Milky Mist has made a firm debut on the bourses, listing at a premium of 17.86% on the NSE at Rs 165. On BSE too, the stock listed at the same rate compared to the issue price of Rs 140.
The Rs 1,553 crore IPO comprised fresh equity worth Rs 1,428 crore, which was raised via the issuance of 10.20 crore shares, and made up the larger part of the issue. The remaining Rs 125 crore was raised through the offer for sale (OFS) by offloading 89 lakh shares.
In the unlisted markets, the dairy manufacturer’s shares were trading at a premium of around 14% ahead of listing.
Milky Mist IPO: Subscription snapshot
The IPO witnessed robust participation with an overall subscription of 41.17 times. The Qualified Institutional Buyers (QIBs) segment was oversubscribed 110.86 times. This was followed by the non-institutional investor category getting booked 29.74 times. The retail individual investors’ portion was oversubscribed 6.37 times.
Lastly, the employees’ quota was oversubscribed 10.13 times. Eligible employees were offered a discount of Rs 13 to the issue price, and 1.57 lakh shares were reserved for them.
Milky Mist IPO: Lead managers
JM Financial, Axis Capital, and IIFL Capital were the investment bankers to the issue, while KFin Technologies was the registrar to the offer.
Milky Mist IPO: Expert’s take
“Milky Mist Dairy Food, 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 Anand Rathi Research Team in a note during the IPO bidding.
It added, “However, the IPO valuation appears fully priced at the upper band, and hence, we recommend a ‘Subscribe – Long Term’ rating to the IPO.”
About Milky Mist
Milky Mist Dairy Food is one of India’s fastest-growing packaged food companies focused on premium value-added dairy products. Incorporated in July 2014, the company manufactures and markets a diversified portfolio including cheese, paneer, butter, curd, ghee, yoghurt, ice cream, UHT products, frozen foods, ready-to-eat (RTE), ready-to-cook (RTC) foods, and chocolates under its flagship brand ‘Milky Mist’ and sub-brands such as SmartChef, Capella, Misty Lite, Briyas, and Asal.
The company operates an integrated farm-to-consumer business model, directly sourcing milk from farmers and processing it through advanced automated manufacturing facilities