Milky Mist Dairy Food IPO received a strong response on the closing day, with the issue subscribed 42.29 times as of 3.12 pm.
Qualified institutional buyers led the demand, with their portion subscribed 112.28 times, while the non-institutional investors’ portion was subscribed 31.57 times. The retail portion was subscribed 7.01 times and the employee portion 10.74 times.
The ₹1,553-crore IPO has a price band of ₹133-140 per share. The issue comprised a fresh issue of shares worth up to ₹1,428 crore and an offer-for-sale of up to ₹125 crore.
Milky Mist Dairy Food raised ₹465.30 crore from anchor investors.
The issue is the largest IPO by an Indian dairy company. Listed peers in the sector include Parag Milk Foods, Hatsun Agro Product and Dodla Dairy.
At the upper end of the price band, the company is expected to command a post-issue market valuation of about ₹10,778 crore.
The IPO comes after Milky Mist raised about ₹482 crore in a pre-IPO round in May from Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings. The transaction comprised a primary capital infusion of ₹357 crore and a secondary share sale of ₹125 crore.
Proceeds from the fresh issue will be used for repayment or prepayment of borrowings, expansion and modernisation of the company’s manufacturing facility at Perundurai in Tamil Nadu and strengthening its cold-chain infrastructure.
The company plans to deploy funds towards setting up whey protein concentrate, yoghurt and cream cheese plants, besides installing ice cream freezers and chocolate coolers. A portion of the proceeds will also be used for general corporate purposes.
JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.
Shares are proposed to be listed on the BSE and NSE on August 18.
Published on August 13, 2026
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