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Milky Mist Dairy Food Limited IPO

ListedMainboard
59.08×
Subscribed
Price band
₹140 – ₹140
Issue size
₹1.55k Cr
Open – close
11 Aug 2026
to 13 Aug 2026
Listing
18 Aug 2026
Listing gain
+17.86%

What the filing actually says

Our read of the offer document and the exchange data — not the issuer's summary of itself

Mixed5 of 7 dimensions read

A mixed but reasonable offering — 4 positive against 1 negative signals

Strength69/100
  • Priced for perfection
    71.1× earnings at the upper band, with no peer set published to compare against — the issue needs sustained high growth just to justify today's price
  • Strong revenue growth
    Revenue compounding at 31.3% across the reported years
  • Profit growth outpaces sales
    PAT up 155.6% a year against revenue at 31.3% — check whether that is operating leverage or a one-off before extrapolating it
  • High return on equity
    ROE of 32.1%
  • Conservative balance sheet
    Debt/equity of 0.74×
  • Institutions bid heavily
    QIB portion subscribed 164.03×

Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.

Dates

The issuer's tentative timetable — a date passing is not confirmation the step completed

  1. Opens
    11 Aug 2026
  2. Closes
    13 Aug 2026
  3. Listing
    18 Aug 2026

Demand and your odds

How the book filled, and what that means for an application

Subscription by category
Qualified institutionalQIB164.03x
Non-institutionalNII / HNI36.75x
Big NIIabove ₹10L39.09x
Small NII₹2L – ₹10L32.08x
Retail individualRII8.86x
Employee13.15x

28,60,413 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 13 Aug 2026.

Chance of allotment
Retail8.86× subscribed
~1 in 8.9

Retail is 8.86× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 8.9 applications gets one lot. Bidding for extra lots does not improve these odds.

HNI / NII36.75× subscribed
~1 in 36.8

HNI is 36.75× subscribed. This category is allotted proportionately, so a bid receives roughly 1/36.8 of the shares applied for, subject to the minimum-lot draw.

Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.

The offering

Terms, structure and who is selling

Terms
Price band₹140 – ₹140
Total issue size₹1.55k Cr
Listing atMainboard
Company & valuation
P/E at upper band71.07×
EPS₹1.28pre-issue
EPS₹1.28post-issue
NAV per share₹5.87
Return on equity32.12%
Debt / equity0.74×
EBITDA margin13.87%
ROCE11.73%
RoNW33.60%
PAT Margin4.05%
EBITDA Margin13.87%
NAV5.87
ISININE00IT01020
RegistrarKFin Technologies Limited
Lead managersJM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited)

Who gets what

How the issue is split between investor categories, and what each may bid.

CategoryShares% of issue
QIB5,53,92,85549.93%
Anchor Investor3,32,35,71329.96%
QIB (Ex. Anchor)2,21,57,14219.97%
NII (HNI)1,66,17,85714.98%
bNII > ₹10L1,10,78,5729.99%
sNII < ₹10L55,39,2854.99%
Retail3,87,75,00034.95%
Employee1,57,4800.14%

Total issue 11,09,43,192 shares. Indented rows sit inside the category above them and are not added to it.

What each category may bid
Retail (Min)₹14,9801 lot · 107 sh
Retail (Max)₹1,94,74013 lots · 1,391 sh
S-HNI (Min)₹2,09,72014 lots · 1,498 sh
S-HNI (Max)₹9,88,68066 lots · 7,062 sh
B-HNI (Min)₹10,03,66067 lots · 7,169 sh

Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.

Anchor book
Shares allotted3,32,35,713
Anchor portion₹465.3 Cr
Bid date10 Aug 2026
Lock-in ends (50%)12 Sept 2026
Lock-in ends (rest)11 Nov 2026

Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.

What the money is for

Stated use of the net proceeds

  1. 01Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company
    ₹496.86 Cr
  2. 02Financing the capital expenditure requirements in relation to the expansion and modernisation of our Perundurai Manufacturing Facility
    ₹469.24 Cr
  3. 03Deployment of visi coolers, ice cream freezers and chocolate coolers
    ₹155.31 Cr
  4. 04General corporate purposes
    ₹206.62 Cr

Financials

Restated figures as reported in the offer document, ₹ crore

PeriodRevenueEBITDAPATNet worthDebt
20241,821.609—19.444——
20252,349.503—46.074——
20263,138.364—127.009——
Revenue CAGR 31.3%PAT CAGR 155.6%

Risks worth reading

Ranked by our severity assessment, not by the order the prospectus prints them

mediumWe have disclosed contingent liabilities aggregating to ₹ 2,290.09 million as of March 31, 2026, including disputed GST demands, EPCG obligations, and statutory liabilities. If these liabilities materialize, they may adversely affect our business, results of operations, financial condition and cash

mediumWe have an aggregate outstanding export obligation under all active EPCG licences of ₹ 10,028.13 million as at March 31, 2026. If we fail to meet our EPCG obligations in full or within the prescribed timelines, we may be liable to pay an amount equivalent to the duty saved, along with applicable int

mediumOur manufacturing operations are dependent on the supply of large amounts of raw milk, with 94.51%, 97.68% and 99.62% of total raw milk procurement coming from the state of Tamil Nadu in Fiscals 2026, 2025 and 2024, respectively. Any adverse development in Tamil Nadu affecting milk supply could adve

Litigation

Except as stated below, as on the date of this Prospectus, there are no other outstanding (i) criminal proceedings (including matters which are at FIR stage whether cognizance has been taken or not by any court or judicial authority) involving our Company, Subsidiary, Directors or Promoters (“Relevant Parties”) and Key Managerial Personnel and Senior Management; (ii) actions taken (including any orders passed or show cause notices issued) by regulatory authorities and/or statutory authorities (including any judicial, quasi-judicial, administrative authorities or enforcement authorities) involving the Relevant Parties and Key Managerial Personnel and Senior Management; (iii) claims related to direct and indirect taxes involving the Relevant Parties, in a consolidated manner; and (iv) other litigations involving the Relevant Parties (including civil litigation / arbitration proceedings) which has been determined to be material pursuant to the Materiality Policy (as disclosed herein below) or (v) litigations involving our Group Company which may have a material impact on our Company. Further, as on the date of this Prospectus, there are no disciplinary actions (including penalties imposed) by SEBI or recognized stock exchanges, against our Promoters in the last five Fiscals immediately preceding the date of this Prospectus including any outstanding action.

Positives the filing discloses (2)
Strong revenue growth

Restated revenue CAGR of 31.3%.

Healthy return on equity

ROE of 32.1%.

What happened to comparable issues

The last 8 issues to list with a recorded opening price, most comparable first

Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
131.7× sub+23.6%
2.3× sub+6.7%
1.7× sub-2.3%
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
2.5× sub+0.0%
92.3× sub+65.4%

Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.

Offer documents

The primary sources everything above is drawn from

RHP11 Aug 2026
RHP04 Aug 2026

Common questions

How many times is the Milky Mist Dairy Food Limited IPO subscribed?

Milky Mist Dairy Food Limited is subscribed 59.08× overall (QIB 164.03×, NII 36.75×, retail 8.86×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KFin Technologies Limited.

What are the chances of allotment in the Milky Mist Dairy Food Limited IPO?

The retail portion is subscribed 8.86×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 9. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.

Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.

Milky Mist Dairy Food Limited IPO — GMP, subscription & review | DocStoX