Milky Mist Dairy Food IPO: GMP signals decent listing gains; dates, price band, other key details in 10 points

Milky Mist Dairy Food IPO: The initial public offering (IPO) of packaged food company, Milky Mist Dairy Food, is set to open for public subscription on Tuesday, 11 August. The ₹1,553 crore book-build issue, which combines a fresh issue of shares and an offer for sale (OFS), is hitting the primary market at a time when investors' risk appetite is improving amid healthy earnings, the return of foreign investors, and easing geopolitical tensions.

Meanwhile, the grey market is exhibiting optimism over the issue, suggesting the stock could list at a decent premium.

Milky Mist Dairy Food IPO GMP

The grey market premium (GMP) of Milky Mist Dairy Food shares on Monday morning was ₹26, which suggests the stock could list at a nearly 19% premium to the issue price.

Milky Mist Dairy Food IPO key details

1. Milky Mist Dairy Food IPO date

The Milky Mist Dairy Food IPO is opening for subscription on Tuesday, 11 August, and it will conclude on Thursday, 13 August.

2. Milky Mist Dairy Food IPO price band

The issue's price band has been set at ₹133 to ₹140 per share.

3. Milky Mist Dairy Food IPO size

Milky Mist Dairy Food IPO is a fresh issue of 10.20 crore shares to raise ₹1,428 crore, and an offer for sale (OFS) of 89 lakh shares, aggregating to ₹125 crore.

4. Milky Mist Dairy Food IPO reservation

As much as 50% of the net issue is reserved for qualified institutional buyers (QIBs), and 15% of the net issue is reserved for non-institutional investors (NIIs). The remaining 35% is reserved for retail investors.

5. Milky Mist Dairy Food IPO lot size

The IPO lot size is 107 shares. The minimum lot size for a retail investor is one lot. With the issue's upper price band at ₹140, the minimum amount of investment required by retail investors is ₹14,980. The maximum lot size for retail investors is 13 for ₹1,94,740.

6. Milky Mist Dairy Food IPO lot book-running lead managers and registrar

JM Financial, Axis Capital, and IIFL Capital Services are the book-running lead managers, while KFin Technologies is the registrar of the Milky Mist Dairy Food IPO.

7. Milky Mist Dairy Food IPO allotment date and listing date

As the IPO is closing on Thursday, 13 August, the allotment of shares is expected to be finalised on the next business day, Friday, 14 August. Successful bidders can get the shares on the next business day, Monday, 17 August, and those who fail to get the allotment will get the refunds on the same day. Milky Mist Dairy Food IPO will list on the BSE and the NSE on Tuesday, 18 August.

8. Objects of the Milky Mist Dairy Food IPO

As per the RHP, the company will use the net proceeds from the fresh issue of shares to pay certain borrowings, to fund the capital expenditure requirements for the expansion and modernisation of its Perundurai manufacturing facility, the deployment of visi coolers, ice cream freezers and chocolate coolers, and for general corporate purposes.

9. Milky Mist Dairy Food's business overview

Milky Mist Dairy Food is the fastest-growing packaged food company in India. As per the RHP, it is among companies with a revenue scale of more than ₹1,500 crore in India in terms of revenue, growing at a CAGR of 31.26% from FY24 to FY26.

"We offer our products under our umbrella brand ‘Milky Mist’, and sub-brands such as ‘SmartChef’, ‘Capella’, and ‘Misty Lite’, and have recently acquired brands such as ‘Briyas’ and ‘Asal’," reads the RHP.

10. Milky Mist Dairy Food's financial performance

The company's total revenue from operations was ₹1,821.6 crore in FY24, which increased to ₹2,349.5 crore in FY25 and to ₹3,138.4 crore in FY26. Its profit was ₹19.4 crore in FY24, ₹46.1 crore in FY25, and ₹127 crore in FY26.

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