{"id":2851,"date":"2021-06-15T16:15:47","date_gmt":"2021-06-15T10:45:47","guid":{"rendered":"https:\/\/blog.tickertape.in\/?p=2851"},"modified":"2021-06-15T16:53:32","modified_gmt":"2021-06-15T11:23:32","slug":"dodla-dairy-ltd-ipo","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/","title":{"rendered":"Dodla Dairy Ltd IPO opens tomorrow: should you subscribe?"},"content":{"rendered":"\n<p>After a brief pause, a handful of <a href=\"https:\/\/www.tickertape.in\/blog\/ipo-process\/\">IPOs<\/a> are expected to hit the Indian <a href=\"https:\/\/www.tickertape.in\/blog\/how-to-invest-in-shares\/\">stock market<\/a> this monsoon. On Mon this week, <a href=\"https:\/\/www.tickertape.in\/blog\/shyam-metalics-ipo\/?ref=blog\">Shyam Metalics IPO<\/a> and a few others opened for subscription, and on Wed, <a href=\"https:\/\/www.tickertape.in\/blog\/kims-hospitals-ipo\/?ref=blog\">KIMS Hospitals<\/a> and Dodla Dairy IPOs are prepping to open for retail investors. Here, let us evaluate Dodla Dairy <a href=\"https:\/\/www.tickertape.in\/blog\/ipo-investment\/\">IPO<\/a>.<\/p>\n\n\n\n<p><strong>The article covers:<\/strong><\/p>\n\n\n\n<ul><li><a href=\"#About\">About Dodla Dairy Limited<\/a><\/li><li><a href=\"#Operations\">Operations of the company Ltd<\/a><\/li><li><a href=\"#IPO\">Details of Dodla Dairy IPO<\/a><\/li><li><a href=\"#Book\">Book running lead managers and registrar to the issue<\/a><\/li><li><a href=\"#Reservation\">Reservation of IPO for various categories of investors<\/a><\/li><li><a href=\"#Utilisation\">Utilisation of the IPO proceeds<\/a><\/li><li><a href=\"#Promoters\">Promoters of Dodla Dairy<\/a><\/li><li><a href=\"#Peers\">Peers of Dodla Dairy Ltd<\/a><\/li><li><a href=\"#Financials\">Financials of Dodla Dairy Ltd<\/a><\/li><li><a href=\"#Strengths\">Strengths of the company<\/a><\/li><li><a href=\"#Risks\">Risks of Dodla Dairy Ltd<\/a><\/li><li><a href=\"#Prospects\">Prospects of the company<\/a><\/li><\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#About-Dodla-Dairy-Limited\" title=\"About Dodla Dairy Limited\">About Dodla Dairy Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Operations-of-Dodla-Dairy-Ltd\" title=\"Operations of Dodla Dairy Ltd\">Operations of Dodla Dairy Ltd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Details-of-Dodla-Dairy-IPO\" title=\"Details of Dodla Dairy IPO\">Details of Dodla Dairy IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Book-running-lead-managers-and-registrar\" title=\"Book running lead managers and registrar\">Book running lead managers and registrar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Reservation-of-IPO-for-various-categories-of-investors\" title=\"Reservation of IPO for various categories of investors\">Reservation of IPO for various categories of investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Utilisation-of-the-IPO-proceeds\" title=\"Utilisation of the IPO proceeds\">Utilisation of the IPO proceeds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Promoters-of-Dodla-Dairy\" title=\"Promoters of Dodla Dairy\">Promoters of Dodla Dairy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Peers-of-Dodla-Dairy-Ltd\" title=\"Peers of Dodla Dairy Ltd\">Peers of Dodla Dairy Ltd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Financials-of-Dodla-Dairy-Ltd\" title=\"Financials of Dodla Dairy Ltd\">Financials of Dodla Dairy Ltd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Strengths-of-Dodla-Dairy\" title=\"Strengths of Dodla Dairy\">Strengths of Dodla Dairy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Risks-of-Dodla-Dairy-Ltd\" title=\"Risks of Dodla Dairy Ltd\">Risks of Dodla Dairy Ltd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tickertape.in\/blog\/dodla-dairy-ltd-ipo\/#Prospects-of-Dodla-Dairy\" title=\"Prospects of Dodla Dairy\">Prospects of Dodla Dairy<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"About\"><span class=\"ez-toc-section\" id=\"About-Dodla-Dairy-Limited\"><\/span><strong>About Dodla Dairy Limited<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Incorporated in 1995, Hyderabad-based Dodla Dairy Limited is India\u2019s third-largest dairy firm in terms of daily milk procurement at 10.3 lakh litres. Further, it is the second-largest private dairy player in terms of market presence. The integrated dairy company procures, processes, distributes, markets, and sells milk and value-added dairy products. Their portfolio includes variants of milk\u2014including standardized, toned, and double toned\u2014butter, curd, ghee, flavoured milk, and ice cream.<\/p>\n\n\n\n<p>The company has both a domestic and an international presence. Speaking of its domestic business, the company\u2019s key market segments are Karnataka, Andhra Pradesh, Tamil Nadu, Telangana, and Maharashtra, where it sells its products under the brand names of \u201cDodla Dairy\u201d, \u201cDodla\u201d, and \u201cKC+\u201d. In the overseas market, it mainly operates in countries such as Uganda and Kenya under the brand names of \u201cDairy Top\u201d, \u201cDodla Dairy\u201d, and \u201cDodla+\u201d.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Operations\"><span class=\"ez-toc-section\" id=\"Operations-of-Dodla-Dairy-Ltd\"><\/span><strong>Operations of Dodla Dairy Ltd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Dodla Dairy has 13 processing plants and 86 milk chilling centres in India. The combined capacity of its 13 processing and packaging plants is 17 lakh litres of raw milk on a daily basis. Additionally, the dairy company also has 2 skimmed milk powder plants with an installed capacity of 25,000 kgs per day.<\/p>\n\n\n\n<p>Dodla Dairy processing plants process raw materials into packaged milk and also manufacture value-added dairy-based products. It then distributes and sells its consumer-friendly packaged products through a robust distribution network of 40 sales offices, 3,336 distribution agents, 449 product distributors, and 863 milk distributors across 11 states. The company has 371 \u2018Dodla Retail Parlors\u2019 through which it sells products to retail consumers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"IPO\"><span class=\"ez-toc-section\" id=\"Details-of-Dodla-Dairy-IPO\"><\/span><strong>Details of Dodla Dairy IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The Rs 520-cr worth IPO opens on 16<sup>th<\/sup> Jun 2021 and closes on 18<sup>th<\/sup> Jun 2021<\/li><li>It comprises a fresh issue of Rs 50 cr and an <a href=\"https:\/\/www.tickertape.in\/blog\/offer-for-sale\/\">offer for sale<\/a> of up to 1.09 shares or ~Rs 470 cr<\/li><li>The face value of each share is Rs 10 while the IPO is priced in the range of Rs 421 to Rs 428 apiece<\/li><li>The IPO can be subscribed in a lot of 35 shares; you can apply for up to 13 lots<\/li><li>Dodla Dairy will be listed on both BSE and <a href=\"https:\/\/www.tickertape.in\/blog\/national-stock-exchange\/\">NSE<\/a> and the likely date of listing is 28<sup>th<\/sup> Jun 2021<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Book\"><span class=\"ez-toc-section\" id=\"Book-running-lead-managers-and-registrar\"><\/span><strong>Book running lead managers and registrar<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The dairy company is promoted by Dodla Sesha Reddy, Dodla Sunil Reddy, Dodla Deepa Reddy, and Dodla Family Trust. The promoters and investors selling their shares include Dodla Sunil Reddy, Dodla Deepa Reddy, and TPG Dodla Dairy Holdings.<\/p>\n\n\n\n<p>Axis Capital and <a href=\"https:\/\/www.tickertape.in\/stocks\/icici-securities-ICCI?checklist=basic?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ICICI Securities (opens in a new tab)\">ICICI Securities<\/a> are the book running lead managers of the <a href=\"https:\/\/www.tickertape.in\/blog\/all-you-need-to-know-about-ipos\/?ref=blog\">IPO<\/a>. KFintech Pvt Ltd is the registrar to the issue.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Reservation\"><span class=\"ez-toc-section\" id=\"Reservation-of-IPO-for-various-categories-of-investors\"><\/span><strong>Reservation of IPO for various categories of investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>50% of the issue is reserved for qualified institutional buyers<\/li><li>5% is reserved for non-institutional investors<\/li><li>35% of the IPO is reserved for retail investors<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Utilisation\"><span class=\"ez-toc-section\" id=\"Utilisation-of-the-IPO-proceeds\"><\/span><strong>Utilisation of the IPO proceeds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The objective of the IPO is not to expand its operations but to strengthen Dodla Dairy\u2019s footprint in South India. Here\u2019s how the company looks to use the funds raised via the IPO:<\/p>\n\n\n\n<ul><li>Rs 32.26 cr would be used for full\/partial repayment or prepayment of credit availed from <a href=\"https:\/\/www.tickertape.in\/stocks\/icici-bank-ICBK?checklist=basic?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ICICI Bank (opens in a new tab)\">ICICI Bank<\/a>, <a href=\"https:\/\/www.tickertape.in\/stocks\/hdfc-bank-HDBK?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"HDFC Bank (opens in a new tab)\">HDFC Bank<\/a>, and the Hongkong and Shanghai Banking Corporation<\/li><li>Around Rs 7 cr would be used to fund incremental capital expenditure<\/li><li>The rest would be used for general corporate purposes including research and development, hiring new talent, and digitisation<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Promoters\"><span class=\"ez-toc-section\" id=\"Promoters-of-Dodla-Dairy\"><\/span><strong>Promoters of Dodla Dairy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The dairy company is promoted by Dodla Sesha Reddy, Dodla Sunil Reddy, Dodla Deepa Reddy, and Dodla Family Trust. The promoters and investors selling their shares include Dodla Sunil Reddy, Dodla Deepa Reddy, and TPG Dodla Dairy Holdings.<\/p>\n\n\n\n<p>Below is a chart depicting the change in the pre- and post-issue promoter share holding:<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"600\" height=\"400\" src=\"https:\/\/live.amcharts.com\/zNTM5\/embed\/\" frameborder=\"0\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Peers\"><span class=\"ez-toc-section\" id=\"Peers-of-Dodla-Dairy-Ltd\"><\/span><strong>Peers of Dodla Dairy Ltd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Dodla Dairy Ltd competes with the likes of Tirumala Milk Products, Creamline Dairy Products, <a href=\"https:\/\/www.tickertape.in\/stocks\/parag-milk-foods-PAMF?checklist=basic\/?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Parag Milk Foods<\/a>, <a href=\"https:\/\/www.tickertape.in\/stocks\/heritage-foods-HEFI?checklist=basic\/?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Heritage Foods<\/a>, and <a href=\"https:\/\/www.tickertape.in\/stocks\/hatsun-agro-product-HAPL?checklist=basic\/?ref=blog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Hatsun Agro Products<\/a> of which the last 3 are listed. As of 31<sup>st<\/sup> Mar 2020, Hatsun Agro Products clocked a net profit of Rs 112.27 cr, Heritage Foods of Rs 169.4 cr, and Parag Milk Foods of Rs 93.69 cr. In comparison, Dodla Dairy declared a net profit of Rs 49.87 cr.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Financials\"><span class=\"ez-toc-section\" id=\"Financials-of-Dodla-Dairy-Ltd\"><\/span><strong>Financials of Dodla Dairy Ltd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Over the FY 2018 to FY 2020, the company\u2019s revenue from operations grew at a 15.98% <a href=\"https:\/\/www.tickertape.in\/blog\/compound-annual-growth-rate\/\">CAGR<\/a> and <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-ebitda\/\">EBITDA<\/a> at an 11.81%<\/li><li>Due to the pandemic-caused disruptions, Dodla Dairy\u2019s volumes fell by 20% and sales descended by 12% in the 4 quarters to Dec 2020<\/li><li>During FY 2020, its revenue from operations stood at Rs 21,39.37 cr, EBITDA at Rs 140.9 cr, and the profit after tax at Rs 49.87 cr<\/li><li>For FY 2020, the company\u2019s return on <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-equity\/\">equity<\/a> (ROE) and return on capital employed (<a href=\"https:\/\/www.tickertape.in\/blog\/capital-allocation-impact-on-stock-price\/\">ROCE<\/a>) stood at 11.50% and 17.01%, respectively<\/li><li>As of 31<sup>st<\/sup> Mar 2021, the company\u2019s total outstanding debt stood at Rs 87.3 cr comprising long-term borrowings, working capital facilities, and NCDs<\/li><li>For the 9-mth ended Dec 2020, its revenue from operations, EBITDA, and profit after tax were Rs 1,413.51 cr, Rs 206.5 cr, and Rs 116.38 cr, respectively<\/li><li>Over the past 3 yrs, Dodla Dairy has commissioned a new processing plant at Rajahmundry, acquired the cattle feed and mixing plant by Orgafeed Pvt Ltd at Kadapa, acquired the processing plants at Batlagundu and Vedasandur from KC Dairy Products Pvt Ltd, and established new VLCCs, whereby it incurred a cumulative capital expenditure of Rs 264.4 cr<\/li><\/ul>\n\n\n\n<p>Here&#8217;s a table displaying certain financial items for 4 different periods.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"382\" src=\"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO-1024x382.png\" alt=\"\" class=\"wp-image-2859\" srcset=\"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO-1024x382.png 1024w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO-300x112.png 300w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO-768x287.png 768w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO.png 1281w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Strengths\"><span class=\"ez-toc-section\" id=\"Strengths-of-Dodla-Dairy\"><\/span><strong>Strengths of Dodla Dairy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Dodla Dairy has a large product portfolio of milk variants and value-added dairy products<\/li><li>It is not only a leading dairy player in South India but also has an international presence in a few parts of Africa<\/li><li>The company has continued to be profitable for the last 3 financial years<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Risks\"><span class=\"ez-toc-section\" id=\"Risks-of-Dodla-Dairy-Ltd\"><\/span><strong>Risks of Dodla Dairy Ltd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>A major chunk of the company\u2019s revenue comes from its milk and dairy products, whose margins are limited. Any adverse impact on the sale of these products may hurt its business and financials<\/li><li>The industry is dominated by unorganised players that pose added challenges to its business<\/li><li>As per the company, the pandemic has affected and may continue to impact its business, operations, and financial situation in several ways including hurting its sales volume and revenues, which can be seen from 31<sup>st<\/sup> Dec 2019 to 31<sup>st<\/sup> Dec 2020. The company\u2019s sale of products in metro cities of Bengaluru and Chennai have declined due to the migration of residents to their home towns due to the pandemic. Besides, the sales to commercial players were also impacted<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Prospects\"><span class=\"ez-toc-section\" id=\"Prospects-of-Dodla-Dairy\"><\/span><strong>Prospects<\/strong> <strong>of Dodla Dairy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Although the coronavirus pandemic has affected the company, it is optimistic about its performance in the post-pandemic era, when the company expects to grow at the rate of 15-20%.<\/p>\n\n\n\n<p>That\u2019s all folks. Although you have all the essential information needed to make an investment decision, we encourage you to do your homework about the company before subscribing to the IPO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dodla Dairy, the 2nd largest private dairy player in terms of market presence, is going public tomorrow. Read this before subscribing to the issue to make an informed investment decision<\/p>\n","protected":false},"author":27,"featured_media":2865,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[9,1727],"tags":[],"acf":[],"modified_by":"Aradhana Gotur","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/06\/Dodla-IPO-2.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2851"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=2851"}],"version-history":[{"count":10,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2851\/revisions"}],"predecessor-version":[{"id":2880,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/2851\/revisions\/2880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/2865"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=2851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=2851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=2851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}