Milky Mist Dairy Food IPO: Issue Details, Dairy Business and an 18% Listing Premium
Milky Mist Dairy Food IPO will open on August 11, 2026, with a price band of ₹133 to ₹140. Check the IPO dates, lot size, financial performance and peer valuation.
Milky Mist Dairy Food IPO: The ₹1,553 crore issue, a ₹1,428 crore fresh issue plus a ₹125 crore offer for sale, was open from 11 to 13 August 2026 at ₹133 to ₹140 per share. Allotment took place on 14 August, and the shares listed on the NSE at ₹165 on 18 August 2026, a 17.85% premium to the upper band.
Milky Mist Dairy Food IPO: Milky Mist Dairy Food is a fast-growing packaged-food company focused on value-added dairy products. Its portfolio includes cheese, paneer, butter, curd, ghee, yogurt, ice cream, frozen foods, RTE and RTC foods, and chocolates under the Milky Mist brand and other sub-brands.
The company came to market with a ₹1,553 cr IPO, which was a combination of fresh issue and OFS. Here are the key details of the Milky Mist Dairy Food IPO.
Milky Mist Dairy Food IPO Details
Here are the key dates and issue details.
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Milky Mist Dairy Food IPO is worth ₹1,553 cr, and the issue is a combination of a fresh issue of ₹ 1,428 cr and offer for sale of ₹125 cr.
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Milky Mist Dairy Food IPO opened for subscription on 11 Aug 2026 and closed on 13 Aug 2026. The price band was set between ₹133 to ₹140
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Milky Mist Dairy Food IPO’s allotment took place on 14 Aug 2026 and the shares were listed on the BSE and NSE on 18 Aug 2026.
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Promoter and Promoter Group held 93% before the IPO, which came down to 79.52% after listing.
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Kfin Technologies was the registrar for the Milky Mist Dairy Food IPO.
|
Parameter |
Detail |
|---|---|
|
IPO Open Date |
11 Aug 2026 |
|
IPO Close Date |
13 Aug 2026 |
|
Allotment Date |
14 Aug 2026 |
|
Listing Date |
18 Aug 2026 (BSE & NSE) |
|
Price Band |
₹133 to ₹140 per share |
|
Lot Size |
107 shares |
|
Minimum Investment |
₹14,980 |
|
Fresh Issue |
₹1,428 Cr |
|
Offer for Sale (OFS) |
₹125 Cr |
|
Total Issue Size |
₹1,553. Cr |
Milky Mist Dairy Food IPO Listing Performance
Milky Mist Dairy Food shares debuted on the NSE at ₹165 on 18 August 2026, marking a 17.85% premium to the IPO’s upper price band of ₹140.
The grey market premium before listing had implied a gain of about 17%, and the actual debut landed almost exactly on it.
About Milky Mist Dairy Food IPO
Milky Mist Dairy Food, incorporated in July 2014, is a packaged food company focused on value-added dairy products. Its portfolio includes cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat and ready-to-cook foods, and chocolates.
These products are sold under Milky Mist brand and sub-brands such as SmartChef, Capella, Misty Lite, Briyas and Asal.
The company follows an integrated farm-to-consumer model. It sources milk directly from farmers and processes it at its automated manufacturing facilities. Its own cold-chain network and distribution system help it supply products across India.
Strengths (from DRHP)
- Largest private packaged paneer brand in India's organised market (~19% share by value); largest private packaged cheese brand in South India (~12% share)
- Modern, automated manufacturing (robotic lines, UHT lines, spray dryers)
- Direct milk procurement from ~67,600-74,600 farmers, cutting out middlemen, with owned cold-chain logistics
- Fast-growing, higher-margin new categories — Greek yogurt revenue grew from Rs 5.84 cr (FY24) to Rs 88.16 cr (FY26)
Risk Factors (from DRHP)
- Facility concentration — heavy dependence on the single Perundurai manufacturing unit
- Raw milk supply and revenue concentration in Tamil Nadu / South India
- High leverage — debt/equity ratio of ~3.61
- Integration risk from recent brand acquisitions (Briyas, Asal)
Milky Mist Dairy Food IPO Reservation
For Milky Mist Dairy Food IPO, 35% of the issue has been reserved for retail investors. The table below shows the allocation across different investor categories.
|
Investor Category |
Shares Offered |
|---|---|
|
QIB Investors |
50% |
|
Retail Investors |
35% |
|
NII (HNI) Investors |
15% |
Milky Mist Dairy Food IPO Lot Size
Retail investors could apply for a minimum of 1 lot, which includes 107 shares costing ₹14,980 Maximum investment allowed for retail investors is 13 lots, which totals 1,391 shares and costs ₹1,94,740
|
Application |
Lots |
Shares |
Amount (₹) |
|---|---|---|---|
|
Retail (Min) |
1 |
107 |
14,980 |
|
Retail (Max) |
13 |
1,391 |
1,94,740 |
|
S-HNI (Min) |
14 |
1,498 |
2,09,720 |
|
S-HNI (Max) |
66 |
7,062 |
9,88,680 |
|
B-HNI (Min) |
67 |
7,169 |
10,03,660 |
Milky Mist Dairy Food IPO Financial Performance
Milky Mist Dairy Food reported a PAT of ₹127.01 Cr as of 31 March 2026, up from ₹19.44 Cr in FY24. Over the past 3 years, the company’s PAT and PAT margin have grown steadily. All financial details are provided in the table below.
|
Period Ended |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|---|---|---|---|
|
Revenue from Ops (₹ Cr) |
3138.36 |
2349.50 |
1821.61 |
|
Total Income (₹ Cr) |
3,145.01 |
2,354.79 |
1,826.86 |
|
EBITDA (₹ Cr) |
435.22 |
310.35 |
222.33 |
|
EBITDA Margin (%) |
13.87% |
13.21% |
12.21% |
|
PAT (₹ Cr) |
127.01 |
46.07 |
19.44 |
|
PAT Margin (%) |
4.05% |
1.96% |
1.07% |
|
ROE (%) |
32.12% |
15.11% |
7.14% |
|
ROCE (%) |
11.73% |
9.54% |
8.14% |
|
Debt - Equity ratio |
3.61 |
4.20 |
3.68 |
Source: Milky Mist Dairy Food IPO RHP
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Milky Mist Dairy Food IPO Peer Comparison from RHP
Milky Mist Dairy Food IPO has the lowest EPS among its peers. Higher EPS is always considered better. Below is a brief comparison of Milky Mist Dairy Food IPO.
|
Company |
EPS Diluted |
P/E (X) |
|---|---|---|
|
Tata Consumer Products |
15.58 |
70.88 |
|
Parag Milk Foods |
10.57 |
21.28 |
|
Nestle India |
18.15 |
79.78 |
|
Hatsun Agro Product |
15.99 |
58.20 |
|
Dodla Dairy |
44.28 |
51.98 |
|
Britannia Industries |
105.18 |
51.98 |
|
Bikaji Foods International |
10.30 |
62.33 |
|
Milky Mist Dairy Food Ltd. |
1.97 |
— |
As of 31 March 2026
Conclusion
Milky Mist Dairy Food IPO was a ₹1,553 crore issue combining a ₹1,428 crore fresh issue and a ₹125 crore offer for sale, priced at ₹133 to ₹140 per share. The company is a fast-growing packaged-food business focused on value-added dairy products such as cheese and paneer, with healthy profit margins. The shares listed at a 17.85% premium on 18 August 2026. With the promoter stake at 79.52% after the issue, milk procurement costs, distribution expansion and how the large fresh-issue proceeds are deployed will drive the stock from here.
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