Shares of Milky Mist Dairy Food are set to make their stock market debut on the BSE and NSE on Tuesday, August 18. Ahead of the listing, sentiment in the grey market remains upbeat, with the shares commanding a 14% grey market premium (GMP), which points to expectations of a healthy listing gain over the IPO price.
The Rs 1,553 crore IPO was priced at Rs 140 per share, comprising a fresh issue of 10.20 crore shares worth Rs 1,428 crore and an Offer for Sale (OFS) of 89 lakh shares valued at Rs 125 crore.
The public issue, open for subscription from August 11 to August 13, received an overwhelming response from investors and was subscribed 56.12 times overall. The retail portion was subscribed 8.41 times, while demand from qualified institutional buyers (QIBs) was particularly strong at 155.83 times. The non-institutional investors (NIIs) category was subscribed 34.91 times.
Investor interest was also evident ahead of the IPO, with Milky Mist Dairy Food raising Rs 465.29 crore from anchor investors. The company allotted 3.32 crore equity shares to 19 investors at the upper price band of Rs 140 per share.
The IPO carried a price band of Rs 133–140 per share, with a lot size of 107 shares.
JM Financial Ltd. was the book-running lead manager for the issue, while Kfin Technologies Ltd. served as the registrar.
Milky Mist Dairy Food Ltd. plans to deploy the net proceeds from its IPO primarily towards strengthening its balance sheet and funding expansion. Of the total estimated Rs 1,121.41 crore, the company proposes to use Rs 496.86 crore to repay or prepay certain outstanding borrowings, while another Rs 469.24 crore will go towards capital expenditure for the expansion and modernisation of its Perundurai manufacturing facility.
The company also plans to invest Rs 155.31 crore in deploying visi coolers, ice cream freezers and chocolate coolers, aimed at strengthening its distribution and market presence. The remaining proceeds will be utilised for general corporate purposes, with the overall deployment reflecting a focus on deleveraging, expanding production capabilities and enhancing its market reach.
Milky Mist Dairy Food Financial Performance
Milky Mist Dairy Food reported a strong improvement in its financial performance in FY26. Total income rose 34% year-on-year to Rs 3,145.01 crore, compared with Rs 2,354.79 crore in FY25. The company's profitability also saw a sharp improvement. Profit after tax (PAT) jumped 176% to Rs 127.01 crore in FY26, from Rs 46.07 crore in the previous financial year.
About Milky Mist Dairy Food
Incorporated in July 2014, Milky Mist Dairy Food is a fast-growing Indian packaged food company focused on premium and value-added dairy products. Its portfolio spans cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat (RTE), ready-to-cook (RTC) foods and chocolates.
These products are sold under its flagship Milky Mist brand as well as sub-brands including SmartChef, Capella, Misty Lite, Briyas and Asal. The company follows an integrated farm-to-consumer model, sourcing milk directly from farmers and processing it through automated manufacturing facilities. Its operations are supported by an in-house cold-chain logistics network and a multi-channel distribution system, enabling it to serve customers across India.
Milky Mist has also invested in technology-driven manufacturing, product innovation and sustainable production practices. The company has a workforce of 1,317 permanent employees across manufacturing, sales and marketing, quality control and milk collection operations.
