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.