Milky Mist Dairy Food prepares for listing on NSE and BSE with a modestly positive grey market, after attracting overwhelming investor demand and scaling financials suggest ongoing growth in India’s dairy industry.
Milky Mist Dairy Food is set to make its market debut on the NSE and BSE on 18 August, with grey market activity pointing to a modestly positive opening. NDTV Profit reported that the latest grey market premium stood at Rs 20, implying an estimated listing price of Rs 160 a share, or about 14.29% above the top end of the issue price band of Rs 140. The premium has eased from Rs 22.50 when the issue opened for subscription, a sign that sentiment has softened slightly even as interest remains firm.
Investor demand for the offering was strong. According to NDTV Profit, the IPO was subscribed 56.12 times by the final day of bidding on 13 August, with qualified institutional buyers taking up the issue 155.83 times, non-institutional investors 34.91 times and retail investors 8.41 times. The share allotment was finalised on 14 August, clearing the way for the listing scheduled for 18 August.
The issue combined a fresh sale of 10.2 crore shares worth Rs 1,428 crore with an offer for sale of 89.28 lakh shares worth Rs 125 crore, taking the total size to Rs 1,553 crore. Business Standard reported in October 2025 that Sebi had given the company the go-ahead for a larger planned flotation, calling it the biggest IPO in the dairy sector at the time. That filing said proceeds were intended for debt reduction, expansion of the Perundurai plant and further investment in its premium dairy and FMCG range.
Milky Mist’s latest reported financials also give context to the debut. NDTV Profit said total income rose 33.5% year-on-year to Rs 3,145.01 crore in FY26, while profit after tax climbed 175.7% to Rs 127.01 crore and earnings before interest, tax, depreciation and amortisation reached Rs 435.22 crore. Earlier analysis from IPOPlatform showed FY25 revenue of Rs 2,349.50 crore, EBITDA of Rs 310.35 crore and profit after tax of Rs 46.07 crore, suggesting the company has been scaling quickly, though from a relatively thin margin base.
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