Milky Mist Dairy Food Ltd on Thursday fixed a price band of ₹133-140 per share for its ₹1,553 crore Initial Public Offering, which will open for subscription on August 11, according to a PTI report. The initial share sale will conclude on August 13, while bidding for anchor investors will open for a day on August 10, the company said in a public announcement.
The proposed public issue is set to be the largest IPO by an Indian dairy company, the report said. Listed sector peers include Parag Milk Foods Ltd, Hatsun Agro Product Ltd and Dodla Dairy Ltd, according to the report.
Issue structure and valuation
The IPO comprises a fresh issue of equity shares aggregating up to ₹1,428 crore and an Offer For Sale (OFS) of up to ₹125 crore, taking the total issue size to ₹1,553 crore, the report said. Earlier, Milky Mist had planned to mobilise ₹2,035 crore through its maiden public offering, according to its draft papers. At the price band, the company is expected to command a post-issue market valuation of about ₹10,310 crore to ₹10,778 crore, the company said.
| IPO Attribute | Detail |
|---|---|
| Price band | ₹133-140 per share |
| Fresh issue | Up to ₹1,428 crore |
| Offer for sale | Up to ₹125 crore |
| Total issue size | ₹1,553 crore |
| Anchor investor bidding | August 10 (one day) |
| Subscription period | August 11-13 |
| Expected post-issue valuation | ₹10,310-10,778 crore |
| Equity listing | BSE and NSE on August 18 |
Allocation and managers
The company has reserved 50 per cent of the offer for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors, according to the company. JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar, the report noted. The IPO follows Milky Mist's ₹482 crore pre-IPO funding round in May this year from Jongsong Investments Pte Ltd, an indirect wholly owned subsidiary of Temasek Holdings, according to the company.
Use of proceeds
Proceeds from the fresh issue will be used towards:
- Repayment of borrowings
- Expansion and modernisation of the company's manufacturing facility at Perundurai, including setting up whey protein concentrate, yogurt and cream cheese plants
- Expansion of cold-chain infrastructure by deploying visi coolers, ice cream freezers and chocolate coolers
- General corporate purposes
The proposed public issue is set to be the largest IPO by an Indian dairy company.
Company profile and sector context
Founded in Erode, Tamil Nadu, Milky Mist is among India's leading premium dairy brands focused on value-added dairy products, according to the report. Its portfolio includes paneer, cheese, curd, yogurt, butter, ghee and ice cream, among other products. The company does not operate in the liquid milk segment, the report added. The equity shares are proposed to be listed on the BSE and NSE on August 18, the company said. The announcement was published on August 6, 2026.
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