About Milky Mist Dairy Food IPO
Milky Mist Dairy Food IPO Details
Milky Mist Dairy Food IPO is a 100% book-built issue of ₹1,553 crore, comprising a fresh issue of ₹1,428 crore and an offer for sale (OFS) of ₹125 crore, with a face value of ₹2 per share. The company filed its DRHP with SEBI on July 21, 2025.
The price band of the issue is set between ₹133 to ₹140 per share and the lot size for an application is 107 shares. The minimum amount of investment required by an individual investor is ₹14,980 (107 shares). The IPO will be open for subscription from August 11 to 13, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as August 18, 2026. The book-running lead managers of the issue are JM Financial Limited, Axis Capital Limited and IIFL Capital Services Limited, while the registrar to the issue is KFin Technologies Limited.
Milky Mist Dairy Food IPO Date & Timeline
The Milky Mist Dairy Food IPO is officially set to open for subscription on Aug 11, 2026 and will close on Aug 13, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on July 21, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 14, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 17, 2026. Finally, shares of Milky Mist Dairy Food Ltd. are tentatively scheduled to list on the stock exchanges on Aug 18, 2026.
Milky Mist Dairy Food IPO Timeline
| IPO Open Date | Tue, Aug 11, 2026 |
| IPO Close Date | Thu, Aug 13, 2026 |
| Tentative Allotment | Fri, Aug 14, 2026 |
| Initiation of Refunds | Mon, Aug 17, 2026 |
| Credit of Shares to Demat | Mon, Aug 17, 2026 |
| Tentative Listing Date | Tue, Aug 18, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Milky Mist Dairy Food IPO Details
| Detail | Description |
|---|---|
| IPO Date | 11 to 13 Aug, 2026 |
| Listing Date | 18 Aug, 2026 |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 133 to ₹ 140 |
| Lot Size | 107 Shares |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 11,09,43,193 shares (agg. up to ₹ 1,553 Cr) |
| Fresh Issue(Ex Market Maker) | 10,20,14,623 shares (agg. up to ₹ 1,428 Cr) |
| Offer for Sale | 89,28,570 shares of ₹2 (agg. up to ₹ 125 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 66,78,28,789 shares |
| Share Holding Post Issue | 76,98,43,412 shares |
Milky Mist Dairy Food IPO raises ₹465.30 crore from anchor investors. Milky Mist Dairy Food IPO Anchor bid date is Mon, Aug 10, 2026.
| Bid Date | Mon, Aug 10, 2026 |
| Shares Offered | 3,32,35,713 |
| Anchor Portion (₹ Cr.) | 465.30 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Sep 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Nov 12, 2026 |
View the official anchor investors letter for complete details.
Download Anchor Letter (PDF)Milky Mist Dairy Food IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Milky Mist Dairy Food IPO GMP is currently trading at ₹24, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹164, which is 17.14% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹140 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹24 and a lot size of 107 shares.
Milky Mist Dairy Food GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 14 Aug 2026 | ₹140 | ₹24 | 14 Aug, 202603:24 PM |
| 13 Aug 2026 | ₹140 | ₹23.5 | 13 Aug, 202601:07 PM |
| 12 Aug 2026 | ₹140 | ₹18 | 12 Aug, 202605:09 PM |
| 11 Aug 2026 | ₹140 | ₹21 | 11 Aug, 202604:46 PM |
| 10 Aug 2026 | ₹140 | ₹26.5 | 10 Aug, 202601:08 PM |
| 9 Aug 2026 | ₹140 | ₹26 | 10 Aug, 202610:08 AM |
| 8 Aug 2026 | ₹140 | ₹24 | 8 Aug, 202610:09 AM |
| 7 Aug 2026 | ₹140 | ₹24 | 7 Aug, 202605:31 PM |
| 06 Aug, 2026 | ₹140 | ₹0 | 06 Aug, 202610:10 AM |
| 05 Aug, 2026 | ₹140 | ₹0 | 05 Aug, 202610:10 AM |
Company Background
One of India’s fastest-growing packaged food companies, Milky Mist Dairy Food Ltd., was incorporated as a partnership firm named "M.M.D. Dairy" in 1998 and then transformed into a separate firm in 2006. In 2014, Milky Mist converted from a partnership firm to a private limited company named “Milky Mist Dairy Food Private Limited." The headquarter of the company is in Erode, Tamil Nadu.
With over 2 decades of operations in a packaged food company, Milky Mist is the first private company in India that launched branded packaged paneer and established categories, including curd, ghee, butter, cheese, yogurt, ice cream and so on. In May 2025, Milky Mist converted into a public limited company to proceed with its public listing procedures.
Operations and Product Range
Milky Mist Dairy Food Ltd. is a large-scale operation in the dairy sector of the industry, dealing with the acquisition and processing of milk to produce high-demand products. The wide product range of this company includes:
- • Core simulated products: Paneer, curd and yogurt.
- • Value-Added Items: Cheese, butter, ghee and fresh cream.
- • Beverages & Desserts: Flavored milk, lassi, milk powder and ice cream.
Facilities and Capacity
The main operational hub of Milky Mist Dairy Food Ltd. is the Perundurai Manufacturing Facility situated in Erode, Tamil Nadu. In addition to this, the company also has a manufacturing unit in Bengaluru through its subsidiary, Asal Food Products Private Ltd. The company has a massive procurement network consisting of 3,460 Automated Milk Collection Units (AMCUs) as of March 2025.
Brands and Market Presence
The "Milky Mist" brand is a household name in South India. To maintain market presence and ensure product quality, the company has its own tech-enabled logistics fleet of 252 reefer trucks for perishable products and 44 milk vans for raw milk collection. Milky Mist Dairy Food Ltd. also have 108 exclusive "Milky Mist" parlours in 8 states, including Tamil Nadu andhra Pradesh and Kerala.
Revenue Streams and Business Model
The main source of income is generated from the sale of value-added dairy products marketed under the brand name "Milky Mist." Milky Mist Dairy Food Ltd. operates on an integrated business model where it directly sources raw milk from a total of over 67,000 farmers. E-commerce and organised retail are major drivers of growth, aided by its own logistics network that provides a cold chain from the factory to the retail stores.
Financial Performance
Milky Mist Dairy Food Ltd. reported strong financial performance in FY26, achieving total income of ₹3,145.01 crore. This represents a 32.12% ROE in FY26 compared to 15.11% in FY25. Driven by high-margin value-added products, net profit surged by 142% (over 2.4X) year-on-year to reach ₹127.01 crore, up from ₹46.07 crore in FY25. EBITDA grew to ₹435.22 crore in FY26 compared to ₹310.35 crore in FY25.
Management and Shareholding
The Milky Mist Dairy Food Ltd. is led by its core promoters, Sathishkumar T and Anitha S. While the promoters held a significant majority of the company's equity before this public offering, their overall stake will be slightly diluted as the post-IPO shareholding structure results from both the issuance of new equity through the fresh issue and the strategic sale of existing shares by the promoters.
Board and Key Management
The leadership of Milky Mist Dairy Food Ltd. is led by a team of experts with many years of experience. Sathishkumar T serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as the daily operations, along with Whole-Time Directors Anitha S and Dr. K Rathnam. To ensure good governance, the board includes Independent Directors Radha Venkatakrishnan, Subramaniam N and Mallika Janakiraman for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Milky Mist Dairy Food IPO Financial Information
Latest Revenue
3,138.36
₹ Crore
Profit After Tax
127.01
₹ Crore
Net Worth
378.00
₹ Crore
Total Borrowing
1,671.85
₹ Crore
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 2,676.46 | 3,138.36 | 127.01 | 378.00 | 333.55 | 1,671.85 |
| 31 Mar 2025 | 2,150.59 | 2,349.50 | 46.07 | 242.77 | 199.23 | 1,376.38 |
| 31 Mar 2024 | 1,606.26 | 1,821.61 | 19.44 | 197.05 | 278.04 | 1,036.72 |
| Amount in ₹ Crore | ||||||
Milky Mist Dairy Food Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 32.12 % |
| ROCE | 11.73 % |
| Debt/Equity | 3.61 |
| RoNW | 33.60 % |
| PAT Margin | 4.05 % |
| EBITDA Margin | 13.87 % |
| NAV | 5.87 |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.90 | 1.65 |
| P/E (x) | 73.68 | 84.85 |
IPO Objectives
The company intends to use the net proceeds from the fresh issue of Milky Mist Dairy Food IPO for the following purposes:
- • Funding the capital expenditure, like the procurement and deployment of 25,000 ice cream freezers, 20,000 visi-coolers and 10,000 chocolate coolers across Fiscal Years 2026-2028.
- • General Corporate Purposes
IPO Review
Milky Mist Dairy Food Ltd. holds a unique market position in the Indian dairy sector by focusing exclusively on premium value-added dairy products (VADPs)—such as paneer, cheese, curd and yogurt—rather than low-margin liquid milk. Supported by automated manufacturing and a direct milk procurement network connecting over 67,000 farmers, the company operates like a high-growth packaged food brand.
Financially, the company exhibits a strong growth trajectory, with revenue from operations expanding at a ~30% CAGR between FY23 and FY25 to reach ₹2,349.5 crore. EBITDA reached ₹310.3 crore in FY25 (13.2% margin). While net profit rose to ₹46 crore in FY25, margins remain constrained due to high debt servicing costs.
However, investors must be aware of the primary strengths of the firm, which include strong brand equity, fully integrated cold-chain logistics and premium product pricing. However, key risk factors involve heavy regional concentration in Southern India, exposure to milk procurement price fluctuations, raw material spoilage risks and high leverage, though fresh issue proceeds aim to reduce total borrowings.
Overall, the IPO offers structured exposure to India's fast-growing value-added dairy market, where future operational performance depends on geographical expansion, debt reduction and execution in margin-heavy packaged segments.
Conclusion
Milky Mist Dairy Food IPO is an opportunity for investors to invest in a growing company that has built a strong brand in the competitive Indian dairy products market, with a strong business model by focusing on high-margin value-added products and by maintaining control over its logistics and procurement chain. With this listing, the company aims to upgrade its Perundurai manufacturing facility, reducing outstanding borrowings and for general corporate purposes.
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Competitive Strengths
Direct procurement from over 67,000 farmers ensures quality and consistent raw material supply.
"Milky Mist" is a well-established brand with a diverse portfolio of over 20 product categories.
Owning a specialized fleet of reefer trucks allows for superior quality control of perishable dairy items.
A wide network including 108 exclusive parlours and thousands of retail touchpoints across South India.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 107 | 14,980 |
| Individual investors (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 |