2 weeks ago
Milky Mist Dairy Food IPO Subscribed 56 Times; Allotment Friday
Milky Mist is a company in Erode, India, that makes dairy foods like cheese, paneer, curd, yogurt and ice cream.
It decided to sell small pieces of itself to people who want to invest, which is called an IPO.
An IPO is a way for a company to raise money by letting people buy shares.
Milky Mist wanted to raise ₹1,553 crore, which is a very large amount of money.
People could buy its shares for between ₹133 and ₹140 each, in bundles of 107 shares.
So many people wanted to buy that the offer was subscribed more than 56 times, with bids worth almost ₹64,200 crore.
In the grey market, people were already willing to pay about ₹25 or ₹26 extra for a single share.
Several financial experts, including Anand Rathi and Equivision, said investors should subscribe, though some noted the price was not cheap.
The company will decide who gets shares on August 14, and the shares will start trading on the BSE and NSE on August 18.
Because so many people applied, not everyone will get shares.
The Milky Mist Dairy Food IPO, open from 11 to 13 August 2026, offered shares at ₹133–₹140 per share with a lot size of 107 shares.
The ₹1,553 crore issue (₹1,428 crore fresh shares plus ₹125 crore Offer for Sale) was subscribed 56.12 times overall, with bids worth almost ₹64,200 crore.
The QIB portion was subscribed 155.83 times, the NII portion 34.91 times, the retail portion 8.41 times and the employee quota 12.43 times.
The grey market premium rose to ₹25–26 per share, implying a listing pop of 18–19%, and allotment is expected to be finalised on 14 August.
Brokerages Anand Rathi, Equivision, SMIF Securities and Sushil Financial Services assigned 'subscribe' ratings, with listing on BSE and NSE slated for 18 August.
- Who
- Milky Mist Dairy Food Ltd, an Erode-based packaged dairy food company; brokerages Anand Rathi, Equivision, SMIF Securities and Sushil Financial Services provided reviews.
- What
- An initial public offering (IPO) of equity shares priced at ₹133–₹140 per share, subscribed 56.12 times overall, with allotment expected on 14 August 2026.
- Where
- Indian primary market; shares to be listed on the BSE and NSE exchanges.
- When
- Bidding ran 11–13 August 2026; allotment finalisation is expected on 14 August 2026 and listing on 18 August 2026.
- Why
- To raise ₹1,553 crore through a book-build issue comprising a fresh share sale of ₹1,428 crore and an Offer for Sale (OFS) of up to 89,28,570 shares worth ₹125 crore.
Cautious View
Optimistic View
IPO valuation
Cautious View
Anand Rathi said the IPO valuation appears fully priced at the upper band, and Equivision noted the company trades at a premium to its peers.
Optimistic View
Equivision said strong financial performance — FY26 revenue growth of 33.58% and a 175.66% surge in profit — and market leadership justify a valuation premium.
Expansion into new markets
Cautious View
Equivision warned that expanding into semi-urban and rural markets may be challenging due to competition, distribution and pricing pressures.
Optimistic View
The company's strong positions in key value-added dairy categories (about 19% share in packaged paneer, 35–40% in Greek yogurt) point to continued growth potential.
Key facts
- Company
- Milky Mist Dairy Food Ltd
- IPO size
- ₹1,553 crore (₹1,428 crore fresh issue + ₹125 crore OFS)
- Price band
- ₹133–₹140 per share (lot size 107 shares)
- Bidding period
- 11–13 August 2026
- Overall subscription
- 56.12 times (~₹64,200 crore in bids)
- Segment subscription
- QIB 155.83x, NII 34.91x, Retail 8.41x, Employees 12.43x
- Grey market premium
- ₹25–₹26 per share (≈18–19% listing pop)
- Key dates
- Allotment 14 Aug; listing on BSE and NSE on 18 Aug 2026
Quotes
Anand Rathi
Research analyst at Anand Rathi Securities
“"Milky Mist Dairy Food Ltd, at an implied P/E of 84.9x on FY2026 earnings at the upper price band. Given its strong revenue growth, leadership in key value‑added dairy categories and premium positioning, the company may command a valuation premium."”
livemint.com
Equivision
Research analyst at Equivision
“"Milky Mist demonstrates strong financial performance, with FY26 revenue growing 33.58% and profit surging 175.66%, supported by improved operating leverage, cost efficiencies and 245.61 million of MAT credit recognition. The company has established strong market positions across key categories, including~19% share in packaged paneer, ~12% in South Indian cheese, ~13% in packaged yogurt and 35‑40% in Greek yogurt."”
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