Mumbai : The ₹1,553-crore initial public offering (IPO) of Milky Mist Dairy Food crossed the full-subscription mark on the second day of bidding, with strong participation from retail and non-institutional investors.
As of 10:49 am on August 12, investors had bid for 8.78 crore shares against 7.77 crore shares on offer, taking the overall subscription to 1.13 times, compared with 0.84 times at the close of Day 1.
Retail, HNI categories lead demand
The employee portion was the most heavily subscribed at 2.91 times, followed by the sNII category at 2.45 times.
The broader NII/HNI segment was subscribed 1.46 times, while the retail portion received bids for 1.39 times the shares reserved.
The QIB portion, excluding anchor investors, remained at 0.41 times, indicating that institutional demand had yet to reach the level seen among other investor categories.
Milky Mist Dairy Food IPO Day 2 Subscription Status
At 10:49 AM, the issue had received 3,90,237 applications. Retail investors had bid for 5,39,75,080 shares against 3,87,75,000 shares reserved for the category.
| Category | Shares Offered | Shares Bid For | Subscription |
|---|---|---|---|
| QIB (Ex Anchor) | 2,21,57,144 | 91,90,872 | 0.41× |
| NII/HNI | 1,66,17,857 | 2,42,05,326 | 1.46× |
| Retail | 3,87,75,000 | 5,39,75,080 | 1.39× |
| Employees | 1,57,480 | 4,57,960 | 2.91× |
| Total | 7,77,07,481 | 8,78,29,238 | 1.13× |
The picture is notably different from the close of Day 1, when the IPO was subscribed 0.84 times overall. Retail subscription was already above one time on the first day, while the NII/HNI portion was at 0.97 times.
By the second-day morning update, both categories had moved further ahead.
Category-wise Milky Mist Dairy Food IPO Subscription Status
Within the NII/HNI segment, the smaller NII category recorded the higher subscription level. The sNII portion was subscribed 2.45 times, while the bNII segment stood at 0.96 times.
| Category | Shares Offered | Shares Bid For | Subscription |
|---|---|---|---|
| QIB (Ex Anchor) | 2,21,57,144 | 91,90,872 | 0.41× |
| NII/HNI | 1,66,17,857 | 2,42,05,326 | 1.46× |
| bNII (> ₹10 lakh) | 1,10,78,571 | 1,06,23,923 | 0.96× |
| sNII (< ₹10 lakh) | 55,39,286 | 1,35,81,403 | 2.45× |
| Retail | 3,87,75,000 | 5,39,75,080 | 1.39× |
| Employees | 1,57,480 | 4,57,960 | 2.91× |
| Total | 7,77,07,481 | 8,78,29,238 | 1.13× |
The QIB category has yet to reach full subscription, with bids covering 0.41 times the shares reserved for QIBs excluding the anchor portion.
Milky Mist Dairy Food Day-Wise Subscription Summary
Subscription gathered pace in the second session. The overall figure moved from 0.84 times at the end of Day 1 to 1.13 times by 10:49 AM on Day 2.
| Date | QIB (Ex Anchor) | NII/HNI | Retail | Employees | Total |
|---|---|---|---|---|---|
| August 11, 2026 (Day 1) | 0.41× | 0.97× | 1.01× | 2.19× | 0.84× |
| August 12, 2026 (Day 2, 10:49 AM) | 0.41× | 1.46× | 1.39× | 2.91× | 1.13× |
The latest figures are based on subscription data available up to 10:49 AM on August 12. Bidding remains open through August 13.
Milky Mist Dairy Food IPO Timeline
| IPO Milestone | Date |
|---|---|
| Issue Open Date | August 11, 2026 |
| Issue Close Date | August 13, 2026 |
| Basis of Allotment | August 14, 2026 |
| Initiation of Refunds | August 17, 2026 |
| Credit of Shares | August 17, 2026 |
| Listing Date | August 18, 2026 |
Brief Overview Of The Milky Mist Dairy Food IPO
Milky Mist Dairy Food IPO is a ₹1,553 crore book-built issue comprising a fresh issue of 10,20,14,623 shares aggregating up to ₹1,428 crore and an offer for sale of 89,28,570 shares aggregating up to ₹125 crore.
The price band is ₹133 to ₹140 per share. A retail investor can apply for a minimum of 107 shares, requiring ₹14,980 at the upper end of the price band.
| IPO Detail | Particulars |
|---|---|
| Issue Size | ₹1,553 crore |
| Issue Type | Bookbuilding IPO |
| Fresh Issue | 10,20,14,623 shares |
| Offer for Sale (OFS) | 89,28,570 shares |
| Price Band | ₹133–₹140 per share |
| Face Value | ₹2 per share |
| Lot Size | 107 shares |
| Minimum Retail Investment | ₹14,980 |
| QIB Reservation | 50.00% of net offer |
| NII/HNI Reservation | 15.00% of net offer |
| Retail Reservation | 35.00% of net offer |
| Employee Reservation | 1,57,480 shares |
| Employee Discount | ₹13 per share |
| Listing Exchanges | BSE & NSE |
| Tentative Listing Date | August 18, 2026 |
Milky Mist Dairy Food Limited operates in the dairy and packaged food segment. Its product range includes cheese, paneer, butter, curd, ghee, yoghurt, ice cream, UHT products, frozen foods, ready-to-eat and ready-to-cook products, as well as chocolates.
The company follows an integrated operating model covering milk sourcing, processing, distribution and sales. Its products are distributed through multiple channels across the market.
Also Read: Milky Mist Dairy Food Raises ₹465 Crore from 19 Anchor Investors Ahead of IPO
The issue has reserved 50% of the net offer for QIBs, 15% for NII/HNI investors and 35% for retail investors. An employee reservation of 1,57,480 shares is also part of the issue structure.
| Investor Category | Shares Reserved | % of Net Offer | % of Total Issue |
|---|---|---|---|
| QIB | 5,53,92,857 | 50.00% | 49.93% |
| NII/HNI | 1,66,17,857 | 15.00% | 14.98% |
| Retail | 3,87,75,000 | 35.00% | 34.95% |
| Employees | 1,57,480 | Preferential reservation | 0.14% |
| Total Issue | 11,09,43,194 | 100.00% | 100.00% |
At the upper end of the price band, the company has a market capitalisation of about ₹10,777.81 crore. The IPO will remain open for subscription until August 13, with allotment scheduled for August 14 and listing planned for August 18, 2026.
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