3 weeks ago
Milky Mist Dairy IPO ₹1,553 crore issue opens August 11
Milky Mist is a company in India that makes dairy and packaged food products like cheese, yogurt and ice cream.
It is one of the fastest-growing food companies in the country.
The company wants to raise money by selling its own shares to people for the very first time, which is called an IPO.
It hopes to collect about ₹1,553 crore from this sale.
People can buy the shares from August 11 to August 13.
A starter pack of shares costs at least ₹14,980.
Many people think the shares will become more valuable once trading starts, and some are already paying about ₹25 to ₹26 extra per share before the listing.
The company will use the money to pay off loans and improve its factory in Perundurai.
If everything goes as planned, the shares will start trading on the stock market on August 18.
Milky Mist Dairy Food's ₹1,553 crore IPO — a ₹1,428 crore fresh issue of 10.20 crore shares plus a ₹125 crore offer for sale of 89 lakh shares — opens Tuesday, 11 August, and closes Thursday, 13 August.
The price band is ₹133–₹140 per share, with a retail lot of 107 shares (minimum ₹14,980) up to 13 lots (₹1,94,740) and a ₹13-per-share discount for eligible employees.
The company raised ₹465.30 crore from anchor investors at ₹140 apiece, led by Zulia Investments Pte Ltd (1.14 crore shares, ~₹160 crore), following a ₹482 crore pre-IPO round from Temasek-backed Jongsong Investments in May.
Grey market premium reports differed: two reports cited ₹25–₹26 (~18–19% gain, estimated listing ₹165), while one report put GMP at ₹20.5, implying a 14.64% gain and a ₹160.5 listing price.
Allotment is expected on 14 August, refunds and share credit on 17 August, and BSE and NSE listing on 18 August; revenue rose from ₹1,821.6 crore (FY24) to ₹3,138.4 crore (FY26) and profit from ₹19.4 crore to ₹127 crore.
- Who
- Milky Mist Dairy Food Ltd, a Tamil Nadu-based packaged food company, with book-running lead managers JM Financial, Axis Capital and IIFL Capital Services and registrar KFin Technologies.
- What
- Launching a ₹1,553 crore IPO combining a fresh issue of 10.20 crore shares (₹1,428 crore) with an offer for sale of 89 lakh shares (₹125 crore) — described as the largest IPO by an Indian dairy company.
- Where
- On the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India; the company is based in Tamil Nadu with its main manufacturing facility at Perundurai.
- When
- Subscription runs from Tuesday, 11 August, to Thursday, 13 August; allotment is expected on 14 August, refunds on 17 August, and listing on 18 August.
- Why
- To repay or prepay borrowings, fund the expansion and modernisation of the Perundurai plant, strengthen cold-chain infrastructure (visi coolers, ice cream freezers, chocolate coolers, and whey protein concentrate, yogurt and cream cheese plants), and for general corporate purposes.
Optimistic View
Cautious View
IPO Valuation
Optimistic View
Swastika Investmart said the valuation premium is justified by Milky Mist's 33.6% revenue CAGR, FMCG-like margins and pure-play value-added dairy business, validated by Temasek's ₹482 crore pre-IPO investment.
Cautious View
Anand Rathi Research said the IPO appears fully priced at an implied P/E of 84.9x on FY2026 earnings at the upper band, versus a dairy sector average of around 52.5x, recommending only a 'Subscribe – Long Term' rating.
Listing Gain Expectations
Optimistic View
The grey market premium of ₹25–₹26 suggests the stock could list at a decent 18–19% premium to the issue price, offering near-term gains.
Cautious View
The grey market premium is an unofficial indicator that varies with market conditions; one report's GMP of ₹20.5 implied a smaller 14.64% gain, and Swastika noted a more favourable entry point may only emerge after listing.
Key facts
- IPO size
- ₹1,553 crore (₹1,428 crore fresh issue of 10.20 crore shares + ₹125 crore offer for sale of 89 lakh shares)
- Price band
- ₹133–₹140 per share (₹13-per-share discount for eligible employees)
- Timeline
- Subscription 11–13 August; allotment expected 14 August; refunds/credit 17 August; listing 18 August
- Reservation
- 50% QIB, 15% NII, 35% retail
- Retail lot size
- 107 shares; minimum ₹14,980; maximum 13 lots (₹1,94,740)
- Grey market premium
- ₹25–₹26 (~18–19% gain, estimated listing ₹165) per two reports; one report cited GMP ₹20.5 implying ₹160.5 (14.64% gain)
- Anchor investors
- ₹465.30 crore raised; 3.32 crore shares at ₹140; Zulia Investments Pte Ltd largest (~₹160 crore)
- Financials
- FY26 revenue ₹3,138.4 crore (31.26% CAGR FY24–FY26); FY26 profit ₹127 crore
Quotes
Anand Rathi Research Team
Equity research team at Anand Rathi, a financial services firm
“"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," said the team in a note.”
financialexpress.com
“"However, the IPO valuation appears fully priced at the upper band and hence, we recommend a ‘Subscribe – Long Term’ rating to the IPO."”
financialexpress.com
RHP
Information from the company’s rights‑holder prospectus
“"We offer our products under our umbrella brand ‘Milky Mist’, and sub‑brands such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’, and have recently acquired brands such as ‘Briyas’ and ‘Asal’,"”
livemint.com
Sources
Milky Mist IPO Opens Today: Check Latest GMP, Price Band, Issue Size And Details Before Applying
Milky Mist IPO Day 1: GMP hints 14% listing pop. Check key dates, review, issue details. Should you apply or skip?
Milky Mist Dairy Food IPO: GMP signals decent listing gains; dates, price band, other key details in 10 points
Milky Mist IPO Opens Today: Check price band, GMP of Rs 1,553 crore issue before you subscribe
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