Milky Mist Dairy Food IPO: dates, price band, lot size and GMP
Milky Mist Dairy Food IPO listed on 18 Aug at ₹165 (NSE, BSE). Issue dates 11 – 13 Aug 2026, price band ₹140, lot 107 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Milky Mist Dairy Food IPO has a price band of ₹140, a lot of 107 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 11 – 13 Aug 2026 |
| Price band | ₹140 |
| Lot size | 107 shares |
| Issue size | ₹1,553.00 Cr |
| Fresh issue | ₹1,428 Cr |
| Offer for sale | ₹125 Cr |
| Subscription | 59.08x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 11 Aug
- Issue closes: 13 Aug
- Allotment: 14 Aug
- Refunds: 17 Aug
- Demat credit: 17 Aug
- Listing: 18 Aug
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 164.03x |
| NII | 36.75x |
| sNII | 32.08x |
| bNII | 39.09x |
| Retail | 8.86x |
| Total | 59.08x |
Last updated 13 Aug 2026, 6:55 PM IST.
Issue details
| Face value | ₹2 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹10,778 Cr |
| P/E (pre-issue) | 73.68x |
| P/E (post-issue) | 84.85x |
| Fresh issue (shares) | 10,20,14,623 |
| Offer for sale (shares) | 89,28,570 |
| Total shares offered | 11,09,43,193 |
| Promoter holding pre-issue | 93% |
| Promoter holding post-issue | 79.51% |
| Promoters | Sathishkumar T, Anitha S |
| Lead managers | JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | milky.ipo@kfintech.com |
| Company website | milkymist.com |
| Anchor bid date | 10 Aug 2026 |
| Anchor lock-in ends (50%) | 13 Sep 2026 |
| Anchor lock-in ends (remaining) | 12 Nov 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 107 | ₹14,980 |
| Retail (maximum) | 14 | 1,498 | ₹2,09,720 |
| sNII (minimum) | 14 | 1,498 | ₹2,09,720 |
| bNII (minimum) | 67 | 7,169 | ₹10,03,660 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 3,32,35,713 | |
| QIB | 20% | 2,21,57,144 | Not more than 50% of the Net Offer |
| NII (HNI) | 15% | 1,66,17,857 | Not less than 15% of the Net Offer |
| sNII | 5% | 55,39,286 | |
| bNII | 10% | 1,10,78,571 | |
| Retail | 35% | 3,87,75,000 | Not less than 35% of the Net Offer |
| Employee | 0.1% | 1,57,480 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 11 Aug | 0.41x | 0.97x | 1.65x | 0.63x | 1.01x | 0.84x |
| Day 2 · 12 Aug | 0.69x | 3.75x | 5.66x | 2.80x | 2.57x | 2.29x |
| Day 3 · 13 Aug | 164.03x | 36.75x | 32.08x | 39.09x | 8.86x | 59.08x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹1.9 |
|---|---|
| EPS (post-issue) | ₹1.65 |
| P/E (pre-issue) | 73.68x |
| P/E (post-issue) | 84.85x |
| RoNW | 18.98% |
| RoCE | 9.54% |
| RoE | 15.11% |
| PAT margin | 1.96% |
| EBITDA margin | 13.21% |
| Price / book | 37.04x |
| NAV per share | ₹3.78 |
| Debt / equity | 4.2 |
| Market cap (upper band) | ₹10,778 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 2,676.46 | 2,150.59 | 1,606.26 | +24.5% |
| Total Income | 3,145.01 | 2,354.79 | 1,826.86 | +33.6% |
| Profit After Tax | 127.01 | 46.07 | 19.44 | +175.7% |
| EBITDA | 435.22 | 310.35 | 222.33 | +40.2% |
| NET Worth | 378 | 242.77 | 197.05 | +55.7% |
| Reserves and Surplus | 333.55 | 199.23 | 278.04 | +67.4% |
| Total Borrowing | 1,671.85 | 1,376.38 | 1,036.72 | +21.5% |
About Milky Mist Dairy Food
Milky Mist Dairy Food Limited is a leading Indian dairy products company engaged in the manufacturing, marketing, and distribution of a diverse range of dairy and frozen food products. The company pioneered the branded packaged paneer category in India and has since expanded its portfolio to include curd, ghee, butter, cheese, yogurt, ice cream, UHT milk products, chocolates, sweetened condensed milk, and other value-added dairy offerings. Integrated Operations & Manufacturing Network Milky Mist follows a vertically integrated farm-to-consumer business model that enables efficient procurement, production, and distribution.
The company sources raw milk directly from 67,615 farmers spread across 22 districts in Tamil Nadu, Andhra Pradesh, and Karnataka. These sourcing regions are located within a 400-kilometre radius of its flagship manufacturing facility at Perundurai, Erode District, Tamil Nadu , which specializes in value-added dairy products. In addition, the company operates a manufacturing facility in Bengaluru, Karnataka , dedicated to frozen food products, including ready-to-eat (RTE) and ready-to-cook (RTC) offerings. To support its operations, the company has developed an extensive logistics network.
As of March 31, 2025, it operated 44 milk collection vehicles , 252 refrigerated trucks for temperature-controlled transportation, and 34 ambient trucks for the movement of non-perishable products. Distribution & Market Reach Milky Mist distributes its products through multiple channels, including traditional retail outlets, modern trade stores, HoReCa (hotels, restaurants, and cafés), e-commerce platforms, quick commerce networks, and exclusive Milky Mist parlours. Its products are available across 22 states and 5 union territories through a network of 3,062 distributors and 44 clearing and forwarding depots located in 44 cities across 13 states.
The company’s distribution ecosystem reaches more than 350,000 retail outlets nationwide. Industry Position According to the 1Lattice Report, Milky Mist held an estimated 17% market share by value in India's organised packaged paneer segment during Fiscal 2025. In the same period, the company accounted for approximately 12% of the organised packaged cheese market in South India and around 5% of the national organised packaged cheese market among private sector players . International Presence The company has also established a growing export footprint.
Between April 1, 2022, and March 31, 2025, Milky Mist exported its dairy products to more than 15 countries , including key markets such as Singapore, the United States, Australia , and several countries across the Middle East . Workforce As of March 31, 2025, Milky Mist Dairy Food Limited employed 1,524 permanent employees , supporting its procurement, manufacturing, logistics, sales, and distribution operations.
Objects of the issue
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by Company — ₹496.86 Cr
- Financing the capital expenditure requirements in relation to the expansion and modernisation of Perundurai Manufacturing Facility — ₹469.24 Cr
- Deployment of visi coolers, ice cream freezers and chocolate coolers — ₹155.31 Cr
- General corporate purposes
Net proceeds: ₹1,121.41 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Milky Mist Dairy Food Ltd. (issuer) | 1.98 | 1.97 | 5.87 | — | 33.6% | 28 | Consolidated |
| Bikaji Foods International | 10.31 | 10.3 | 64.03 | 62.33x | 16.07% | 10.03 | Consolidated |
| Britannia Industries | 105.18 | 105.18 | 212.01 | 51.98x | 49.61% | 25.79 | Consolidated |
| Dodla Dairy | 44.26 | 44.26 | 277.5 | 51.98x | 15.95% | 3.87 | Consolidated |
| Hatsun Agro Product | 15.99 | 15.99 | 87.3 | 58.2x | 18.32% | 10.69 | Consolidated |
| Nestle India | 18.15 | 18.15 | 26.74 | 79.76x | 67.85% | 55.65 | Consolidated |
| Parag Milk Foods | 11.06 | 10.57 | 93.44 | 21.28x | 10.73% | 2.41 | Consolidated |
| Tata Consumer Products | 15.59 | 15.58 | 220.02 | 70.08x | 7.08% | 4.96 | Consolidated |
Earnings per Share for the years ended March 31, 2026, March 31, 2025 and March 31, 2024 have been retrospectively adjusted for equity shares issued on conversion of CCPS. **To be determined on conclusion of the Book Building Process. Notes: Financial information of the Company has been derived from the Restated Consolidated Financial Information as of/Fiscal 2026.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Milky Mist Dairy Food IPO GMP today and trend
- Milky Mist Dairy Food IPO subscription status, day by day
- Milky Mist Dairy Food IPO allotment status and how to check
Frequently asked questions
When does the Milky Mist Dairy Food IPO open and close?
The issue is scheduled for 11 – 13 Aug 2026.
What is the Milky Mist Dairy Food IPO price band?
The price band is ₹140 per share with a lot size of 107 shares.
How big is the Milky Mist Dairy Food IPO?
The total issue size is ₹1,553.00 Cr, of which ₹1,428 Cr is a fresh issue and ₹125 Cr an offer for sale.
When will Milky Mist Dairy Food list?
The tentative listing date is 18 Aug on the main board.
How do I apply for the Milky Mist Dairy Food IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Milky Mist Dairy Food · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Milky Mist Dairy Food · as filed · bseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 14 Aug · ipostatus.kfintech.com
- NSE public issues page · listing 18 Aug · nseindia.com
- BSE public issues page · listing 18 Aug · bseindia.com
- Milky Mist Dairy Food company website · milkymist.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 18 Aug, 04:04 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Milky Mist Dairy Food IPO”, https://buyunlistedshares.com/ipo/milky-mist-dairy-food-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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