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Milky Mist Dairy Food Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

Listed
Price Band ₹140 per share per share
Lot Size 107 Shares
Min. Investment ₹14980
Issue Size ₹1553 Cr
Face Value ₹2
IPO Open 11 August 2026
IPO Close 13 August 2026
Allotment 14 Aug 2026
Listing 18 Aug 2026
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Live demand

Subscription status for Milky Mist Dairy Food Ltd IPO

As of 02 May 26, 5:00 PM. Will get Updated in every 30 minutes

QIB 3.42x

Qualified Institutional Buyers

NII 2.15x

Non-Institutional Investors

Retail 1.84x

Retail Individual Investors

Total 2.48x

Across all investor categories

Key dates

IPO schedule for Milky Mist Dairy Food Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 11 Aug 2026
IPO Close 13 Aug 2026
Allotment 14 Aug 2026
Refund / Unblock 17 Aug 2026
Listing 18 Aug 2026
About the company

Who is Milky Mist Dairy Food Ltd ?

Milky Mist Dairy Food Limited was initially formed as a partnership Firm as 'M.M.D. Dairy' at Erode, Tamil Nadu, pursuant to a Deed of Partnership dated November 30, 1998, and a Certificate of Registration dated February 1, 1999 issued by the Registrar of Firms, Periyar (Erode). The name of the Firm was changed to 'Milky Mist Dairy Food' dated August 2, 2006 issued by the Registrar of Firms, Periyar (Erode). The Firm subsequently converted and Company incorporated as a private Limited Company under the name 'Mily Mist Dairy Food Private Limited' pursuant to a certificate of incorporation dated July 10, 2014 issued by the RoC. Subsequently, it converted the status into a public limited Company, following which the name of the Company was changed to 'Milky Mist Dairy Food Limited' and a fresh Certificate of incorporation dated May 26, 2025, was issued by the RoC.

Milky Mist Dairy Food was the one of the first private companies to launch branded packaged paneer in India and subsequently established product categories through introduction of curd, ghee, butter, cheese, yogurt, ice cream, UHT long shelf life products, chocolates and sweetened condensed milk over the years. It operate two manufacturing facilities, of which one is located in Perundurai, Erode District, Tamil Nadu in producing dairy products. The other facility is located in Bengaluru, Karnataka in producing frozen foods, including RTE and RTC products.

In 2009, Company diversified the portfolio to include products such as ghee, butter, khova, and curd; diversified the portfolio to include products such as yogurt and cheese in 2011; product portfolio to include whey powder in 2017. The Company established Milky Mist Mega Plant' Manufacturing Facility at Perundurai, Erode in 2018. It expanded the business with the launch of dairy whitener, cream cheese, probiotic curd, UHT range of products, and further launched frozen foods in 2020. It launched greek yogurt and Skyr' high protein yogurt in 2022; further it diversified the business by launching ice-cream, chocolate and sweetened condensed milk products in 2023.

The Company increased the

installed capacity of Set curd from 120 metric tons per day to 240 metric tons per day and pouch curd from 240 metric tons per day to 480 metric tons per day in 2025.

Company is planning to raise funds aggregating an issuance of Rs 2035 Cr equity shares of face value of Rs 2 each, comprising a fresh issue of Rs 1785 Cr and Rs 250 Cr equity shares through offer for sale.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2025
FY 2024
FY 2023
Metric (₹ Cr)FY 2025FY 2024FY 2023
Total Income2,333.331,907.211,436.67
EBITDA306.03219.91200.94
PAT43.7619.4628.02
AUM2,147.001,509.921,192.67

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Fastest growing packaged food company in India with established brand equity and leadership across various product categories.
  • Diversified and expanding product categories focused on emerging consumer needs.
  • Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
  • Direct sourcing and focussed engagement with farmers.
  • Multi-channel sales with our own logistics infrastructure.
  • Experienced management team delivering financial growth with a focus on sustainability.

Risks

  • The company has certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information (aggregating to Rs. 2,290.09 million as of March 31, 2026), which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
  • The company's manufacturing operations is dependent on the supply of large amounts of raw milk, with the majority of the company's raw milk procurement being from the state of Tamil Nadu (94.51%, 97.68% and 99.62% of the total raw milk procurement in Fiscals 2026, 2025 and 2024, respectively). Its inability to procure adequate amounts of good quality raw milk, at competitive prices, or any adverse development in the state of Tamil Nadu affecting the milk supply, may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
  • The company derives a significant portion of its revenue from the sale of the company's products in South India. Its aggregate revenue from the sale of products in South India accounted for 69.23%, 71.00% and 73.68% of the company's revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting its operations in South India, could have an adverse impact on the company's business, financial condition, results of operations and cash flows.
  • The company has substantial indebtedness which requires significant cash flows to service and limits its ability to operates freely. An inability to obtain further financing or to comply with repayment and other covenants in the company's financing agreements could adversely affect its business, results of operations, financial condition and cash flows. Further, one of the company's trademarks "Milky Mist" has been hypothecated as security for financing arrangements availed from certain lenders. Enforcement of such security by lenders in the event of default may have an adverse effect on its brand image, reputation and financial results.
  • The company derives a significant portion of its revenue from the sale of certain products, namely, paneer, cheese and curd (which contributed 59.05%, 62.63% and 66.16% to the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such products, or ensure product quality may adversely impact demand for such products and consequently the company's business, results of operations, financial condition and cash flows.
  • The company has, in the last 12 months, issued Equity Shares at a price that could be lower than the Offer Price.
  • The Company is required to obtain certain statutory approvals, licenses, registrations and permits to operates its business, manufacturing facility and Milk Chilling Centres. Failures to obtain or renew such approvals in a timely manner, or at all, or comply with laws in relation to safety, health and environmental protection may adversely affect the company's business, financial condition, results of operations and cash flows.
  • The company has not entered into definitive arrangements to utilize certain portions of the Net Proceeds of the Offer and the costs to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment or services in a timely manner, or at all, it may result in time and cost over-runs and the company's business, prospects and results of operations may be adversely affected.
  • There have been certain qualifications and adverse remarks by the Company and its Subsidiary's statutory auditors in their audit reports for Fiscal 2026, 2025 and 2024 under their reporting requirements under the Companies (Auditor's Report) Order, 2020 and Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). The company cannot assure you that its auditors' reports for any future fiscal periods will not contain such qualifications and adverse remarks.
  • The company's ability to access capital at attractive costs depends on its credit ratings. Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, reputation, cash flows and results of operations.

Milky Mist Dairy Food Ltd IPO — frequently asked questions

The Milky Mist Dairy Food Ltd IPO opens on 11 August 2026 and closes on 13 August 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Milky Mist Dairy Food Ltd IPO is Rs 140 to Rs 140 per share. The lot size is 107 shares per lot, requiring a minimum investment of Rs 14980 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 107 lots as per SEBI guidelines.
You can apply for the Milky Mist Dairy Food Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Milky Mist Dairy Food Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 13 August 2026 at 5:00 PM.
Allotment for Milky Mist Dairy Food Ltd IPO is scheduled on 14 Aug 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 17 Aug 2026. The shares are expected to list on 18 Aug 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Milky Mist Dairy Food Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Milky Mist Dairy Food Ltd IPO bid before the subscription window closes on 13 August 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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