector. Ishika has a passion for analyzing and interpreting complex financial data to provide valuable insights to her readers.

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