Milky Mist IPO Fully Subscribed by Day 2 at 10:30 AM, Driven by Strong NII and Retail Demand – IPO Central Reports

Milky Mist Dairy Food has launched one of India’s significant initial public offerings (IPO), seeking to raise INR 1,553 crore through its mainboard listing, which commenced on August 11, 2026, and will close on August 13, 2026. The IPO has garnered positive investor interest, crossing full subscription on the second day, driven particularly by strong participation from non-institutional and retail investors. By the latest update, the Non-Institutional Investors (NII) category was subscribed 1.43 times, while retail investors had shown a subscription rate of 1.35 times. Despite the comparatively lower interest from Qualified Institutional Buyers (QIBs), who have subscribed only 0.41 times, the participation levels indicate robust demand among retail and NII categories.

In the grey market, Milky Mist shares are presently trading at a premium of INR 22, suggesting a potential listing price of INR 162 against the upper price band of INR 140. This implies possible gains of approximately 15.71% for successful allotees. However, it’s worth noting that the grey market premium has reduced from a higher INR 28 earlier in the week. This fluctuation reflects investor sentiment and the market’s expectations ahead of the listing, which can often change rapidly as the IPO nears its final day of bidding.

For Indian investors, the high post-issue Price-to-Earnings (P/E) ratio of 84.85x based on FY2026 earnings raises some caution, as it stands significantly above its listed dairy peers. Despite Milky Mist’s impressive revenue growth and strong operational metrics, the elevated valuation might deter some conservative investors. The actual institutional demand, particularly from QIBs, remains crucial to determine the final subscription multiples and allotment ratios, which may ultimately impact the stock’s performance post-listing. Investors keen on volatility and long-term growth perspectives will need to weigh these factors carefully as the IPO progresses toward its final listing date.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)