Summary of this article
Milky Mist’s Rs 1,553-crore IPO opened on August 11 and will close on August 13
IPO subscribed 0.26 times by 12 PM, led by retail and NII investors
GMP of Rs 20.50 indicates a potential 14.64 per cent listing gain
Milky Mist Dairy Food’s Rs 1,553-crore initial public offering (IPO) opened for subscription on August 11, 2026. The issue will remain open until August 13. Retail and non-institutional investors (NIIs) are driving demand in the early hours of bidding. The response from qualified institutional buyers (QIBs), however, remained muted so far.
Milky Mist IPO Price Band, Lot Size
Milky Mist Dairy Food has fixed the IPO price band at Rs 133-140 per share. The minimum bid lot is 107 shares. Retail investors bidding at the upper end of the price band will need to invest Rs 14,980 for one lot. The issue comprises a fresh issue of 102.01 million shares worth Rs 1,428 crore and an offer for sale (OFS) of 8.93 million shares aggregating to Rs 125 crore.
JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers for the issue, while Kfin Technologies is the registrar.
Milky Mist IPO Allotment, Listing Dates
The basis of allotment is expected to be finalised on August 14. Refunds and credit of shares to eligible investors are likely to take place on August 17. The shares are scheduled to list on the stock exchanges on August 18.
Milky Mist IPO Subscription Status
The Milky Mist IPO was subscribed 0.26 times, or 26 per cent, as of 12 PM on August 11, with investors bidding for 21.62 million shares against 81.80 million shares on offer.
Retail investors continued to lead the subscription activity, with the category subscribed 0.41 times. They placed bids for 16.56 million shares against 40.82 million shares reserved for the segment.
The NII portion was subscribed 0.28 times, receiving bids for 4.90 million shares against 17.49 million shares available for the category. Within the NII segment, bids for more than Rs 10 lakh were subscribed 0.18 times, while the portion for bids between Rs 2 lakh and Rs 10 lakh was subscribed 0.47 times.
The employee portion was subscribed 0.96 times, with bids received for 1.61 lakh shares against 1.67 lakh shares reserved for employees.
Demand from QIBs remained muted, with bids for 4,494 shares against 23.32 million shares reserved for the category.
Milky Mist IPO GMP Today
The grey market premium (GMP) stood at Rs 20.50 as at 11 AM on August 11, according to websites that track such trades. At the upper end of the IPO price band of Rs 140, the GMP indicates an estimated listing price of Rs 160.50. This represents a potential listing gain of 14.64 per cent. Investors should note that GMP is a. unofficial indicator of investor sentiment in the unlisted market and can change before the shares are listed. It does not guarantee the actual listing price or future returns.
Milky Mist IPO Objectives
Milky Mist plans to use Rs 496.86 crore from the net proceeds to repay or prepay a portion of its outstanding borrowings. The company will invest another Rs 469.24 crore to expand and modernise its manufacturing facility at Perundurai. It will spend Rs 155.31 crore on deploying visi coolers, ice cream freezers and chocolate coolers, while using the remaining proceeds for general corporate purposes.
Milky Mist Financial Performance
Milky Mist Dairy Food’s total income rose 33.55 per cent to Rs 3,145.01 crore in FY26 from Rs 2,354.79 crore in FY25. Its profit after tax (PAT) jumped 175.76 per cent to Rs 127.01 crore from Rs 46.07 crore a year earlier. The company’e earnings before interest, tax, depreciation, and amortisation (Ebitda) increased to Rs 435.22 crore in FY26 from Rs 310.35 crore, while the Ebitda margin improved to 13.87 per cent from 13.21 per cent.
The company’s net debt rose to Rs 1,671.85 crore as on March 31, 2026, from Rs 1,376.38 crore a year earlier. Its debt-to-equity (D-E) ratio, however, improved to 3.61 from 4.20 during the same period.
About Milky Mist Dairy Food
Milky Mist Dairy Food was incorporated in July 2014 and makes and sells value-added dairy and packaged food products under the Milky Mist brand and its sub-brands. Its portfolio includes cheese, paneer, butter, curd, ghee, yoghurt, ice cream, UHT products, frozen foods, ready-to-eat and ready-to-cook products and chocolates.
The company follows an integrated farm-to-consumer model, according to its red herring prospectus (RHP). It sources milk directly from farmers and processes it through its manufacturing facilities. Milky Mist also operates a cold-chain logistics network and sells its products through multiple distribution channels.
