MILKY MIST DAIRY FOOD LTD IPO: Company Review, Subscription and Allotment Updates
2026-08-10 — Company overview and issue details MILKY MIST DAIRY FOOD LTD IPO (ABOUT THE COMPANY) MILKY MIST DAIRY FOOD LTD – COMPANY BACKGROUND Milky Mist Dairy Food Ltd was incorporated in the year 2014 and is one of the fastest…
2026-08-10 — Company overview and issue details
MILKY MIST DAIRY FOOD LTD IPO (ABOUT THE COMPANY)
MILKY MIST DAIRY FOOD LTD – COMPANY BACKGROUND
Milky Mist Dairy Food Ltd was incorporated in the year 2014 and is one of the fastest growing value-added dairy products companies in India. Its product portfolio includes cheese, paneer, butter, curd, ghee, yogurt, ice-cream, frozen foods, chocolates, and other ready-to-eat and ready-to-cook products. Its farm-to-form model procures milk directly from farmers and processes and manufactures various products at its manufacturing facilities. It uses advanced technology for production and the distribution is supported by its own cold-chain logistics network.
Milky Mist Dairy Food Ltd has been promoted by Satishkumar T and Anitha S. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for funding capex for expanding its Perundurai plant, deployment of plant coolers, repayment of debt and for general corporate purposes. The OFS will see participation by both the promoter shareholders. The issue is being lead-managed by JM Financial, Axis Capital, and IIFL Capital; while KFIN Technologies Ltd (KFINTECH) is the registrar to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF MILKY MIST DAIRY FOOD LTD
Here are the key highlights of the public issue of Milky Mist Dairy Food Ltd.
The IPO is open from August 11th, 2026 to August 13th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹133 to ₹140 per share.
The IPO of Milky Mist Dairy Food Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 10,20,14,623 shares (1,020.15 lakh shares), which at the upper price band of ₹140 per share, translates into a fresh issue size of ₹1,428.20 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 89,28,570 shares (89.29 lakh shares), which at the upper price band of ₹140 per share, translates into an OFS size of ₹125.00 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 11,09,43,193 shares (1,109.43 lakh shares), which at the upper price band of ₹140 per share translates into overall issue size of ₹1,553.20 crore, after factoring in the special discount of ₹13 per share for eligible employees.
Due to the dilutive impact of the fresh issue; the promoter’s stake in the company will get reduced from 93.00% to 79.51% of the total shares outstanding post the IPO.
The IPO of Milky Mist Dairy Food Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on August 10, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Milky Mist Dairy Food Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 11 August, 2026 |
| IPO Close Date | Thursday, 13 August, 2026 |
| Basis of Allotment | Friday, 14 August, 2026 |
| Initiation of Refunds to non-allottees | Monday, 17 August, 2026 |
| Credit of Shares to Demat | Monday, 17 August, 2026 |
| Listing Date on NSE and BSE | Tuesday, 18 August, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | 1,66,666 shares | 0.14% of total IPO size |
| Anchor Allocation | 3,32,35,713 shares | 28.89% of total IPO size |
| QIB Shares Offered | 2,33,23,308 shares | 20.28% of total IPO size |
| NII (HNI) Shares Offered | 1,74,92,481 shares | 15.21% of total IPO size |
| Retail Shares Offered | 4,08,15,789 shares | 35.48% of total IPO size |
| Total Shares Offered | 11,50,33,957 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Milky Mist Dairy Food Ltd for various categories of investors.
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 107 shares)
FINANCIAL HIGHLIGHTS OF MILKY MIST DAIRY FOOD LTD
The table captures the key financials of Milky Mist Dairy Food Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 3,138.36 | 2,349.50 | 1,821.61 |
| Sales Growth (%) | 33.58% | 28.98% | |
| Profit after Tax (₹ in crore) | 127.01 | 46.07 | 19.44 |
| PAT Margins (%) | 4.05% | 1.96% | 1.07% |
| Total Equity (₹ in crore) | 463.02 | 327.79 | 282.07 |
| Total Assets (₹ in crore) | 2,676.46 | 2,150.59 | 1,606.26 |
| Return on Equity (%) | 27.43% | 14.06% | 6.89% |
| Return on Assets (%) | 4.75% | 2.14% | 1.21% |
| Asset Turnover Ratio (X) | 1.17 | 1.09 | 1.13 |
| Earnings per share (₹) | 1.97 | 0.72 | 0.30 |
| EBITDA (₹ in Crore) | 435.22 | 310.35 | 222.33 |
| EBITDA Margins (%) | 13.87% | 13.21% | 12.21% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
While sales growth has shown good traction, the PAT margins have been on the lower side, despite the rally in latest year. EBITDA margins at 13.8% have been flat over last 3 years. The ROE of the company has shown good traction, growing almost three-fold in the last couple of years. That should be useful in justifying higher valuations for the stock.
VALUATION METRICS OF MILKY MIST DAIRY FOOD LTD IPO
Based on the latest EPS of ₹1.97, the IPO price of ₹140 per share is being discounted at a P/E ratio of 71.1X. If you look at the comparison of the peer group, the P/E ratio is almost at par with global majors like Nestle India and Britannia, although the RONW is relatively much lower than the MNCs in the peer group. That may limit the upside on the table for investors.
However, there are some intangibles that favour the stock of Milky Mist Dairy Food Ltd. Its direct procurement of milk from farmers gives them better costs and also control over the supply chain. Milk Mist products are sold across multiple platforms, with modern platforms increasing their market share consistently. While valuations look rich at this juncture, investors in the IPO can look at the stock from a long-term perspective.
2026-08-11 — Anchor allocation
MILKY MIST DAIRY FOOD LTD IPO (ANCHOR ALLOCATION 28.89%)
BRIEF ON ANCHOR ALLOCATION OF MILKY MIST DAIRY FOOD LTD
The anchor issue of Milky Mist Dairy Food Ltd saw a strong response on 10th August 2026 with 28.89% of the IPO size absorbed by anchors. Out of 11,50,33,957 shares (1,150.34 lakh shares) on offer in the IPO; anchors picked up 3,32,35,713 shares (332.36 lakh shares) accounting for 28.89% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹140 per share. This includes the face value of ₹2 per share plus a share premium of ₹138 per share. The anchor bidding opened and closed on 10th August 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Milky Mist Dairy Food Ltd
| Bid Date | August 10, 2026 |
|---|---|
| Shares Offered | 3,32,35,713 shares |
| Anchor Portion Size (₹ in crore) | ₹465.30 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Sep 14, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Nov 13, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN MILKY MIST DAIRY FOOD LTD
On 10th August 2026, Milky Mist Dairy Food Ltd allotted 3,32,35,713 shares to a total of 19 anchor investors. The allocation was done at the upper IPO price band of ₹140 per share which resulted in overall anchor allocation of ₹465.30 crore. The anchors have already absorbed 28.90% of the total issue size of ₹1,610.26 crore; after factoring in the discount to employees. Listed below are Top 10 IPO anchor investors who accounted for anchor collection of ₹397.10 crores, or, 85.34% of the overall anchor allocation of shares, one trading day ahead of the IPO of Milky Mist Dairy Food Ltd. The individual anchor allocation of top-10 investors is indexed descending on number of shares allotted and captured below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Zulia Investments Pte Ltd | 1,14,28,670 | 34.39% | ₹ 160.00 |
| 02 | Nippon India Small Cap Fund | 42,23,627 | 12.71% | ₹ 59.13 |
| 03 | HDFC Balanced Advantage Fund | 30,23,499 | 9.10% | ₹ 42.33 |
| 04 | ICICI Pru Bharat Consumption Fund | 24,38,316 | 7.34% | ₹ 34.14 |
| 05 | India Acorn Fund | 17,85,830 | 5.37% | ₹ 25.00 |
| 06 | Public Sector Pension Board - IIFL | 17,85,829 | 5.37% | ₹ 25.00 |
| 07 | International Finance Corporation (IFC) | 14,28,664 | 4.30% | ₹ 20.00 |
| 08 | Motilal Oswal Consumption Fund | 8,21,439 | 2.47% | ₹ 11.50 |
| 09 | Aditya Birla Life Insurance Company | 7,14,332 | 2.15% | ₹ 10.00 |
| 10 | Invesco India Consumption Fund | 7,14,332 | 2.15% | ₹ 10.00 |
| Grand Total | 2,83,64,538 | 85.34% | ₹ 397.10 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 3,32,35,713 shares allocated to the anchors in the IPO, there was an allocation of 1,53,78,056 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 13 MF schemes of 9 asset management companies (AMCs). Mutual funds accounted for 46.27% of the overall anchor allocation.
Out of the 3,32,35,713 shares allocated to the anchors in the IPO, there was an allocation of 7,14,332 shares made to 1 life insurance company regulated by IRDAI. Life insurance companies accounted for 2.15% of the overall anchor allocation.
The remaining anchor allocation was spread across FPIs, NBFCs, and alternate investment funds (AIFs).
NEXT STEPS IN MILKY MIST DAIRY FOOD LTD IPO
Post the closure of the IPO subscription on 13th August 2026, the basis of allotment will be finalized on 14th August 2026 and the refunds will be initiated on 17th August 2026. In addition, the demat credits are expected to also happen on 17th August 2026 and the stock will list on 18th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 17th August 2026 under ISIN (INE00IT01020).
2026-08-13 — Day-3 subscription update
Milky Mist Dairy Food Ltd (Day-3 Final Subscription at 56.12 times)
MILKY MIST DAIRY FOOD LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 13th August 2026, out of the 817.98 lakh shares on offer in the IPO (excluding anchor portion), Milky Mist Dairy Food Ltd saw bids for 45,904.23 lakh shares. This implies an overall subscription of 56.12X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Milky Mist Dairy Food Ltd was as under:
| Employees (12.43X) | QIBs (155.83X) | HNI / NII (34.91X) | Retail (8.41X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 28.89% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 3,32,35,713 | 3,32,35,713 | 465.30 |
| Employee Quota | 12.43 | 1,66,666 | 20,71,199 | 29.00 |
| QIB Investors | 155.83 | 2,33,23,308 | 3,63,45,17,685 | 50,883.25 |
| HNIs / NIIs | 34.91 | 1,74,92,481 | 61,07,43,267 | 8,550.41 |
| Retail Investors | 8.41 | 4,08,15,789 | 34,30,90,685 | 4,803.27 |
| Total | 56.12 | 8,17,98,244 | 4,59,04,22,836 | 64,265.92 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Milky Mist Dairy Food Ltd was open up to August 13, 2026, and has closed for subscription as of the close of trading hours on August 13, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹64,731.22 crore.
NEXT STEPS IN THE MILKY MIST DAIRY FOOD LTD IPO
Post the closure of the IPO subscription on 13th August 2026, the basis of allotment will be finalized on 14th August 2026 and the refunds will be initiated on 17th August 2026. In addition, the demat credits are expected to also happen on 17th August 2026 and the stock will list on 18th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 17th August 2026 under ISIN (INE00IT01020).
2026-08-13 — Allotment guidance and next steps
Milky Mist Dairy Food Ltd (How to check allotment status online)
ABOUT THE MILKY MIST DAIRY FOOD LTD IPO
The IPO of Milky Mist Dairy Food Ltd opened on August 11th, 2026 and closed on August 13th, 2026. The IPO comprised of a fresh issue and an offer for sale (OFS) of 11,50,33,957 shares (1,150.34 lakh shares) worth ₹1,610.48 crore at the upper band price of ₹140 per share. The allotment status will be finalized by EOD of August 14, 2026. Here is how to check allotment status for the IPO of Milky Mist Dairy Food Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF MILKY MIST DAIRY FOOD LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Milky Mist Dairy Food Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Milky Mist Dairy Food Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF MILKY MIST DAIRY FOOD LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select MILKYMIST from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Milky Mist Dairy Food Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF MILKY MIST DAIRY FOOD LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Milky Mist Dairy Food Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE MILKY MIST DAIRY FOOD LTD IPO
Post the closure of the IPO subscription on 13th August 2026, the basis of allotment will be finalized on 14th August 2026 and the refunds will be initiated on 17th August 2026. In addition, the demat credits are expected to also happen on 17th August 2026 and the stock will list on 18th August 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 17th August 2026 under ISIN (INE00IT01020).
Interested in applying for this IPO?
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