The stock listed at Rs 528, reflecting a premium of 23.36 percent against the issue price on BSE. As trade progressed, it jumped 48 percent to Rs 633.60.
On NSE, it debuted at Rs 550, rallying 28.50 percent from the issue price.
The Rs 520.17-crore initial public offer of Dodla Dairy was subscribed 45.61 times earlier this month.
The offer of Dodla Dairy, a leading dairy company in southern India, was in a price range of Rs 421-428 per share.
The company's operations in India are primarily across four states -- Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu. Its international operations are based in Uganda and Kenya.