Milky Mist Dairy Food IPO lists at 13% premium on Dalal Street

Milky Mist Dairy Food shares listed at Rs 158 on Tuesday, a 12.86% premium over the issue price of Rs 140. The stock debuted on the BSE and NSE in a special pre-open session at 10 am, as the company's IPO allotment was finalized on Friday.

Market observers told livemint that the grey market premium (GMP) had slipped from Rs 29 to Rs 18 in the three days before listing. Analysts at Kantilal Chhaganlal Securities and Badjate Stock Shares expect a 12-15% listing upside. However, experts cautioned that GMP is not an ideal indicator of the listing premium.

The IPO, which closed on 13 August, was subscribed 56.12 times, with the QIB portion booked 155.83 times, NII 34.91 times, and retail 8.40 times. At the upper price band, the company trades at an implied P/E of 84.9x on FY26 earnings. The IPO proceeds will partly be used to reduce the company's Rs 1,672 crore debt.