Milky Mist Dairy Foods IPO Price Band: Milky Mist Dairy Food has fixed the price band for its upcoming initial public offering (IPO) at Rs 133-140 per share, with a lot size of 107 shares. At the upper end of the price band, retail investors will have to invest a minimum of Rs 14,980 to apply for one lot.
The public issue will open for subscription on August 11 and close on August 13. The anchor investor portion will open on August 10, while the shares are scheduled to list on the BSE and NSE on August 18.
The IPO comprises a fresh issue of shares worth Rs 1,428 crore and an offer for sale (OFS) of Rs 125 crore by the promoters, taking the total issue size to Rs 1,553 crore. Earlier this week, the company had reduced the issue size from Rs 2,035 crore after Singapore state investor Temasek's investment arm Jongsong Investments acquired a pre-IPO stake.
The company has appointed JM Financial, Axis Capital and IIFL Capital Services as the book-running lead managers, while Kfin Technologies is the registrar to the issue.
The issue has reserved up to 50 per cent of the net offer for qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs) and at least 35 per cent for retail investors.
Milky Mist IPO Valuation
At the upper price band of Rs 140 per share, Milky Mist is seeking a valuation of about Rs 10,775 crore, equivalent to around $1.13 billion, according to Reuters.
The valuation is a little over half of listed dairy major Hatsun Agro Product's market capitalisation.
Milky Mist IPO Objectives
Milky Mist will use the IPO proceeds to reduce debt, expand manufacturing capacity and strengthen its cold-chain distribution network. The company will spend Rs 496.86 crore to repay or prepay outstanding borrowings, which should lower its debt burden. It will invest another Rs 469.24 crore to expand and modernise its Perundurai manufacturing facility in Tamil Nadu.
Milky Mist will also allocate Rs 155.31 crore to deploy visi coolers, ice cream freezers and chocolate coolers across its distribution network to improve product availability and support sales. The company will use the remaining proceeds for general corporate purposes. In total, it plans to deploy Rs 1,121.41 crore from the fresh issue towards these objectives.
Milky Mist’s Financial Performance
Milky Mist reported total income of Rs 3,145.01 crore in FY26, up from Rs 2,354.79 crore in FY25 and Rs 1,826.86 crore in FY24.
The company's profit after tax rose to Rs 127.01 crore in FY26 from Rs 46.07 crore in FY25 and Rs 19.44 crore in FY24. Earnings before interests, taxes, depreciation, and amortisation (Ebitda) increased to Rs 435.22 crore in FY26, from Rs 310.35 crore a year earlier and Rs 222.33 crore in FY24.
Milky Mist also expanded its balance sheet. Total assets stood at Rs 2,676.46 crore at the end of FY26, up from Rs 2,150.59 crore in FY25 and Rs 1,606.26 crore in FY24. Net worth grew to Rs 378 crore from Rs 242.77 crore and Rs 197.05 crore over the same period. Reserves and surplus increased to Rs 333.55 crore in FY26 from Rs 199.23 crore in FY25.
At the same time, debt also rose to Rs 1,671.85 crore in FY26 from Rs 1,376.38 crore in FY25 and Rs 1,036.72 crore in FY24.
The company also strengthened its profitability metrics. Return on equity improved to 32.12 per cent in FY26 from 15.11 per cent in FY25. The debt-to-equity ratio improved to 3.61 from 4.20, while the Ebitda margin expanded to 13.87 per cent from 13.21 per cent.
