Dodla Dairy’s initial public offering was subscribed by 1.4 times on the first day of subscription on Wednesday (June 16). The IPO comprises a fresh issue of Rs50 crore (US$6.7m) and an offer-for-sale of equity shares. The IPO is expected to raise around Rs520 crore (US$70.2m). Dodla Dairy, a leading dairy company in southern India, on Tuesday said they raised a little over Rs156 crore ($21m) from anchor investors. The proceeds from the issue will be used to repay debt, fund capital expenditure and general corporate purposes.