Milky Mist Dairy Food IPO Subscription Status Day 2: IPO Fully Subscribed at 1.35x, NII Leads Retail Categories

Milky Mist Dairy Food IPO Subscription Status: The initial public offering of Milky Mist Dairy Food Ltd picked up pace on the second day of bidding, with the issue subscribed 1.35 times as of 12:15 pm on August 12, according to the latest bidding data. Earlier in the day, at 10:40 am, exchange data had shown the issue crossing full subscription for the first time, with a total booking of 1.03 times on bids for 8,40,45,825 shares against 8,17,98,244 shares on offer; at that point, the NII category stood at 1.33 times, the retail individual investor segment at 1.26 times and the QIB portion at 0.39 times. By the 12:15 pm update, the employee quota led demand, subscribed 3.41 times, followed by non-institutional investors at 1.86 times and the retail portion at 1.66 times, while the qualified institutional buyers category continued to trail the other segments, subscribed 0.4 times.

The mainboard issue, listed on both the BSE and NSE, is priced in a band of ₹133-140 per share, with a lot size of 107 equity shares equivalent to a minimum investment of ₹14,980 per lot for retail investors at the upper end of the band. Milky Mist Dairy Food is aiming to raise ₹1,553 crore through the offer, a combination of a fresh issue and an offer for sale of over 11 crore shares. Of the fresh issue proceeds, the company plans to use ₹496.86 crore to repay or prepay outstanding borrowings, ₹469.24 crore to fund expansion and modernisation of its manufacturing facility at Perundurai, Tamil Nadu, and ₹155.31 crore towards cold-chain retail infrastructure, including the deployment of visi-coolers, ice cream freezers and chocolate coolers, with the remainder earmarked for general corporate purposes and issue expenses.

One day of bidding remains before the issue closes on August 13. The basis of allotment is expected to be finalised on August 14, with shares credited to successful bidders' demat accounts and refunds to others on August 17, ahead of listing on the BSE and NSE on August 18.

Conclusion

With one bidding day left before the Milky Mist Dairy Food IPO closes on August 13, the employee and NII categories continue to lead demand ahead of the final day. The basis of allotment is tentatively scheduled for August 14, with refunds and demat credit expected on August 17, ahead of listing on the BSE and NSE on August 18.

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