Erode-based Milky Mist Dairy Food, a leading player in premium value-added dairy products, is set to finalize the basis of allotment for its Initial Public Offering (IPO) today, August 14. Investors who participated in the bidding process will receive notifications regarding the debit of their funds by today or over the weekend.
Strong Investor Response for Milky Mist IPO
The IPO, which was open for subscription from August 11 to August 13, witnessed an overwhelming response from investors, being subscribed a robust 56.12 times overall. The company aimed to raise a total of Rs 1,553 crore, comprising a fresh share sale of Rs 1,428 crore and an offer-for-sale (OFS) worth Rs 125 crore. Shares were offered in a price band of Rs 133-140, with a lot size of 107 shares.
The issue attracted nearly 28.60 lakh applications, fetching bids totaling approximately Rs 64,200 crore. Qualified Institutional Bidders (QIBs) showed immense interest, subscribing their portion 155.83 times. Non-Institutional Investors (NIIs) bid 34.91 times, while the retail category saw a subscription of 8.41 times. Employees also participated actively, booking their quota 12.43 times.
Rising Grey Market Premium (GMP) Signals Listing Gains
Following the strong subscription figures, the Grey Market Premium (GMP) for Milky Mist Dairy Food shares has reportedly risen. The latest reports indicate a GMP of Rs 25-26 per share, up from Rs 20-22 earlier in the week. This suggests a potential listing gain of 18-19 percent for investors, despite a volatile broader market sentiment.
Odds of Allotment
Based on the bidding, the approximate odds of allotment are:
- Big HNI category: 1 out of 8 investors will receive 1,498 shares (Probability: 12.50%)
- Small HNI category: 1 out of 31 investors will receive 1,498 shares (Probability: 3.23%)
- Retail category: 4 out of 29 investors will receive 107 shares (Probability: 13.8%)
About Milky Mist Dairy Food
Incorporated in July 2014, Milky Mist Dairy Food has established itself as one of India's fastest-growing packaged food companies. It specializes in a diverse range of premium value-added dairy products, including cheese, paneer, butter, curd, ghee, yogurt, ice cream, UHT products, frozen foods, ready-to-eat, ready-to-cook items, and chocolates sold under various brands.
JM Financial Ltd, Axis Capital, and IIFL Capital Services served as the book-running lead managers for the IPO, with Kfin Technologies Ltd acting as the official registrar to the issue.
How to Check Milky Mist IPO Allotment Status
Refunds for unsuccessful bidders are expected by the weekend or latest by Monday, August 17. The shares are scheduled to be listed on both BSE Ltd and NSE on August 18. Investors can check their allotment status through several platforms:
1. Via BSE Website:
- Visit www.bseindia.com/investors/appli_check.aspx
- Under 'Issue Type', select 'Equity'.
- Under 'Issue Name', choose 'Milky Mist Dairy Food Limited' from the dropdown.
- Enter your 'Application Number'.
- Add your 'PAN card ID'.
- Complete the 'I am not a Robot' captcha and click 'Search'.
2. Via NSE Website:
- Go to www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
- Select 'Equity & SME IPO Bid details'.
- Under 'Select Symbol', choose 'MILKYMIST'.
- Enter your 'PAN No.' and 'Application No.'.
- Click 'Submit' to view your status.
3. Via KFin Technologies Website (Registrar):
- Visit the KFin Technologies Limited portal: kosmic.kfintech.com/ipostatus
- Select the IPO name 'Milky Mist Dairy Food Limited' from the dropdown (this will appear once allotment is finalized).
- Choose one of three modes: 'Application Number', 'Demat Account number', or 'PAN ID'.
- Select 'ASBA' or 'non-ASBA' for application type.
- Enter the required details for your chosen mode.
- Fill in the security captcha accurately and click 'Submit'.