Milky Mist Dairy Food Limited IPO
LISTEDMAINBOARDMILKYMISTSUBSCRIBEListing Performance
▲ 17.86%
Issue Price
₹140
Listing Price
₹165
Listed On
18 Aug 2026
- Price Band
- ₹133 – ₹140
- Lot Size
- 107
- Lot Value
- ₹14,980
- Open Date
- 11 Aug 2026
- Close Date
- 13 Aug 2026
- Min Investment
- ₹14,980
About Milky Mist Dairy Food Limited
Milky Mist Dairy Food Limited is a packaged food company engaged in the business of procuring milk and manufacturing a diverse range of value-added dairy products. The company’s business model is exclusively focused on premium, higher-margin products rather than liquid milk, generating its revenue from the sale of its extensive product portfolio. Its offerings include paneer, cheese, curd, butter, ghee, yogurt, ice cream, and UHT long-shelf-life products, marketed under the ‘Milky Mist’ brand. The company has also diversified into adjacent categories like ready-to-cook and ready-to-eat foods. All products are produced at its manufacturing facility in Tamil Nadu, which is strategically located in a region with high raw milk availability. With a strong market presence in South India, the company concentrates on creating innovative products to meet evolving consumer preferences for value-added dairy items. Discuss on Trading Q&A
Manufactures and sells value-added dairy products through a distribution network primarily in South India, with significant revenue from paneer, cheese, and curd product categories.
Use of IPO Proceeds
Total allocation: ₹129.41 Cr (excludes issue expenses)
Promoters
Sathishkumar T
Chairman and Managing Director · age 51
Pre-issue: 40.94%
Anitha S
Whole-time Director · age 47
Pre-issue: 51.45%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: NSE
Strengths (5)
- •Exclusively focused on high-margin, value-added dairy products.
- •Strong brand recognition and market leadership in South India.
- •Extensive and diverse product portfolio catering to varied consumer needs.
- •Advanced, large-scale manufacturing and in-house production capabilities.
- •Product innovation focus, including health and convenience-driven offerings.
Risk Factors (5)
- •Business is highly dependent on the “Milky Mist” brand.
- •Inability to effectively manage inventory could lead to spoilage and waste.
- •Operations are concentrated, with a single manufacturing facility in Tamil Nadu.
- •Failure to manage food safety standards and quality could lead to liability.
- •High dependence on raw milk supply, subject to price and availability fluctuations.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +17.9%Strong investor demand with 41x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | 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 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.02x | 0.16x | 110.86x |
| sNII (S-HNI) | 1.23x | 4.27x | 25.16x |
| bNII (B-HNI) | 0.50x | 2.23x | 32.03x |
| Retail | 0.72x | 1.83x | 6.37x |
| Total | 0.53x | 1.59x | 41.17x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
6.37x
Allotment Ratio
1 lot per 7 applicants
Allotment Probability
~15.7%
Non-Institutional Investors (NII / HNI)
Subscription
29.74x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
110.86x
Allotment Type
Discretionary allotment
Total Subscription
41.17x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
11 Aug 2026 · Tue
Issue Closes
13 Aug 2026 · Thu
UPI Deadline
13 Aug 2026 · Thu
Allotment
14 Aug 2026 · Fri
Refund
17 Aug 2026 · Mon
Share Credit
17 Aug 2026 · Mon
Listing
18 Aug 2026 · Tue
Issue Opens
11 Aug 2026 · Tue
Issue Closes
13 Aug 2026 · Thu
UPI Deadline
13 Aug 2026 · Thu
Allotment
14 Aug 2026 · Fri
Refund
17 Aug 2026 · Mon
Share Credit
17 Aug 2026 · Mon
Listing
18 Aug 2026 · Tue
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | NSE |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹1553.00 Cr |
| Fresh Issue | ₹178.50 Cr |
| OFS Size | ₹25.00 Cr |
| Lead Managers | JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited, Kfin Technologies Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 2,349.5 | 46.07 | 0.73 | — | 18.98% |
| FY24 | 1,821.61 | 19.44 | — | — | — |
| FY23 | 1,394.18 | 27.23 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 201.39 | 222.33 | 310.35 |
| Net Worth | 177.37 | 197.05 | 242.77 |
| Total Borrowings | 798.06 | 1,036.72 | 1,376.38 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
191.8x
Price ÷ EPS
EPS (FY25)
₹1
Earnings per share
RoNW
18.98%
Return on net worth
ROCE
9.54%
as reported in filing
EBITDA margin
13.2%
EBITDA ÷ revenue
Price/NAV
37.04x
Price ÷ NAV (as reported)
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹126.00 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Milky Mist Dairy Food Limited offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Milky Mist Dairy Food Limited's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Milky Mist Dairy Food Limited's filing.
Source: Milky Mist Dairy Food Limited offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- SATHISHKUMAR T₹250.00 Cr
- ANITHA S₹250.00 Cr
Source: Milky Mist Dairy Food Limited offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Sathishkumar T₹1.63 Cr p.a.
Chairman and Managing Director
- Anitha S₹0.39 Cr p.a.
Whole-time Director
- Dr. K Rathnam₹0.22 Cr p.a.
Whole-time Director and Chief Executive Officer
- Radha Venkatakrishnan₹0.00 Cr p.a.
Independent Director
- Mallika Janakiraman₹0.00 Cr p.a.
Independent Director
- Subramaniam N
Independent Director
Key Managerial Personnel (3)
- Dr. K Rathnam₹0.22 Cr p.a.
Whole-time Director and Chief Executive Officer
- Biswajit Mishra₹0.01 Cr p.a.
Chief Financial Officer
Bachelor of Commerce, Master of Commerce, Executive MBA, ICAI Member, ICMAK Associate
Over 21 years of experience in finance and audit sector
- S Prakash₹0.02 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce, Bachelor of LL.B, ICSI Associate
Over 16 years of experience in various secretarial roles
Source: Milky Mist Dairy Food Limited offer document (DRHP/RHP).
Industry & Market
Fastest growing packaged food company among companies with revenue scale of more than ₹15,000 million in India, growing at a CAGR of 29.82% from Fiscal 2023 to Fiscal 2025
Per 1Lattice Report, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Our Company | — | 0.72 | 18.98 | 3.78 |
| Bikaji Foods International Limited | 91.56 | 8.02 | 14.52 | 55.22 |
| Britannia Industries Limited | 65.05 | 90.45 | 50.02 | 180.83 |
| Dodla Dairy Limited | 32.94 | 43.27 | 18.49 | 234.68 |
| Hatsun Agro Product Limited | 78.48 | 12.51 | 16.23 | 77.11 |
| Nestle India Limited | 72.95 | 33.27 | 79.99 | 41.59 |
| Parag Milk Foods Limited | 24.91 | 9.51 | 11.61 | 85.73 |
| Tata Consumer Products Limited | 84.03 | 13.06 | 6.39 | 205.95 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 4 | 3.164 |
| Criminal | Company | 5 | 0.143 |
| Tax | Directors | 2 | 0.044 |
| Tax | Promoters | 1 | 0.044 |
The company faces material civil litigation including a trademark infringement suit by Gujarat Co-operative Milk Marketing Federation Limited and Kaira District Cooperative Milk Producers Union Limited seeking damages of ₹20.10 million, and tax/criminal proceedings involving the company and promoters with an aggregate amount of ₹378.84 million.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Milky Mist Dairy Food Limited IPO opening?
The Milky Mist Dairy Food Limited IPO opens on 11 Aug 2026 and closes on 13 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Milky Mist Dairy Food Limited IPO?
The price band for the Milky Mist Dairy Food Limited IPO is ₹133 to ₹140. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Milky Mist Dairy Food Limited IPO?
The minimum lot size is 107 shares with a minimum investment of ₹14,980. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Milky Mist Dairy Food Limited IPO today?
The latest Grey Market Premium for Milky Mist Dairy Food Limited is ₹26 (+18.57%). GMP is unofficial data and is not a guarantee of listing price.
When will the Milky Mist Dairy Food Limited IPO list on NSE and BSE?
The Milky Mist Dairy Food Limited IPO is expected to list on 18 Aug 2026 on NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Milky Mist Dairy Food Limited IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Milky Mist Dairy Food Limited IPO a mainboard or SME issue?
Milky Mist Dairy Food Limited is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Milky Mist Dairy Food Limited IPO?
You can apply for the Milky Mist Dairy Food Limited IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Milky Mist Dairy Food Limited IPO?
Based on the current GMP of ₹26, the expected listing price of Milky Mist Dairy Food Limited is ₹166 (issue price ₹140 + GMP ₹26). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Milky Mist Dairy Food Limited IPO?
Based on the retail subscription of 6.37x, the estimated allotment ratio is 1 lot per 7 applicants (approximately 15.7% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Milky Mist Dairy Food Limited IPO?
Based on our algorithmic analysis, Milky Mist Dairy Food Limited IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 41x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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