New Delhi, Jun 11: Dodla Dairy, a leading dairy company in south India, on Friday said it has fixed a price band of Rs 421-428 a share for its Rs 520-crore initial share-sale, which will open for public subscription on June 16.

The three-day initial public offering (IPO) will conclude on June 18 and the bidding for anchor investors would open on June 15, the company said in a virtual press conference.

The IPO comprises fresh issuance of shares worth up to Rs 50 crore, besides, an offer for sale of up to 1,09,85,444 equity shares by TPG Dodla Dairy Holdings Pte Ltd, Dodla Sunil Reddy, Dodla Deepa Reddy and Dodla Family Trust.

At the upper end of the issue price, the IPO is expected to fetch Rs 520.17 crore.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.

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 the four south Indian states of Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Its international operations are based in Uganda and Kenya.

Axis Capital and ICICI Securities are the investment bankers of the company's initial share sale. The equity shares of both companies will be listed on NSE and BSE.