Milky Mist Dairy Food’s Rs 1,553-crore initial public offering (IPO) attracted a huge amount of bids on the last day of bidding and was subscribed nearly 56 times by Thursday afternoon. Investors also watched for the latest grey market premium (GMP) from the company, which seemed to signal a good listing for the dairy products maker.
The Milky Mist Dairy Food IPO opened for subscription on August 11 and closed on August 13. The last GMP was Rs 30 per share. At the top end of the IPO price band of Rs 140, the premium indicates a potential listing price of around Rs 170 per share.
At the market price of Rs 170, the implied premium over the upper issue price would be about 21.43%.
However, GMP is an unofficial market indicator and cannot imply the actual listing price or return. The premium may change as market sentiment, demand, and broader market conditions change before listing.
Milky Mist IPO Subscription Status
The IPO was met with strong investor demand from various fields. As of 4:10 pm on Thursday, the issue was subscribed 55.89 times.
Qualified institutional buyers (QIBs) made bids for 155.83 times the shares reserved for them. The non-institutional investor (NII) portion was subscribed 34.84 times (as opposed to the retail investor portion, which received 7.98 times the shares offered).
The exceptionally high QIB subscription was a major contributor to the overall demand for the issue.
Milky Mist IPO GMP Today
The latest GMP for Milky Mist Dairy Food was Rs 30. Based on the upper price band of Rs 140, the grey market indication points towards a listing price of Rs 170.
The GMP has risen by around 33% from the first day of bidding and signals that unofficial market sentiment is stronger as the IPO approaches its listing.
However, investors must not take GMP as a guaranteed return indicator. The actual listing price can be very different from the estimates in the grey market.
Milky Mist IPO Price Band and Lot Size
The company has set the price band of the IPO at Rs 133 to Rs 140 per share.
The public issue consists of a fresh issue of 10.20 crore equity shares aggregating to Rs 1,428 crore and an offer for sale (OFS) of 89 lakh shares worth Rs 125 crore.
The IPO lot size is 107 shares. At the upper price band of Rs 140, retail investors need a minimum investment of Rs 14,980 for one lot.
JM Financial is the book-running lead manager and KFin Technologies is the registrar of the issue.
Milky Mist IPO Allotment and Listing Dates
Investors can expect the share allotment to be completed on August 14. The refund process is due on August 17, and shares to be given to successful applicants are expected to be credited on the same day.
The Milky Mist shares will be launched on the stock market on August 18.
Important IPO Dates
IPO opening date: August 11. IPO closing date: August 13. Allotment finalisation: August 14. Refund initiation: August 17. Share credit: August 17. Listing date: August 18. Strong Financial Performance.
Milky Mist Dairy Food did much better in terms of financial performance in FY26.
The total income of the company increased to Rs 3,145 crore in FY26 from Rs 2,355 crore in FY25.
Profit after tax nearly tripled during the year to Rs 127 crore. EBITDA also increased to Rs 435 crore in FY26 from Rs 310 crore in the previous financial year.
The revenue and profit growth is a result of the company’s continued growth in India’s packaged dairy and food market.
About Milky Mist Dairy Food
Milky Mist Dairy Food was incorporated in 2014 and is in the packaged food and dairy products segment.
Its range includes cheese, paneer, butter, curd, ghee, yoghurt, ice cream, and frozen foods. The company’s flagship brand is Milky Mist and its other brands include SmartChef, Capella, Misty Lite, Briyas, and Asal.
The company has developed a diversified product portfolio targeting its customers across dairy and packaged food categories.
How Will Milky Mist Use IPO Proceeds?
The company’s debt is also expected to be cut as most of the IPO proceeds will be used to reduce the company’s outstanding debt.
The funds will also be invested in the expansion and modernisation of manufacturing facilities, infrastructure, and other general corporate purposes.
The planned debt reduction could thus help the company to strengthen its balance sheet, and investment in manufacturing infrastructure is expected to contribute to future growth.
Milky Mist IPO: Key Details
| Particulars | Details |
|---|
| IPO Size | Rs 1,553 crore |
| Price Band | Rs 133-Rs 140 |
| Latest GMP | Rs 30 |
| Indicative GMP Listing Price | Rs 170 |
| Potential Premium | 21.43% |
| Subscription | 55.89 times |
| QIB Subscription | 155.83 times |
| NII Subscription | 34.84 times |
| Retail Subscription | 7.98 times |
| Lot Size | 107 shares |
| Minimum Retail Investment | Rs 14,980 |
| Allotment | August 14 |
| Listing | August 18 |
With the IPO receiving more than 55 times subscription and the GMP strengthening on the final day, Milky Mist Dairy Food has attracted a lot of interest from investors. The actual listing performance, however, will be dependent on market conditions and investor sentiment when the shares start trading on August 18.
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