Mily Mist Food Diary share price hit 10% upper circuit in Tuesday's trading session after the company made a strong listing in the Indian stock market.
Milky Mist Food Diary share price listed at 17.8% premium over the IPO price of ₹140 per share.
Milky Mist Food Diary share price opened at ₹165 per share on NSE and BSE. This means that the Milky Mist Food Diary IPO listing delivered over 18% gains to the IPO allottees.
The listing of Milky Mist Food Diary IPO exceeded the market expectations. The GMP of Milky Mist Food Diary IPO was ₹19.7, indicating an estimated listing price of ₹159.7.
Milky Mist Food Diary IPO details
The ₹1,553-crore IPO was offered at ₹140 per share and consisted of a fresh issue of 10.20 crore shares amounting to ₹1,428 crore, along with an offer for sale (OFS) of 89 lakh shares worth ₹125 crore.
Open for subscription between August 11 and August 13, the public issue witnessed a strong response from investors, with the IPO being subscribed 56.12 times overall. The retail investor portion was subscribed 8.41 times, while the qualified institutional buyers (QIBs) category saw exceptional demand, with 155.83 times subscription. The non-institutional investors (NIIs) segment was subscribed 34.91 times.
Milky Mist Dairy Food Ltd. intends to utilise the IPO proceeds mainly to improve its financial position and support its expansion plans. Out of the estimated net proceeds of ₹1,121.41 crore, ₹496.86 crore has been earmarked for the repayment or prepayment of certain borrowings. A further ₹469.24 crore will be allocated towards capital expenditure for expanding and modernising its manufacturing facility in Perundurai.
JM Financial Ltd. acted as the book-running lead manager for the IPO, while Kfin Technologies Ltd. was appointed as the registrar to the issue.
Established in July 2014, Milky Mist Dairy Food is an Indian packaged food company that specialises in premium and value-added dairy products. Its product range includes cheese, paneer, butter, curd, ghee, yogurt, ice cream and UHT products, along with frozen foods, ready-to-eat (RTE), ready-to-cook (RTC) offerings and chocolates.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
