Summary:
Milky Mist Dairy Food IPO was subscribed 2.17x by the end of Day 2, led by employees at 4.85x and NII at 3.58x. Retail participation also strengthened to 2.44x, while QIB remained at 0.65x. The ₹1,553 crore issue closes on August 13, with strong FY26 revenue and profit growth supporting investor interest.
Milky Mist Dairy Food's IPO is now in its second day of bidding, August 12, 2026. Incorporated in 2014 and based out of Erode, Tamil Nadu, the company is one of India's fastest-growing packaged food businesses, focused exclusively on premium value-added dairy products (VADPs) like paneer, cheese, curd, and yogurt, rather than low-margin liquid milk. Supported by automated manufacturing and a direct milk procurement network connecting over 67,000 farmers, the company operates more like a high-growth packaged food brand than a traditional dairy player.
This is a ₹1,553 crore IPO, made up of a ₹1,428 crore fresh issue and an offer for sale of ₹125 crore. The fresh issue proceeds are earmarked for repaying or prepaying certain outstanding borrowings, financing capital expenditure for expanding and modernising the Perundurai manufacturing facility, and deploying 25,000 ice cream freezers, 20,000 visi-coolers, and 10,000 chocolate coolers across FY26–28.
Price band is ₹133 to ₹140 per share. Lot size is 107 shares, so retail investors need ₹14,980 to apply at the upper end, with a cap of 13 lots (₹1,94,740). The issue closes today, August 13, and listing is expected August 18 on both BSE and NSE.
Milky Mist Dairy Food IPO - Day 2 Subscription Status
Day 1 closed with the issue subscribed 0.40 times overall, a slow but steady start. Demand has strengthened considerably by the close of Day 2, with the overall figure climbing to 2.17x.
Category-wise Breakdown on Day 2
| Category | Subscription (Day 2, as of 5:00 PM close) |
| Qualified Institutional Buyers (QIB) | 0.65x |
| Non-Institutional Investors (NII) | 3.58x |
| — Big NII (>₹10L) | 2.66x |
| — Small NII (₹2–10L) | 5.37x |
| Retail Individual Investors (RII) | 2.44x |
| Employees | 4.85x |
| Overall | 2.17x |
Figures as of 5:00 PM, August 12, 2026 (Day 2, consolidated bid details), per NSE data. The issue received bids for 17.78 crore shares against 8.17 crore shares on offer.
What Day 2 Numbers Indicate
NII has moved fastest, closing Day 2 at 3.58x, with small HNIs (5.37x) running well ahead of big HNIs (2.66x), a fairly typical early pattern before bigger-ticket money commits closer to the close. The employee quota is running even hotter at 4.85x.
Retail has also picked up strongly, from 0.58x on Day 1 to 2.44x by Day 2's close, comfortably oversubscribed and now firmly in lottery-allotment territory. QIB, at 0.65x, remains the one category still short of full subscription, which is standard behaviour, institutional investors typically place the bulk of their bids in the final hours of the closing day, so this figure has meaningful room to move.
Overall subscription at 2.17x by Day 2's close confirms the issue has moved comfortably into oversubscribed territory. Given the company's strong FY26 financial performance, revenue rose 34% year-on-year to ₹3,145.01 crore, with profit after tax jumping 176% to ₹127.01 crore, this broad-based demand across NII, retail, and employees tracks with a solid underlying business case, though the real test for QIB will come in the final hours today.
Milky Mist Dairy Food IPO - Allotment and Listing Date
| Event | Date |
| Basis of Allotment | August 14, 2026 |
| Refund Initiation | August 17, 2026 |
| Shares Credited to Demat | August 17, 2026 |
| Listing Date | August 18, 2026 |
Should You Apply for Milky Mist Dairy Food IPO?
A few things worth weighing before you decide:
- It's a mix of fresh issue and offer for sale, with the bulk of the ₹1,428 crore fresh issue going toward debt repayment, expanding the Perundurai manufacturing facility, and deploying tens of thousands of freezers, visi-coolers, and chocolate coolers across the next two years.
- FY26 revenue rose 34% year-on-year to ₹3,145.01 crore, with profit after tax jumping a striking 176% to ₹127.01 crore, reflecting strong operating leverage as the business scales.
- The company holds a distinctive position in the Indian dairy sector by focusing exclusively on premium value-added dairy products rather than low-margin liquid milk, supported by a direct procurement network of over 67,000 farmers.
- By Day 2's close, NII (3.58x), retail (2.44x), and the employee quota (4.85x) were all comfortably oversubscribed, while QIB, at 0.65x, still had ground to cover.
- With demand already running well ahead of the shares on offer in most categories, allotment for retail and NII is very likely to be decided by lottery.
This is informational content, not investment advice. Weigh your own risk appetite before applying.
How to Apply for Milky Mist Dairy Food IPO
You can apply through any of these routes:
- ASBA via net banking – log into your bank's net banking, go to the IPO section, select Milky Mist Dairy Food, enter quantity and bid price, then authorise.
- UPI via broker app – open your broker app, find the IPO under current issues, enter your UPI ID and bid details, then approve the mandate on your UPI app.
- Physical ASBA form – submit through your bank branch if you prefer the offline route.
Since this is the closing day, get your application in well before the cut-off this evening. Bid in multiples of the 107-share lot, and apply at the cut-off price to keep your allotment chances intact.
Milky Mist Dairy Food IPO Important Dates
| Event | Date |
| IPO Open Date | August 11, 2026 |
| IPO Close Date | August 13, 2026 |
| Basis of Allotment | August 14, 2026 |
| Refunds Initiated | August 17, 2026 |
| Demat Credit | August 17, 2026 |
| Listing Date | August 18, 2026 |
Day 1 & Day 2 Subscription Updates
Day 1 closed at 0.40x overall, with the employee quota leading at 1.37x and retail at 0.58x. Day 2 has built strongly to 2.17x overall, with NII, retail, and employees all comfortably oversubscribed, while QIB, at 0.65x, still has room to move ahead of today's final-day close.
How to Check Milky Mist Dairy Food IPO Subscription Status
How to check Milky Mist Dairy Food IPO Subscription Status on NSE website
- Go to the NSE India website and open the "Live IPO Bidding" section.
- Select Milky Mist Dairy Food Limited from the dropdown.
- You'll see category-wise bid numbers, updated through the trading day.
How to check Milky Mist Dairy Food IPO Subscription Status on BSE website
- Visit the BSE India IPO page.
- Search for Milky Mist Dairy Food under active issues.
- Click on it to view live bid quantity against shares reserved, split by category.
How to check Milky Mist Dairy Food IPO Subscription Status on Ventura?
Log into your Ventura account, go to the IPO section, and select Milky Mist Dairy Food from the list of live issues. You'll find the live subscription numbers along with your own application status if you've already applied.
IPO Subscription History
Previous Day Subscription
Day 1 closed with the issue subscribed 0.40 times overall, with the employee quota leading at 1.37x, retail at 0.58x, and QIB barely picking up at 0.02x.
Final Subscription Figures
Final numbers will only be available once bidding closes today, August 13, 2026. Check back after the window shuts for the complete category-wise final tally.
Conclusion
Milky Mist Dairy Food's IPO has built strongly into Day 2, moving from 0.40x at Day 1's close to 2.17x, with NII (3.58x), retail (2.44x), and the employee quota (4.85x) all comfortably oversubscribed. QIB, at 0.65x, remains the category with the most room to move as the issue heads into its final hours of bidding today. With strong FY26 financial growth behind the business, all eyes will be on how sharply institutional demand picks up before the August 13 close.
