Milky Mist Dairy Food’s initial public offering concluded on Day 3 with a massive overall subscription of 56.06x. The issue saw overwhelming interest from Qualified Institutional Buyers (QIBs), who subscribed to the offer 155.83 times, driving the momentum significantly higher from earlier in the day. Non-Institutional Buyers (NII) also showed strong appetite, with bHNI subscribing 37.13x and sHNI 30.41x. Retail investors participated actively, booking 8.29x. The IPO, priced between ₹133.00000 and ₹140.00000, closed on August 13, 2026.

Final Subscription Status

Category-wise Breakdown

The QIB category was the clear leader, accounting for the highest multiple at 155.83x. Among Non-Institutional Buyers, the bHNI segment outperformed sHNI with 37.13x versus 30.41x. Retail participation stood at 8.29x, indicating steady retail interest despite the high institutional demand. Employee subscriptions were recorded at 12.33x.

Intra-day Timeline (13-08-2026)

The subscription numbers picked up pace after 9:45 AM, with QIBs racing ahead.

Momentum Highlights:

• QIB: Jumped +75.4% today (from 88.86x to 155.83x)
• NII (bHNI): Jumped +15.9% today (from 26.23x to 30.41x)
• Retail: Jumped +21.4% today (from 6.83x to 8.29x)
• Total: Jumped +58.5% today (from 35.37x to 56.06x)

About the Company

Milky Mist Dairy Food Limited is the fastest-growing packaged food company in India (among companies with revenue scale of more than ₹15,000 million) with a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026. Founded in 2014, the company focuses on value-added dairy products including paneer, cheese, curd, butter, ghee, yogurt, ice cream, and UHT products under the 'Milky Mist' brand. It operates an integrated farm-to-retail infrastructure with one manufacturing facility in Perundurai, Tamil Nadu, sourcing raw milk from 74,654 farmers across 25 districts. The management team includes MD Sathishkumar T, Director Anitha S, CEO Dr. K Rathnam, and Director Radha Venkatakrishnan.

Financial Highlights

The company demonstrated consistent top-line growth, with revenue rising from ₹1,821.61 crore in FY24 to ₹3,138.36 crore in FY26. Profitability also improved significantly, with total profit increasing from ₹19.44 crore in FY24 to ₹127.01 crore in FY26.

Objects of the Issue

• Repayment/prepayment of certain outstanding borrowings: ₹496.86 crores
• Financing capital expenditure for expansion and modernisation of Perundurai Manufacturing Facility: ₹469.24 crores
• Deployment of visi coolers, ice cream freezers and chocolate coolers: ₹155.31 crores
• General corporate purposes: Balance funds

Risk Factors

• Substantial Indebtedness: Total outstanding borrowings of ₹16,718.53 million as of March 31, 2026, with a debt-to-equity ratio of 3.61 times.
• Geographic Concentration: 94.51% of raw milk procurement from Tamil Nadu in Fiscal 2026; disruption could impact operations.
• Single Manufacturing Facility: Dependence on one facility in Perundurai, Tamil Nadu; any halt could severely impact business continuity.

What's Next

The IPO closed on August 13, 2026. Investors should await the allotment status update from the registrar. Listing date details will be announced post-allotment. Basis of allotment will be determined based on the oversubscription levels in each category.

Milky Mist Dairy Food IPO witnessed a substantial jump in subscription on Day 2, reaching an overall multiple of 2.15 times. The issue has gained momentum across key investor categories, particularly among Non-Institutional Buyers (sHNI) and Retail investors, indicating growing confidence in the dairy food sector player.

Subscription Status

The IPO saw varied interest across categories on Day 2. Here is the cumulative subscription breakdown:

About the Company

Milky Mist Dairy Food is engaged in the dairy food sector. The company is seeking to raise capital through this initial public offering to support its business operations and growth plans.

Key Dates

• IPO Opens: Today
• Subscription Status: Day 2 data available
• Close Date: To be announced
• Allotment Date: To be announced
• Listing Date: To be announced

Offer Details Recap

The issue price band remains set between ₹133.00000 and ₹140.00000. The minimum bid quantity for investors is 107 units. The IPO size ranges from a minimum of ₹13589 crore to a maximum of ₹500000 crore.