The Milky Mist IPO has finally wrapped up its bidding process, achieving an overall subscription of 41.17 times. In the unlisted markets, the dairy manufacturer’s shares are trading at a premium of around 18%, and the company is expected to debut on stock exchanges next week.
The Milky Mist IPO of Rs 1,553 crore 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) route as investors offloaded 89 lakh shares of Rs 2 each.
The share price band for the issue was set at Rs 133 to Rs 140.
Milky Mist IPO: QIB segment subscribed 110.86 times
The Milky Mist IPO witnessed robust investor participation in the Qualified Institutional Buyers (QIBs) segment, which was oversubscribed 110.86 times, receiving bids for more than 258 crore shares against its offer of 2.33 crore shares.
This was followed by the non-institutional investor category, which was subscribed 29.74 times, receiving 52 crore bids against its ask of 1.74 crore. The retail individual investors’ portion was oversubscribed 6.37 times, as investors bid for 26 crore shares against its offer of 4 crore shares.
The employees quota was oversubscribed 10.13 times, receiving 16.89 lakh bids against its ask offer for 1.66 lakh shares. 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: Subscription Snapshot
Milky Mist IPO saw a strong investor response, achieving an overall subscription of 41.17 times.
| Investor Category | Subscription (Day 3) |
| Qualified Institutional Buyers (QIBs) | 110.86x |
| Non-Institutional Investors (NIIs) | 29.74x |
| Retail Individual Investors (RIIs) | 6.37x |
| Employees | 10.13x |
| Overall | 41.17x |
Milky Mist IPO: Day 3 GMP at 18%
In the grey markets, the shares of Milky Mist were last quoted at a premium of 18.57%, translating into an estimated listing price of Rs 166, based on the upper end of the share price band. This reflects gains of Rs 26 per share and an estimated profit of Rs 2,782 per lot.
However, it is important to know that grey market activity is subject to fluctuations and does not guarantee gains.
Milky Mist IPO: Subscription timeline
The IPO opened for public bidding on August 10 and closed on August 13. Its share allotment process is expected to be completed by August 14, and investors are likely to receive their shares and the refunds by August 17.
Milky Mist is expected to list on NSE and BSE on August 18.