Milky Mist Dairy Food IPO: Price Band, Lot Size, Financials & Review
Milky Mist Dairy Food IPO listed on BSE & NSE on Tue, 18 Aug 2026. The issue was subscribed 59.07x overall.
- Open Date
- 11 Aug 2026
- Close Date
- 13 Aug 2026
Last updated
- Price band
- ₹133 – ₹140
- Lot size
- 107 shares
- Min. investment
- ₹14,980
- Issue size
- ₹1,553 Cr
- Last GMP
- +₹19
- Subscribed
- 🔥 59.07x
Milky Mist Dairy Food IPO details
Milky Mist Dairy Food IPO is a ₹1,553 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹1,428 Cr (91.95%) with an offer for sale of ₹125 Cr (8.05%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Tue, 11 Aug 2026 to Thu, 13 Aug 2026. Allotment was finalised on Fri, 14 Aug 2026, and the shares listed on BSE & NSE on Tue, 18 Aug 2026.
The price band is ₹133 to ₹140 per share and the lot size is 107 shares, so the minimum retail application is ₹14,980. Retail investors can apply for up to 13 lots (1,391 shares, ₹1,94,740).
KFin Technologies Limited is the registrar, and IIFL Capital Services Limited, Axis Capital Limited and JM Financial Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Milky Mist Dairy Food IPO GMP before listing was +₹19 (+13.57% against the upper price band of ₹140), implying an estimated listing price of ₹159. Across 10 days of tracking, GMP ranged from +₹18 (15 Aug) to +₹27 (08 Aug).
| Last GMP | +₹19 |
|---|---|
| GMP vs upper band | +13.57% |
| Estimated listing price | ₹159 |
| Highest (08 Aug) | +₹27 |
| Lowest (15 Aug) | +₹18 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Milky Mist Dairy Food IPO day-wise GMP.
Subscription
Day-wise subscription →Milky Mist Dairy Food IPO was subscribed 59.07x overall: QIB 164.03x, NII 36.75x and retail 8.85x.
| Category | Subscribed |
|---|---|
| QIB | 164.03x |
| NII | 36.75x |
| └ bNII (above ₹10 lakh) | 39.08x |
| └ sNII (₹2–10 lakh) | 32.08x |
| Retail | 8.85x |
| Employees | 13.15x |
| Total | 59.07x |
Final figures at the close of bidding on 13 Aug 2026. Category-wise bids, application-wise breakup and allotment chances are on the Milky Mist Dairy Food IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 3,32,35,713 | 29.96% |
| Qualified Institutions | 2,21,57,144 | 19.97% |
| Non-Institutional | 1,66,17,857 | 14.98% |
| └ BNII | 1,10,79,208 | 10.00% |
| └ SNII | 55,39,604 | 5.00% |
| Retail Investors | 3,87,75,000 | 34.95% |
| Employees | 1,57,480 | 0.14% |
| Total | 11,09,43,193 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Milky Mist Dairy Food IPO lot size
| 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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹1,428 Cr (91.95%) with an offer for sale of ₹125 Cr (8.05%) by existing shareholders. Only the fresh issue money goes to the company.
P/E is not meaningful here because earnings per share is zero or negative.
Listed peers with positive earnings trade at a median P/E of 55.09x (4 companies).
Promoter holding falls from 93.00% before the issue to 79.52% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹1.9 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | — |
| EPS (post-issue) EPS on the enlarged share capital | ₹0 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 93.00% |
| Promoter holding (post-issue) | 79.52% |
Milky Mist Dairy Food Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹2,354.79 Cr to ₹3,145.01 Cr, and profit after tax rose from ₹46.07 Cr to ₹127.01 Cr. The PAT margin for 31 Mar 2026 was 4.04%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,676.46 | 2,150.59 | 1,606.26 |
| Total Income | 3,145.01 | 2,354.79 | 1,826.86 |
| Profit After Tax | 127.01 | 46.07 | 19.44 |
| EBITDA | 435.22 | 310.35 | 222.33 |
| Net Worth | 378.00 | 242.77 | 197.05 |
| Reserve & Surplus | 333.55 | 199.23 | 278.04 |
| Total Borrowings | 1,671.85 | 1,376.38 | 1,036.72 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 32.12 | 15.11 | 7.14 |
| ROCE % | 11.73 | 9.54 | 8.14 |
| Debt / Equity | 3.61 | 4.20 | 3.68 |
| RoNW % | 33.60 | 18.98 | 9.87 |
| Pat Margin % | 4.05 | 1.96 | 1.07 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Milky Mist Dairy Food Ltd | 2 | — | 1.98 | 1.97 | 33.60% | 5.87 |
| Bikaji Foods International Ltd | 1 | 62.33 | 10.31 | 10.30 | 16.07% | 64.03 |
| Britannia Industries Ltd | 1 | 51.98 | 105.18 | 105.18 | 49.61% | 212.01 |
| Dodla Dairy Ltd | 10 | 24.26 | 44.26 | 44.26 | 15.95% | 277.50 |
| Hatsun Agro Product Ltd | 1 | 58.20 | 15.99 | 15.99 | 18.32% | 87.30 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 |
About Milky Mist Dairy Food Limited
Incorporated in July 2014, Milky Mist Dairy Food Limited is one of India’s fast-growing packaged food companies, with a strong focus on premium and value-added dairy products. The company manufactures and markets a diverse portfolio of products, including cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) foods, and chocolates. These products are marketed primarily under its flagship ‘Milky Mist’ brand and sub-brands such as SmartChef, Capella, Misty Lite, Briyas, and Asal.
The company follows an integrated farm-to-consumer business model, sourcing milk directly from farmers and processing it through advanced, automated manufacturing facilities. Its operations are supported by a dedicated cold-chain logistics network and a multi-channel distribution system, enabling Milky Mist to serve customers across multiple regions in India. The company places strong emphasis on product innovation, premium offerings, operational efficiency, and sustainable manufacturing practices.
Milky Mist has built a technology-driven manufacturing and procurement infrastructure supported by experienced management and a dedicated workforce. As of 31 March 2026, the company had 1,317 permanent employees across manufacturing, sales and marketing, quality control, milk procurement, and other business functions.
Key Strengths
- Strong brand presence: One of India’s fast-growing packaged food companies, with an established presence in value-added dairy products.
- Diversified product portfolio: Wide range of premium dairy products, frozen foods, RTE and RTC products, and chocolates.
- Advanced manufacturing infrastructure: Automated production facilities supported by technology-driven processes and quality-control systems.
- Direct milk procurement: Sources milk directly from farmers through an extensive procurement network, strengthening supply-chain control and traceability.
- Extensive distribution network: Multi-channel distribution infrastructure supported by an in-house cold-chain logistics network.
- Integrated business model: End-to-end operations spanning milk procurement, processing, manufacturing, distribution, and retail.
- Focus on innovation and efficiency: Continuous emphasis on new product development, operational efficiency, sustainability, and premiumisation.
Integrated Farm-to-Retail Operations
Milky Mist operates an integrated farm-to-retail business model, sourcing milk directly from 74,654 farmers through 3,907 automated milk collection units. The procured milk is processed at the company’s advanced manufacturing facility in Tamil Nadu.
The company has established a broad distribution network comprising 4,001 distributors, enabling its products to reach more than 3.75 lakh retail outlets across 22 states and five Union Territories. This distribution network is supported by its own cold-chain logistics infrastructure, including reefer trucks, milk tankers, and ambient vehicles.
Market Position
Milky Mist has established a significant presence across several organised dairy categories. The company holds an estimated 19% share of India’s organised packaged paneer market, around 12% of South India’s organised cheese market, and approximately 35–40% of the organised Greek yogurt segment.
Promoters
- Anitha S
- Sathishkumar T
Contact details
Milky Mist Dairy Food Ltd.
SF No. 43/1-4,
Pattakaranpalayam,Perundurai
Erode, Tamil Nadu, 638057
Phone: 91 424 2533248
Email: investor@milkymist.com
Website: http://www.milkymist.com/
Milky Mist Dairy Food IPO FAQs
- What is the Milky Mist Dairy Food IPO price band?
- The Milky Mist Dairy Food IPO price band is ₹133 to ₹140 per share.
- What is the Milky Mist Dairy Food IPO lot size and minimum investment?
- The Milky Mist Dairy Food IPO lot size is 107 shares. The minimum retail investment is ₹14,980 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,391 shares), costing ₹1,94,740.
- When was Milky Mist Dairy Food IPO open for subscription?
- Milky Mist Dairy Food IPO was open for subscription from Tue, 11 Aug 2026 to Thu, 13 Aug 2026.
- What is the Milky Mist Dairy Food IPO subscription status?
- Milky Mist Dairy Food IPO was subscribed 59.07x overall: QIB 164.03x, NII 36.75x and retail 8.85x. Day-wise and category-wise figures are on the subscription page.
- What was the Milky Mist Dairy Food IPO GMP before listing?
- The last Milky Mist Dairy Food IPO GMP before listing was +₹19 (+13.57% against the upper price band of ₹140), implying an estimated listing price of ₹159. Across 10 days of tracking, GMP ranged from +₹18 (15 Aug) to +₹27 (08 Aug). GMP is an unofficial grey market indicator and can change quickly.
- What is the Milky Mist Dairy Food IPO allotment date?
- The Milky Mist Dairy Food IPO basis of allotment was finalised on Fri, 14 Aug 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Milky Mist Dairy Food IPO listing date?
- Milky Mist Dairy Food IPO listed on BSE & NSE on Tue, 18 Aug 2026.
- Is the Milky Mist Dairy Food IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹1,428 Cr (91.95%) with an offer for sale of ₹125 Cr (8.05%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Milky Mist Dairy Food IPO?
- The registrar for the Milky Mist Dairy Food IPO is KFin Technologies Limited, and the book running lead managers are IIFL Capital Services Limited, Axis Capital Limited and JM Financial Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.