Mumbai : Milky Mist Dairy Food Limited has announced the price band for its ₹1,553-crore Initial Public Offering (IPO) at ₹133–140 per equity share of face value ₹2. The public issue will open for subscription on August 11, 2026, and close on August 13, while anchor investor bidding is scheduled for August 10.
The IPO comprises a fresh issue of equity shares worth ₹1,428 crore and an Offer for Sale (OFS) worth ₹125 crore, making it the largest public issue by an Indian dairy company.
Offer Structure
The total issue size aggregates ₹15,530 million (approximately ₹1,553 crore) and includes:
- Fresh Issue: Up to ₹14,280 million (₹1,428 crore)
- Offer for Sale: Up to ₹1,250 million (₹125 crore)
The OFS consists of:
- ₹750 million worth of shares offered by Sathishkumar T
- ₹500 million worth of shares offered by Anitha S
Investor Details
Investors can bid for a minimum lot of 107 equity shares and in multiples thereafter.
At the upper price band of ₹140 per share, the minimum investment required for retail investors is ₹14,980.
Eligible employees applying under the employee reservation category will receive a discount of ₹13 per share, reducing the effective maximum issue price to ₹127 per share.
Pre-IPO Fundraising
Ahead of the public issue, Milky Mist completed a ₹357-crore pre-IPO placement, comprising:
- 543,789 equity shares, and
- 25 million Compulsorily Convertible Preference Shares (CCPS)
Both were issued at ₹139.76 per share.
Allocation and Listing
The IPO is being conducted through the book-building process, with allocation structured as follows:
- Up to 50% reserved for Qualified Institutional Buyers (QIBs)
- Not less than 15% reserved for Non-Institutional Investors (NIIs)
- Not less than 35% reserved for Retail Individual Investors (RIIs)
Within the institutional portion, up to 60% of the QIB allocation may be allotted to anchor investors on a discretionary basis.
The company’s equity shares are proposed to be listed on both the BSE and the National Stock Exchange (NSE), with NSE designated as the primary stock exchange.
Lead Managers
The book-running lead managers for the IPO are:
- JM Financial Limited
- Axis Capital Limited
- IIFL Capital Services Limited
Expansion Plans
Milky Mist plans to utilise the proceeds from the fresh issue to:
- Repay and reduce existing borrowings.
- Expand and modernise its manufacturing facility at Perundurai, Tamil Nadu.
- Establish new production facilities for whey protein concentrate, yogurt and cream cheese.
- Strengthen its cold-chain infrastructure by deploying additional visi coolers, ice cream freezers and chocolate coolers.
- Support general corporate purposes.
Founded in Erode, Tamil Nadu, Milky Mist has emerged as one of India’s leading value-added dairy brands, with a product portfolio that includes paneer, cheese, curd, yogurt, butter, ghee and ice cream. The company has built its business around premium dairy products and does not operate in the liquid milk segment.
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