About Milky Mist IPO
Milky Mist Dairy Food Limited is set to launch its IPO for public subscription on August 11, 2026, and will remain open until August 13, 2026.
The Milky Mist IPO price band is set at ₹133–₹140 per equity share. The allotment will be out on August 14, 2026.
The Milky Mist IPO is a ₹1,553 crore book-building issue, comprising a fresh issue of ₹1,428 crore and an offer for sale (OFS) of up to 89,28,570 equity shares (~₹125 crore), with a face value of ₹2 each.
Milky Mist IPO Date, Price, and Other Details
The following are the details of the upcoming Milky Mist Dairy Food Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹1,553 crore |
| Offer Type | Fresh issue of ₹1,428 crore + OFS of ₹125 crore |
| Total Number of Equity Shares | To be announced |
| Price Band | ₹133 to ₹140 per share |
| Issue Dates | Opens: Aug 11, 2026 · Closes: Aug 13, 2026 |
| Anchor Investor Date | Aug 10, 2026 |
| Minimum Bid Lot | 1 lot of 107 shares |
| Minimum Investment (Retail) | ₹14,980 (at upper band) |
| Allotment Date | Aug 14, 2026 |
| Credit to Demat | Aug 15, 2026 |
| Listing Date | Aug 18, 2026 |
| Face Value | ₹2 per share |
| Lead Managers (BRLMs) | JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Business Overview of Milky Mist
Milky Mist Dairy Food Limited, incorporated in July 2014, is one of India's fastest-growing packaged food companies focused on premium value-added dairy products.
The company procures milk from dairy farmers and manufactures paneer, curd, ghee, butter, cheese, and frozen foods under the 'Milky Mist' brand, serving customers across India.
Key Highlights of Milky Mist Dairy Food Limited Include:
| Particulars | Details |
|---|---|
| Incorporated | July 2014 |
| Brand | Milky Mist |
| Product Range | Paneer, curd, ghee, butter, cheese, frozen foods |
| Employees (Mar 2026) | 362 |
| Revenue FY26 | ₹3,145.01 crore |
| Focus | Premium value-added dairy products |
Milky Mist IPO Reservation: Who Can Apply?
The Milky Mist IPO has the following category reservations from Retail to HNIs:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,980 |
| 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 |
Strengths and Risks of Milky Mist IPO
With every business owning its strengths and risks, even the Milky Mist IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- One of India's fastest-growing premium packaged dairy brands with strong brand recognition, particularly in southern India.
- Revenue grew 33.5% YoY to ₹3,145.01 crore in FY26, and PAT grew 2.76x from ₹46.07 crore to ₹127.01 crore.
- Focus on value-added dairy products (paneer, cheese, curd, ghee), which carry higher margins than commodity liquid milk.
- ₹1,428 crore fresh issue gives the company significant capital for debt reduction and expansion.
Risks
- Debt-to-equity ratio is high at 3.61x (FY26), indicating a leveraged balance sheet. ₹496.8 crore of fresh issue proceeds is earmarked for debt repayment.
- Listed dairy peers (Hatsun, Dodla, Heritage, Parag) are all down in 2026 due to high milk procurement costs (sector headwinds persist).
- ROCE was 11.73% in FY26, which is modest given the leverage and growth rate.
- Dairy industry is sensitive to raw milk procurement cost volatility, seasonal supply fluctuations, and regulatory price controls.
- The brand is strong in southern India but has limited pan-India presence compared to larger FMCG dairy players.
Future Plans/Strategies
- Use IPO proceeds to repay/prepay ₹496.8 crore of outstanding borrowings and strengthen the balance sheet.
- Expand manufacturing capacity and cold chain infrastructure to serve a broader geography.
- Deepen product portfolio in value-added dairy and frozen food categories.
- Listing on exchanges to enhance visibility, brand recall, and support long-term growth plans.
Milky Mist IPO Objectives – How Will the Funds Be Used?
The Milky Mist IPO comprises both a fresh issue (₹1,428 crore) and an OFS (₹125 crore). The company will receive proceeds only from the fresh issue. The OFS proceeds will go to the selling shareholders.
| Objective | Amount (₹ in millions) |
|---|---|
| Repayment/prepayment of outstanding borrowings | 4,968.61 |
| Capital expenditure / expansion | 4,692.40 |
| Deployment of visi coolers, ice cream freezers and chocolate coolers | 1,553.13 |
| General corporate purposes | Shall not exceed 25% of gross proceeds |
How To Apply for the Milky Mist IPO?
You can apply for the Milky Mist IPO on any financial platform by following these simple steps:
Step 1: Open a Demat and trading account with a broker
Step 2: Log in to the app and go to the IPO section
Step 3: Select Milky Mist Dairy Food IPO
Step 4: Enter the lot size (minimum 107 shares) and bid price (₹133–₹140)
Step 5: Approve the UPI mandate to block funds
Step 6: Submit your application
Promoter Shareholding of Milky Mist IPO
The promoters of Milky Mist IPO include T. Sathish Kumar (Managing Director) and family members.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Anitha S | 49.48% |
| Sathishkumar T | 39.38% |
| Other Promoter Group Members | 4.13% |
| Total | 92.99% |
Financial Performance (₹ in crores) of Milky Mist IPO
Here's the table outlining the financial performance of Milky Mist Dairy Food Limited from FY 2024 to FY 2026.
(in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,676.46 | 2,150.59 | 1,606.26 |
| Total Income | 3,145.01 | 2,354.79 | 1,826.86 |
| Profit After Tax | 127.01 | 46.07 | 19.44 |
| EBITDA | 435.22 | 310.35 | 222.33 |
| NET Worth | 378.00 | 242.77 | 197.05 |
| Reserves and Surplus | 333.55 | 199.23 | 278.04 |
| Total Borrowing | 1,671.85 | 1,376.38 | 1,036.72 |
Key Performance Metrics of Milky Mist
Based on the financials available in the RHP, the following key performance metrics of Milky Mist IPO can be considered.
| KPI | Values (FY 2025-26) | Values (FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 32.12% | 15.11% |
| Net Asset Value (NAV) | 5.87 | - |
| Price/Earnings (P/E) Ratio | - | — |
| Earnings Per Share (EPS - Diluted) | 1.97 | 0.72 |
| EBITDA Margin (%) | 13.87% | 13.21% |
| PAT Margin (%) | 4.05% | 1.96% |
| Debt to Equity Ratio | 3.61 | 4.20 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Milky Mist IPO
The Registrar of Milky Mist IPO is Kfin Technologies Ltd.
Phone: 040-79615565
Website: https://ipostatus.kfintech.com/
Lead Manager of Milky Mist IPO
In total, 3 lead managers are handling the IPO process of Milky Mist Dairy Food Limited namely;
- JM Financial Ltd.
- Axis Capital Ltd.
- IIFL Capital Services Ltd...
