Milky Mist Share Price Hits 10% Upper Circuit at Rs 181.50 After Strong Debut on BSE, NSE Following IPO Listing
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Milky Mist Dairy Food shares listed at Rs 165 on the BSE and NSE, a premium of 17.85% to the issue price of Rs 140, before hitting the 10% upper circuit at Rs 181.50, taking gains to nearly 30% over the issue price on debut day.
Milky Mist Dairy Food shares extended their gains after a strong debut on the Indian stock exchanges on Tuesday, August 18, with the stock hitting the 10% upper circuit on the NSE. At 12:50 PM, the shares were locked at Rs 181.50 apiece, up 29.64% from the IPO issue price of Rs 140.
The stock had listed at Rs 165 per share on both the BSE and NSE, translating into a premium of 17.85% over the issue price. The strong opening was followed by further buying during the session, taking the stock to its upper circuit and pushing its listing-day gains closer to 30%.
Milky Mist Business
Milky Mist Dairy Food Ltd is a value-added dairy products company focused on premium dairy and adjacent packaged food categories. The company has a 19% market share in packaged paneer and holds leading positions across cheese, curd and yoghurt.
Founded in Tamil Nadu, the company has built a portfolio spanning curd, paneer, yoghurt, butter, cheese, ice cream and ghee, among other products. Its presence across multiple value-added dairy categories gives it exposure to different segments of India's growing packaged food and dairy market.
The company has positioned itself around branded and processed dairy products, catering to demand for packaged offerings across both everyday consumption and premium categories.
Milky Mist IPO, Pre-IPO Investment
The strong debut came after institutional interest in the company ahead of its listing. Temasek-backed Jongsong Investments invested Rs 482 crore in Milky Mist in a pre-IPO round at Rs 139.76 per share, acquiring a stake of nearly 5.2%.
The company had also raised Rs 465.30 crore from anchor investors before the public issue opened. The anchor book included Zulia Investments, Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, India Acorn Fund, Public Sector Pension Investment Board-IIFL Asset Management and International Finance Corporation.
The participation from these investors came ahead of the company's market debut and added to the institutional interest surrounding the issue.
Milky Mist's listing marks its transition from a privately held business to a publicly traded company, with investors now able to track the stock's performance in the secondary market. The sharp gains on debut have taken the shares well above the IPO price, with the stock currently at its exchange-mandated upper price band for the session.
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Rochelle Britto is a business journalist with 8+ years of experience in financial journalism. She covers equity markets, corporate earnings, IPOs, commodities and the economy.
As a reporter with leading business publications, she has tracked financial markets and covered sectors including banking and financial services, retail, consumer goods, advertising and e-commerce.
Outside work, she enjoys travelling, discovering local cultures and spending time in nature.
