Milky Mist Dairy Food IPO opens: Should you subscribe? Check price band, GMP & reviews

The initial public offering (IPO) of Milky Mist Dairy Food shall open for subscription on Tuesday, August 11. The packaged-food product player shall be selling its shares for Rs 133-140 apiece, with a lot size of 107 equity shares and its multiples thereafter. The issue will close for subscription on Thursday, August 13.

The Rs 1,553 crore IPO of Milky Mist Dairy Food includes a fresh share sale of Rs 1,428 crore and an offer-for-sale (OFS) of up to 89,28,570 equity shares worth Rs 125 crore. The net proceeds from the issue shall be utilized towards repayment of debt, financing capital expenditure requirements to modernize its Perundurai facility, deployment of visi coolers, ice-cream freezer and general corporate purposes.

Incorporated in July 2014, Eroda-based Milky Mist Dairy Food is one of India's fastest-growing packaged food companies focused on premium value-added dairy products. It manufactures and markets a diversified portfolio including cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat, ready-to-cook foods, and chocolates under various brands.

Ahead of its IPO, Milky Mist Dairy Food raised Rs 465.3 crore from 19 anchor investors as it allocated 3,32,35,713 equity shares at Rs 140 apiece. Anchor book included names like Zulia Investments, Nippon Life India, HDFC Trustee Company, ICICI Prudential MF, India Acorn Fund, International Finance Corporation, Invesco India, Motilal Oswal MF, Anicut Equity, Union MF, HSBC MF and more.

Milky Mist Dairy Food reported a net profit of Rs 127.01 crore with a revenue of Rs 3,145.01 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 46.07 crore with a revenue of Rs 2,354.79  crore for the fiscal year 2024-25. At the current valuations, the company commands a total market capitalization more than Rs 10,775 crore.

Milky Mist has reserved 50 per cent of the net issue for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of allocation. Retail investors will have 35 per cent reservation in the IPO. Last heard, Milky Mist was commanding a grey market premium (GMP) of Rs 20-22 apeice, suggesting a listing pop of 14-16 per cent for the investors.

JM Financial Ltd, Axis Capital and IIFL Capital Services are the book-running lead managers of Milky Mist IPO, and Kfin Technologies Ltd will serve as the registrar. Shares of the company shall be listed on both BSE and NSE on August 18, Tuesday. Here's what a host of brokerage firms say about the IPO of Milky Mist Dairy Food:

SBI Securities
Rating: Subscribe
Milky Mist Dairy Foods focuses on VADP which is a higher margin product compared to its peers which are heavily invested in traditional low margin liquid milk business. It delivered a CAGR of 31.3 per cent, 40.5 per cent and 155.6 per cent in its revenue, EBITDA and PAT during the FY24-FY26 period with a FY26 EBITDA margin of 13.7 per cent, up 70 bps YoY and 180 bps since
FY24, said SBI Securities.

The IPO is valued at a post-issue FY26 PE multiple of 84.9 times at upper price band. The company is planning to repay debt of Rs 497 crore from the IPO proceeds, which is expected to reduce interest cost going forward. This along with the increase in capacity utilization is expected to deliver high double-digit earnings growth ahead," it added with a 'subscribe' rating.

Swastika Investmart
Rating: Neutral
Milky Mist delivered a 33.6 per cent revenue CAGR, expanding margins, and a 32 per cent RoE, supported by leadership in the value-added dairy segment. Milky Mist is valued at 85 times FY26 post-IPO earnings, a premium to the dairy sector average of 52.5 times P/E, said Swastika Investmart.

"However, the premium appears justified given its FMCG-like margins and pure-play value-added dairy business, unlike traditional liquid milk processors such as Hatsun and Heritage. Aggressive investor can apply while a more favourable entry point may emerge post-listing as leverage declines and earnings quality improves," it added.

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Given its strong revenue growth, leadership in key value-added dairy categories and premium positioning, Milky Mist may command a valuation premium, said Anand Rathi. "However, the IPO valuation appears fully priced at the upper band and hence, we recommend a 'subscribe for long term' rating to the IPO," it adds.

SMIFS
Rating: Subscribe
Planned capacity expansion, deployment of 66,000 additional branded cooling assets and significant headroom for geographic expansion position, Milky Mist to capitalise on the Rs 11.9 lakh crore addressable market opportunity by FY31, said SMIFS and gave its a 'subscribe for long-term rating given its differentiated business model, integrated operations, strong execution capabilities and multiple long-term growth drivers.

BP Equities
Rating: Subscribe
"Milky Mist is valued at a P/E of around 71.1 times based on FY26 earnings. Considering its leadership position in the nutrition segment, integrated business model, strong brand portfolio, improving financial profile, and favorable industry outlook, we believe the company is well-positioned to deliver sustainable long-term growth," said BP Equities with a 'subscribe' rating for long-term.

Sushil Finance
Rating: Subscribe
Milky Mist Dairy Food is a strong Subscribe, built on one of the cleanest growth-and profitability trajectories in this batch. The offer itself is sensibly balanced — roughly a third to debt repayment, a third to capacity expansion, and a meaningful chunk to cold-chain/retail infrastructure that should support continued distribution-led growth — rather than being a pure promoter-exit vehicle, said Sushil Finance.

Ventura Securities
Rating: Subscribe
Milky Mist Dairy Food is a Tamil Nadu-based value-added dairy company with a wide portfolio spanning paneer, cheese, curd, butter, ghee, yoghurt and other products. The company has a strong distribution network across India and sources milk directly from farmers, said Ventura.

Its revenue grew 33.6 per cent in FY26, driven by strong growth across key categories, while PAT nearly tripled to Rs 127 crore. Milky Mist holds leading positions in packaged paneer, cheese and yoghurt markets and is benefiting from the rapid expansion of India's value-added dairy segment. However, its relatively high leverage remains a key factor for investors to monitor, it said with a 'subscribe' tag.

Ajcon Global Services
Rating: Subscribe
"We give a ‘subscribe’ rating to the issue for as Milky Mist has established strong market positions, including 19 per cent share in organised packaged paneer, 12 per cent share in South India’s organised cheese market and around 13 per cent share in organised yogurt, providing a strong platform for further growth," said Ajcon Global Services.

Equivision
Rating: Subscribe
Its automated Perundurai manufacturing facility, integrated supply chain and diversified distribution network across 22 states and 5 Union Territories provide a strong foundation for scalability, product quality and operational efficiency, said Equivision. "It is trading at a premium, reflecting strong growth and market position. Continued revenue growth, better margins and successful execution will be important to justify the valuation."