Milky Mist IPO Fully Subscribed on Day Two
Milky Mist’s initial public offering (IPO) crossed full subscription on the second day of bidding, led by strong retail demand. The retail portion was subscribed 1.28 times, lifting the overall subscription to 1.05 times.
The issue received bids for 9,15,97,778 equity shares against 8,17,98,244 shares on offer, according to data available with the exchange.
IPO details are as follows.
The ₹1,553 crore IPO opened for subscription on August 11 and will close on August 13. The basis of allotment is expected to be finalised on August 14, while the shares are scheduled to list on the BSE and NSE on August 18.
The company has fixed the price band at ₹133-140 per share. Investors can bid for a minimum of 107 shares, requiring an investment of ₹14,980 at the upper price band.
Market trackers report the IPO was commanding a grey market premium (GMP) of ₹24 per share as of August 12. At the upper end of the price band of ₹140, the GMP indicates an estimated listing price of ₹164, implying a potential premium over the issue price.
Grey market premiums are unofficial indicators based on market sentiment and speculation and do not guarantee listing gains. The GMP of ₹24 per share suggests strong demand for the stock.
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Milky Mist plans to utilise ₹496.86 crore from the IPO proceeds to repay or prepay certain borrowings. Another ₹469.24 crore will be used to expand and modernise its manufacturing facility at Perundurai, Tamil Nadu.
The company delivered strong financial growth in FY26, with total income rising 34% year-on-year to ₹3,145.01 crore from ₹2,354.79 crore in FY25. Profit after tax (PAT) surged to ₹127.01 crore in FY26 from ₹46.07 crore a year earlier.
JM Financial, IIFL Capital Services, and Axis Capital are the book-running lead managers for the issue, while Kfin Technologies is the registrar. The IPO comprises a fresh issue of ₹1,428 crore and an offer for sale (OFS) of ₹125 crore.
Under the OFS, promoter shareholders Sathishkumar T. and Anitha S. will sell shares worth ₹75 crore and ₹50 crore, respectively. At ₹140 per share, Milky Mist is expected to command a post-issue valuation of around ₹10,778 crore.
It has a minimum investment requirement.
They have fixed the price band and investors can bid for a minimum number of shares.
