Milky Mist Dairy Food IPO Opens on August 11: Issue Size, Dates, Financials and Key Details

Milky Mist Dairy Food IPO is set to open for subscription on August 11, 2026, offering investors an opportunity to participate in one of India's fastest growing premium dairy and packaged food companies. The company plans to raise ₹1,553 crore through a combination of a fresh issue worth ₹1,428 crore and an Offer for Sale (OFS) of ₹125 crore. The IPO will remain open until August 13, 2026, while the shares are scheduled to be listed on both the NSE and BSE on August 18, 2026, subject to the completion of the allotment process.

Over the past few years, Milky Mist Dairy Food Ltd. has expanded beyond traditional dairy products by building a diversified portfolio that includes cheese, paneer, butter, curd, ghee, yogurt, ice cream, frozen foods, ready to eat products, ready to cook products and chocolates. The company follows an integrated farm to consumer business model with direct milk procurement, automated manufacturing facilities and its own cold chain logistics network. Investors will also closely watch the IPO because the company reported strong financial growth in FY26, with revenue increasing by 34% and profit after tax rising by 176% compared with the previous financial year.

Milky Mist Dairy Food IPO Details

Particulars	Details
IPO Type	Book Building IPO
IPO Size	₹1,553 Crore
Fresh Issue	₹1,428 Crore
Offer for Sale	₹125 Crore
IPO Opens	11 August 2026
IPO Closes	13 August 2026
Expected Allotment	14 August 2026
Refund Initiation	17 August 2026
Credit of Shares	17 August 2026
Expected Listing	18 August 2026
Listing Exchange	BSE & NSE
Face Value	₹2 per Share
Price Band	₹133 – ₹140 per Share
Lot Size	107 Shares
Minimum Investment	₹14,980 (at the upper price band)
Retail Reservation	Not less than 35% of the Net Offer
QIB Reservation	Not more than 50% of the Net Offer
NII Reservation	Not less than 15% of the Net Offer
Book Running Lead Manager	JM Financial Ltd.
Registrar	KFin Technologies Ltd.
Latest GMP	₹23
Estimated Listing Price	₹163
Expected Listing Gain	16.43%
Retail Subject to Sauda	₹1,900
Small HNI Subject to Sauda	₹26,600

Source : SEBI DRHP Fillings

About Milky Mist Dairy Food Ltd.

Milky Mist Dairy Food Limited is one of India's fastest growing packaged food companies focused on premium value added dairy products. Since its incorporation in 2014, the company has steadily expanded its product portfolio by introducing branded dairy products alongside frozen foods and convenience food offerings. Today, its brands include Milky Mist, SmartChef, Capella, Misty Lite, Briyas and Asal, catering to consumers across multiple food categories.

The company operates an integrated business model that begins with direct milk procurement from farmers and extends through automated manufacturing, cold chain logistics and nationwide distribution. This integrated supply chain allows Milky Mist to maintain product quality while supporting efficient production and faster delivery across different regions of India. Its focus on premium products, technology driven manufacturing and innovation has helped the company strengthen its position in the organised dairy industry.

Milky Mist Product Portfolio

Category	Products
Dairy Products	Cheese, Paneer, Butter, Curd, Ghee
Frozen Foods	Frozen Food Products
Ready to Eat	Packaged Ready to Eat Foods
Ready to Cook	Convenience Cooking Products
Desserts	Ice Cream
Beverages	UHT Products
Chocolates	Premium Chocolates

Milky Mist Dairy Food Financial Performance

Milky Mist delivered impressive financial growth during FY26 as demand for value added dairy products continued to increase. The company reported total income of ₹3,145.01 crore, compared with ₹2,354.79 crore in FY25, representing an annual growth of nearly 34%. Even more significantly, profit after tax surged to ₹127.01 crore from ₹46.07 crore, reflecting a remarkable 176% year on year increase. The strong improvement in profitability indicates better operating leverage and improving business efficiency as the company continues expanding its manufacturing capabilities.

The company also reported higher EBITDA, stronger net worth and improving return ratios, highlighting its expanding scale. However, investors should also note that Milky Mist continues to carry relatively high borrowings, making debt reduction one of the major objectives of the IPO.

Financial Highlights

Financial Metric (₹ Crore)	FY26	FY25	Growth
Total Income	3,145.01	2,354.79	34%
Profit After Tax	127.01	46.07	176%
EBITDA	435.22	310.35	Strong Growth
Total Assets	2,676.46	2,150.59	Increased
Net Worth	378.00	242.77	Improved
Total Borrowings	1,671.85	1,376.38	Increased

IPO Objectives

A major portion of the funds raised through the fresh issue will be utilised to strengthen the company's balance sheet and expand manufacturing capacity. Nearly ₹496.86 crore has been earmarked for repayment or prepayment of existing borrowings, which is expected to reduce interest costs and improve financial flexibility.

The company will also invest ₹469.24 crore towards expanding and modernising its Perundurai manufacturing facility, allowing it to increase production capacity and support future demand. In addition, funds will be deployed for installing visi coolers, ice cream freezers and chocolate coolers across retail channels, helping improve product availability and strengthen its distribution network.

Utilisation of IPO Proceeds

Purpose	Amount (₹ Crore)
Repayment of Borrowings	496.86
Manufacturing Expansion	469.24
Coolers & Freezers Deployment	155.31
General Corporate Purposes	Remaining Amount

IPO Reservation

The IPO follows the standard allocation pattern for different investor categories.

Investor Category	Reservation
Qualified Institutional Buyers (QIBs)	Up to 50%
Retail Investors	Minimum 35%
Non Institutional Investors (NIIs)	Minimum 15%

Milky Mist Dairy Food IPO GMP Today

GMP Date	IPO Price	GMP	Estimated Listing Price	Estimated Profit per Lot
10 Aug 2026	₹140	₹25 🔻	₹165 (17.86%)	₹2,675
09 Aug 2026	₹140	₹26 🔻	₹166 (18.57%)	₹2,782
08 Aug 2026	₹140	₹27 ▲	₹167 (19.29%)	₹2,889
07 Aug 2026	₹140	₹24 🔻	₹164 (17.14%)	₹2,568
06 Aug 2026	₹140	₹26 ▲	₹166 (18.57%)	₹2,782
05 Aug 2026	₹0	₹0 ➖	₹0 (0.00%)	₹0

Milky Mist Dairy Food IPO GMP Summary

Particulars	Details
Current GMP	₹0
GMP Trend	Flat
Market Sentiment	Neutral
IPO Price Band	Yet to be Announced
Listing Expectation	Will become clearer after price band announcement and subscription begins

Note: Since the price band for the Milky Mist Dairy Food IPO has not yet been announced, the estimated listing price and listing gain cannot be calculated at this stage. The GMP is expected to fluctuate as the IPO approaches its opening date and investor subscription demand becomes visible.

Disclaimer: Grey Market Premium (GMP) is sourced from market observers and grey market dealers. GMP is unofficial, unregulated, and only indicates prevailing market sentiment. It should not be considered a guarantee of listing performance or future returns. Investors should always conduct their own research and read the company's Red Herring Prospectus (RHP) before investing.

Key Performance Indicators

Milky Mist reported improving return ratios during FY26, supported by stronger profitability. Return on Equity increased significantly, while profitability margins also improved compared with the previous year. However, the company continues to maintain a relatively high debt to equity ratio, making debt reduction an important focus following the IPO.

KPI	FY26
ROE	32.12%
ROCE	11.73%
Debt to Equity	3.61
Return on Net Worth	33.60%
PAT Margin	4.05%
EBITDA Margin	13.87%

Company Strengths

Milky Mist has established itself as one of the leading players in India's premium dairy segment through continuous product innovation and an integrated operating model. The company directly procures milk from farmers, operates advanced automated manufacturing facilities and manages its own cold chain distribution network, enabling consistent product quality and operational efficiency.

Its diversified portfolio across dairy products, frozen foods and convenience foods reduces dependence on a single product category, while its growing brand recognition and nationwide distribution network provide additional growth opportunities as demand for packaged dairy products continues to increase across India.

What Should Investors Watch?

Investors evaluating the Milky Mist Dairy Food IPO will closely monitor the final price band, valuation, subscription levels, grey market premium, debt reduction plans and future revenue growth. While the company has demonstrated strong financial performance and operates in a growing consumer segment, the relatively high borrowings and execution of its expansion plans will remain important factors after listing.

With rising demand for branded dairy products, organised food retail and value added packaged foods, Milky Mist is well positioned to benefit from India's evolving consumption trends. The company's ability to sustain revenue growth, improve margins and efficiently utilise the IPO proceeds will play a key role in determining its long term growth trajectory after listing.

What is the Milky Mist Dairy Food IPO date?

The Milky Mist Dairy Food IPO will open for subscription on August 11, 2026, and close on August 13, 2026. The tentative listing date on the NSE and BSE is August 18, 2026.

What is the latest GMP of the Milky Mist Dairy Food IPO?

As of August 5, 2026, the Grey Market Premium (GMP) for the Milky Mist Dairy Food IPO stands at ₹0. Since the IPO price band has not yet been announced, the estimated listing price and potential listing gains cannot be calculated at this stage.

What is the size of the Milky Mist Dairy Food IPO?

The Milky Mist Dairy Food IPO is a ₹1,553 crore book-built issue, comprising a fresh issue of ₹1,428 crore and an Offer for Sale (OFS) of ₹125 crore by existing shareholders.

Should investors apply for the Milky Mist Dairy Food IPO?

Milky Mist has reported strong financial growth, with 34% revenue growth and 176% growth in profit after tax (PAT) in FY26. However, investors should evaluate the company's financials, valuation, debt levels, business prospects, and the Red Herring Prospectus (RHP) instead of relying solely on Grey Market Premium (GMP) before making an investment decision.

What will the Milky Mist Dairy Food IPO proceeds be used for?

The company plans to use the fresh issue proceeds primarily for repayment of borrowings, expansion and modernization of its Perundurai manufacturing facility, deployment of visi coolers and ice cream freezers, and general corporate purposes, supporting its future growth strategy.