Milky Mist Dairy Food IPO
Milky Mist Dairy Food IPO was a Mainboard book-built issue of ₹1,553.20 crore, comprising a Fresh Issue of 10,20,14,623 equity shares aggregating to ₹1,428 crore and an Offer for Sale of 89,28,570 equity shares aggregating to ₹125 crore. The price band wa
Milky Mist Dairy Food IPO Details
Milky Mist Dairy Food IPO bidding started on August 11, 2026 and ended on August 13, 2026. The basis of allotment was finalized on August 14, refunds were initiated on August 17, and shares were credited to successful applicants' Demat accounts on the same day. The shares were listed on BSE and NSE on August 18, 2026.
Milky Mist Dairy Food IPO GMP
Milky Mist Dairy Food IPO GMP was an unofficial grey-market indicator before listing. The last recorded GMP around the listing period was approximately ₹19.70 against the ₹140 issue price, implying an indicative price of ₹159.70. The shares actually opened at ₹165 on BSE and NSE on August 18, 2026. GMP is unofficial and does not guarantee the actual listing price.
Milky Mist Dairy Food IPO Timeline (Tentative)
Milky Mist Dairy Food IPO opened for public subscription on August 11, 2026 and closed on August 13, 2026. The basis of allotment was completed on August 14. Refunds and Demat credit were scheduled for August 17, followed by listing on BSE and NSE on August 18, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Aug 11, 2026 |
| IPO Close Date | Thu, Aug 13, 2026 |
| Basis of Allotment | Fri, Aug 14, 2026 |
| Initiation of Refunds | Mon, Aug 17, 2026 |
| Credit of Shares to Demat | Mon, Aug 17, 2026 |
| Listing Date | Tue, Aug 18, 2026 |
| IPO Opens | August 11, 2026 |
| IPO Closes | August 13, 2026 |
| Basis of Allotment | August 14, 2026 |
| Refund Initiation | August 17, 2026 |
| Credit of Shares to Demat | August 17, 2026 |
| Listing Date | August 18, 2026 |
Milky Mist Dairy Food IPO Lot Size
The Milky Mist Dairy Food IPO lot size was 107 shares. At the upper price band of ₹140 per share, one lot required a minimum investment of ₹14,980. Retail investors could apply for up to 13 lots, or 1,391 shares, amounting to ₹1,94,740.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 107 | 14,980 |
| Retail (Max) | 13 | 1,391 | 1,94,740 |
| S-HNI (Min) | 14 | 1,498 | 2,09,720 |
| S-HNI (Max) | 66 | 7,062 | 9,88,680 |
| B-HNI (Min) | 67 | 7,169 | 10,03,660 |
Milky Mist Dairy Food IPO Reservation
The Milky Mist Dairy Food IPO reserved not more than 50% of the offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. An employee reservation was also provided in the issue.
Milky Mist Dairy Food IPO Subscription
Milky Mist Dairy Food IPO received 56.12x overall subscription by the close of bidding on August 13, 2026. QIBs subscribed 155.83x, NIIs 34.91x and Retail Individual Investors 8.41x.
| Category | Subscription (times) |
|---|---|
| QIB | 155.83x |
| NII | 34.91x |
| RII | 8.41x |
| Total | 56.12x |
About Milky Mist Dairy Food
Milky Mist Dairy Food Limited is a packaged food company focused on value-added dairy products rather than liquid milk. Its portfolio covers products such as paneer, cheese, curd, butter, ghee, yogurt, ice cream and UHT products, along with frozen foods, ready-to-eat and ready-to-cook products and chocolates.
The company operates an integrated milk procurement and processing model. Its principal manufacturing facility is located at Perundurai in Erode, Tamil Nadu, where it produces a broad range of dairy and food products for its distribution network.
Milky Mist sells products through its flagship brand as well as brands including SmartChef, Capella, Misty Lite, Briyas and Asal. The company has expanded its portfolio over time from its original paneer-focused business into multiple value-added food categories.
The company states that it has developed a wide distribution network across India and operates its own logistics and cold-chain infrastructure to support the movement of temperature-sensitive products.
Strengths
- Strong presence in value-added dairy products with a broad product portfolio.
- Established Milky Mist brand with multiple product categories and sub-brands.
- Integrated milk procurement, manufacturing and distribution infrastructure.
- Significant expansion in revenue and profitability during FY2024-FY2026.
- Automated manufacturing and cold-chain capabilities supporting large-scale production.
Risks to Consider
- The company depends substantially on the Milky Mist brand and its continued consumer acceptance.
- Milk procurement costs and availability can affect operating margins.
- Operations are concentrated around its principal manufacturing infrastructure in Tamil Nadu.
- Dairy and packaged-food markets are competitive, with established national, regional and local participants.
- The company had substantial borrowings, making debt reduction and interest costs important factors for future financial performance.
Milky Mist Dairy Food Financials (₹ Cr)
Milky Mist Dairy Food reported steady revenue expansion and a significant improvement in profitability across FY2024 to FY2026. Revenue from operations increased from ₹1,821.61 crore in FY2024 to ₹2,349.50 crore in FY2025 and ₹3,138.36 crore in FY2026. PAT increased from ₹19.44 crore to ₹46.07 crore and ₹127.01 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 1,821.61 | 19.44 | 1,606.26 | 197.05 |
| FY2025 | 2,349.50 | 46.07 | 2,150.59 | 242.77 |
| FY2026 | 3,138.36 | 127.01 | 2,676.46 | 378.00 |
KPIs & Valuation
At the upper IPO price band of ₹140, Milky Mist Dairy Food had a pre-issue P/E of approximately 73.68x based on pre-issue EPS of ₹1.90. The post-issue EPS was approximately ₹1.65, resulting in a post-issue P/E of about 84.85x. FY2026 RoNW was 33.60%, while NAV was ₹5.87 per share.
Objects of the Issue
The ₹1,553.20 crore IPO included a Fresh Issue of ₹1,428 crore. The company proposed to use the net proceeds mainly for reducing borrowings, expanding and modernising its Perundurai manufacturing facility, deploying refrigeration equipment and meeting general corporate requirements.
- The company proposed to utilise the IPO proceeds for:
- Repayment and/or prepayment, in full or part, of certain outstanding borrowings – ₹496.86 crore.
- Financing capital expenditure for expansion and modernisation of the Perundurai Manufacturing Facility – ₹469.24 crore.
- Deployment of visi coolers, ice cream freezers and chocolate coolers – ₹155.31 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Milky Mist Dairy Food Limited is promoted by Sathishkumar T and Anitha S. The IPO had JM Financial Limited, Axis Capital Limited and IIFL Capital Services Limited as the Book Running Lead Managers, while KFin Technologies Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| milky.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Milky Mist Dairy Food IPO Review
Milky Mist Dairy Food reported strong growth in its consolidated financial performance over FY2024-FY2026. Revenue from operations increased from ₹1,821.61 crore in FY2024 to ₹2,349.50 crore in FY2025 and ₹3,138.36 crore in FY2026. PAT increased from ₹19.44 crore to ₹46.07 crore and then ₹127.01 crore over the same period.
The company has also expanded its product range and manufacturing capabilities, with its business focused on higher-value dairy and adjacent food categories. Its integrated procurement, manufacturing and distribution model provides operating control across several stages of the supply chain.
A key consideration is leverage. Total borrowings stood at ₹1,671.85 crore as of March 31, 2026, and ₹496.86 crore of the IPO proceeds was earmarked for repayment or prepayment of borrowings. The debt reduction objective is therefore an important part of the IPO proposition.
At the upper IPO price of ₹140, the reported pre-issue EPS was ₹1.90, implying a pre-issue P/E of approximately 73.68x. The post-issue EPS was approximately ₹1.65, corresponding to a post-issue P/E of about 84.85x.
How to Apply
How to Apply
Milky Mist Dairy Food IPO applications could be made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 107 shares, requiring ₹14,980 at the upper price band of ₹140.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Milky Mist Dairy Food IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP, final Prospectus and related financial documents for detailed information about the business, financial statements, risk factors, IPO structure and utilisation of issue proceeds. The company's official IPO page provides access to its RHP, DRHP and financial information. NSE records the RHP dated August 4, 2026 and final Prospectus dated August 14, 2026.
Last updated Aug 27, 2026.