Milky Mist IPO Day 2: Issue fully subscribed led by strong interest from NIIs; check other details

Until 10:40 AM, the initial share sale of the fastest-growing packaged food companies received bids for 8,40,45,825 shares as compared to 8,17,98,244 shares on offer, as per exchange data.

The non-institutional investor (NII) category was subscribed 1.33 times, while the retail individual investor (RII) segment saw a 1.26 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 0.39 times.

Milky Mist IPO details

The company has fixed the price band of the issue at ₹133 to ₹140 per share. The lot size, or the minimum bid quantity to apply for the issue, is 107 shares. This equates to a minimum investment amount of ₹14,980 per lot at the upper end of the price band for retail investors.

Milky Mist IPO aims to raise ₹1,553 crore through its public issue. The issue is a combination of a fresh issue and an offer for sale of over 11 crore shares.

Milky Mist IPO: Important dates

Milky Mist IPO will remain open for bidding from 11 to 13 August. After the bidding is closed, the allotment of shares is expected to be finalised on August 14.

Successful bidders can expect the shares to be credited to their demat accounts by Monday, August 17, with others receiving refunds on the same day. Milky Mist shares are scheduled to list on the BSE and NSE on August 18.

Milky Mist IPO objective

The money raised from the IPO will be used towards the following objectives:

About the company

Milky Mist is one of the largest private packaged paneer brands in India's organised market with a market share of approximately 19.0% by value in FY26. It was also the largest private packaged cheese brand in South India, with an approximate 12% market share and ranked as the third-largest private packaged cheese player in the organised market across India with an approximate 5% share.

In South India, the company held approximately a 7% share in the organised packaged curd market. It was also among the top two private packaged yogurt brands in India with an approximate 13% market share and commanded a 35-40% share in the organised Greek yogurt segment.

The company started paneer production in 1998. It entered ghee, khova, butter and curd in 2009, cheese in 2010 and yogurt in 2011. Whey powder was added in 2017, followed by the commissioning of the Milky Mist Mega Plant at Perundurai, Erode, in 2018. In 2020, the company launched the SmartChef brand, offering dairy whitener, cream cheese, probiotic curd and frozen foods.

It further expanded into UHT products, Greek yogurt and Skyr yogurt in 2022, while ice cream, chocolates and sweetened condensed milk were launched in 2023. During 2025, the company acquired Asal Food Products Pvt Ltd and the tofu business of Briyas Foods Pvt Ltd.