Milky Mist IPO crossed full subscription on Day 2, led by retail demand.
Retail portion was subscribed 1.28 times, lifting overall subscription to 1.05 times.
GMP of ₹24 indicates a potential listing premium of over 17%.
The initial public offering (IPO) of Temasek-backed Milky Mist Dairy Food was fully subscribed on the second day of bidding, with the issue receiving 1.12 times subscription as of 1 Pm on Tuesday, supported by healthy retail participation.
According to data available with the National Stock Exchange (NSE), the ₹1,553 crore IPO received bids for 9,15,97,778 equity shares against 8,17,98,244 shares on offer.
1 August 2026
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The retail investor portion was subscribed 1.28 times, helping the overall issue cross full subscription, while participation from other investor categories also contributed to the demand.
GMP Signals Listing Premium
According to market trackers InvestorGain and IPO Watch, the IPO was commanding a grey market premium (GMP) of ₹24 per share as of August 12.
At the upper end of the price band of ₹140, the GMP indicates an estimated listing price of ₹164, implying a potential 17.14% premium over the issue price.
Grey market premiums are unofficial indicators based on market sentiment and speculation and do not guarantee listing gains.
Issue Details And Timeline
The IPO opened for subscription on August 11 and will close on August 13. The basis of allotment is expected to be finalised on August 14, while the shares are scheduled to list on the BSE and NSE on August 18.
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The company has fixed the price band at ₹133-140 per share. Investors can bid for a minimum of 107 shares, requiring an investment of ₹14,980 at the upper price band. At ₹140 per share, Milky Mist is expected to command a post-issue valuation of around ₹10,778 crore.
The IPO comprises a fresh issue of ₹1,428 crore and an offer for sale (OFS) of ₹125 crore. Under the OFS, promoter shareholders Sathishkumar T. and Anitha S. will sell shares worth ₹75 crore and ₹50 crore, respectively.
Use Of Proceeds And Financial Performance
Milky Mist plans to utilise ₹496.86 crore from the IPO proceeds to repay or prepay certain borrowings. Another ₹469.24 crore will be used to expand and modernise its manufacturing facility at Perundurai, Tamil Nadu, while ₹155.31 crore has been earmarked for purchasing visi coolers, ice cream freezers and chocolate coolers.
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The company delivered strong financial growth in FY26, with total income rising 34% year-on-year to ₹3,145.01 crore from ₹2,354.79 crore in FY25.
Profit after tax (PAT) surged 176% to ₹127.01 crore in FY26 from ₹46.07 crore a year earlier.
JM Financial, IIFL Capital Services and Axis Capital are the book-running lead managers for the issue, while Kfin Technologies is the registrar.
