Milky Mist shares opened on the NSE and BSE on August 18 at Rs 165 per share, reflecting a premium of about 18%. The company’s initial public offering was subscribed 56.12 times in the primary market between August 11 and 13.
The issue raised Rs 1,553 crore with a price band of Rs 133 to Rs 140. On the BSE, the shares also opened at Rs 165, giving a market capitalisation of Rs 12,702.42 crore.
The listing performed slightly better than the grey‑market expectation of a 14% gain. Earlier, anchor investors had contributed Rs 465.30 crore.
Mahesh M. Ojha of Kantilal Chhaganlal Securities said the company’s focus on premium value‑added dairy like paneer and curd supports strong pricing and long‑term margins. He advised short‑term investors to book some gains, while medium‑to‑long‑term investors can hold.
Anand Rathi’s Narendra Solanki highlighted Milky Mist’s integrated farm‑to‑retail model, its 4,001 distributors and 375,000 retail touchpoints, and its shift to higher‑margin products. He compared the firm to an FMCG business.
Milky Mist is one of India’s fastest‑growing packaged food companies, with a revenue CAGR of 31.3% from FY24 to FY26, driven by value‑added dairy products.
It was the largest IPO by an Indian dairy company. Peers in the sector include Parag Milk Foods, Hatsun Agro Products and Dodla Dairy.
The company plans to use the proceeds to set up whey protein concentrate, yoghurt and cream cheese plants, install ice cream freezers and chocolate coolers, and for general corporate purposes.
Founded in Erode, Tamil Nadu, Milky Mist focuses on paneer, cheese, curd, yoghurt, butter, ghee and ice cream, and does not operate in the liquid milk segment.