Milky Mist shares list at 18% premium, hit upper circuit

Shares of Milky Mist Dairy Food debuted on the NSE and BSE on Tuesday at Rs 165, an 18 per cent premium over the IPO price of Rs 140. The stock quickly hit the upper circuit, touching Rs 181.50 on the NSE and Rs 181.45 on the BSE, marking nearly 30 per cent listing gains, The Hindu Businessline reports.

The Rs 1,553-crore IPO, the largest by an Indian dairy company, was subscribed 56.12 times. The portion for qualified institutional buyers was subscribed 155.83 times, while retail and non-institutional investor portions saw 8.41 times and 34.91 times subscription, respectively, according to Livemint and Business Today.

Shivani Nyati, Head of Wealth at Swastika Investmart, said the stock's premium is supported by strong revenue growth and margins but cautioned that at about 85 times FY26 earnings, valuations are well above the dairy sector average of about 52.5 times. She advised investors to avoid chasing the stock at current levels and to hold with a stop-loss of Rs 150.