Milky Mist IPO opens on August 11; check price band, issue size & other key details
Milky Mist Dairy Food IPO will open for subscription on Tuesday, 11 August, and close on Thursday, 13 August, while the anchor investor allocation is scheduled for Monday, 10 August.
- Aug 6, 2026,
- Updated Aug 6, 2026 9:28 AM IST
Milky Mist Dairy Food has fixed the price band for its initial public offering at Rs 133 to Rs 140 per equity share with a face value of Rs 2 each. The IPO will open for subscription on Tuesday, 11 August, and close on Thursday, 13 August, while the anchor investor allocation is scheduled for Monday, 10 August.
The lot size for the Milky Mist IPO has been fixed at 107 equity shares and in multiples of 107 shares thereafter. The company has reserved not more than 50 per cent of the issue for qualified institutional buyers, not less than 15 per cent for non-institutional investors, and not less than 35 per cent for retail investors.
The basis of allotment is expected to be finalised on Friday, 14 August. Refunds are scheduled for Monday, 17 August, and shares are expected to be credited to allottees' demat accounts the same day. The shares are likely to list on the BSE and NSE on Tuesday, 18 August.
The IPO size has been revised to Rs 1,553 crore from the Rs 2,035 crore proposed in the draft red herring prospectus filed in July 2025, after the company raised Rs 357 crore in a pre-IPO placement. Tamil Nadu-based Milky Mist cut the issue size after pre-listing stake sales to Jongsong Investments, a unit of Singapore state investor Temasek.
Jongsong Investments acquired shares at Rs 139.76 apiece in an April pre-IPO placement and now holds roughly a 5.2 per cent stake in the company. The pre-IPO fundraising involved the issue of 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares at Rs 139.76 each, implying a valuation of over Rs 10,700 crore.
Following the pre-IPO placement, the promoters hold 93 per cent of the company, while public shareholders own the remaining 7 per cent, including Jongsong Investments, which holds a 5.16 per cent stake. In the IPO, the company will issue fresh shares worth Rs 1,428 crore, while the founders will sell shares worth Rs 125 crore.
Milky Mist, which sells products including cheese, butter and ice cream, plans to use part of the proceeds to repay debt and expand and upgrade its flagship manufacturing facility at Perundurai in Tamil Nadu. Of the fresh issue proceeds, Rs 496.8 crore will go towards repayment or prepayment of borrowings, which stood at Rs 1,390.7 crore as of May 2026.
The IPO comes at a time when Milky Mist's rivals have struggled this year amid broader market declines and margin pressures caused by high milk procurement costs. JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue.
Milky Mist Dairy Food has fixed the price band for its initial public offering at Rs 133 to Rs 140 per equity share with a face value of Rs 2 each. The IPO will open for subscription on Tuesday, 11 August, and close on Thursday, 13 August, while the anchor investor allocation is scheduled for Monday, 10 August.
The lot size for the Milky Mist IPO has been fixed at 107 equity shares and in multiples of 107 shares thereafter. The company has reserved not more than 50 per cent of the issue for qualified institutional buyers, not less than 15 per cent for non-institutional investors, and not less than 35 per cent for retail investors.
The basis of allotment is expected to be finalised on Friday, 14 August. Refunds are scheduled for Monday, 17 August, and shares are expected to be credited to allottees' demat accounts the same day. The shares are likely to list on the BSE and NSE on Tuesday, 18 August.
The IPO size has been revised to Rs 1,553 crore from the Rs 2,035 crore proposed in the draft red herring prospectus filed in July 2025, after the company raised Rs 357 crore in a pre-IPO placement. Tamil Nadu-based Milky Mist cut the issue size after pre-listing stake sales to Jongsong Investments, a unit of Singapore state investor Temasek.
Jongsong Investments acquired shares at Rs 139.76 apiece in an April pre-IPO placement and now holds roughly a 5.2 per cent stake in the company. The pre-IPO fundraising involved the issue of 5.43 lakh equity shares and 2.5 crore compulsorily convertible preference shares at Rs 139.76 each, implying a valuation of over Rs 10,700 crore.
Following the pre-IPO placement, the promoters hold 93 per cent of the company, while public shareholders own the remaining 7 per cent, including Jongsong Investments, which holds a 5.16 per cent stake. In the IPO, the company will issue fresh shares worth Rs 1,428 crore, while the founders will sell shares worth Rs 125 crore.
Milky Mist, which sells products including cheese, butter and ice cream, plans to use part of the proceeds to repay debt and expand and upgrade its flagship manufacturing facility at Perundurai in Tamil Nadu. Of the fresh issue proceeds, Rs 496.8 crore will go towards repayment or prepayment of borrowings, which stood at Rs 1,390.7 crore as of May 2026.
The IPO comes at a time when Milky Mist's rivals have struggled this year amid broader market declines and margin pressures caused by high milk procurement costs. JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue.