Milky Mist sets IPO price band at ₹133-140
Milky Mist Dairy Food Limited has set the price band for its ₹1,553-crore initial public offering at ₹133-140 per share, aiming to raise roughly ₹1.55 billion through the sale of equity shares with a face value of ₹2 each. The company will open the IPO for subscription on Tuesday, August 11, 2026, with anchor investors placing bids on Monday, August 10. The issue closes on Thursday, August 13, according to the official filing.
The total offer size aggregates up to ₹15,530 million, comprising a fresh issue of up to ₹14,280 million and an offer for sale of up to ₹1,250 million. The offer for sale portion includes shares worth ₹750 million by Sathishkumar T and ₹500 million by Anitha S. Investors can bid for a minimum lot of 107 equity shares and in multiples thereof, which at the upper end of the price band at ₹140 results in a minimum application amount of ₹14,980.
Eligible employees bidding under the employee reservation portion will receive a discount of ₹13 per share, bringing their effective cap price to ₹127. The issue follows the book-building process with up to 50 per cent reserved for qualified institutional buyers, not less than 15 per cent for non-institutional bidders, and not less than 35 per cent for retail individual bidders. Up to 60 per cent of the QIB portion may be allocated to anchor investors on a discretionary basis.
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JM Financial Limited, Axis Capital Limited, and IIFL Capital Services Limited have been appointed as the book-running lead managers for the issue. The equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited, with NSE designated as the primary stock exchange. Prior to the IPO, the company completed a pre-IPO placement aggregating ₹3,570 million, comprising 543,789 equity shares and 25,000,000 compulsorily convertible preference shares, both priced at ₹139.76 per share.
For the promoters and early investors, the lock-in period following the listing creates a clear financial exit strategy. Once the shares commence trading on the exchanges, the selling shareholders—Sathishkumar T and Anitha S—will be able to monetize their holdings without the operational distractions that typically accompany a public listing. This liquidity event provides a tangible reward for the years of capital deployment required to build the company’s distribution network across various regions, effectively allowing the original founders to secure their personal capital while maintaining a stake in the business.
