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Milky Mist Dairy Food surged nearly 30% on Tuesday, August 18, after making its Indian stock market debut. The Temasek-backed dairy company listed strongly as investors backed value-added dairy demand and nationwide expansion plans. Shares opened at Rs. 181.50, valuing Milky Mist near $1.46 billion after the Rs. 140 IPO price.
The Erode-based company raised about Rs. 1,553 crore through its initial public offering, which attracted strong investor demand. Retail and wealthy investors supported the issue, while anchor investors included Temasek, IFC and HDFC Mutual Fund. The strong debut reflects growing interest in premium dairy products across India.
Milky Mist makes paneer, cheese, butter, ice cream, Greek yogurt and other value-added dairy products. The company has built a strong presence in southern India and now targets wider national distribution.
Kranthi Bathini, director of equity strategy at WealthMills Securities, said the brand attracted investors. “The IPO was attractively priced and benefited from growing consumer interest in premium dairy products,” Bathini said.
India’s primary market has also regained momentum, with 26 IPOs launched or announced since July. The number nearly matches the 28 IPOs recorded during the first half of 2026.
Milky Mist’s IPO received 2.17 times subscription, supported mainly by retail and high-net-worth investors. The company raised Rs. 465 crore from anchor investors before the public offering.
Management expects annual revenue growth of around 30% as capacity and distribution expand across India. IPO proceeds will help repay debt and upgrade the flagship manufacturing facility in Perundurai, Tamil Nadu.
The expansion will strengthen production for yogurt, whey protein and other premium dairy categories. Investors will also watch debt levels and execution as Milky Mist moves beyond its southern market.
The debut also places Milky Mist among India’s listed dairy companies, alongside established names such as Hatsun Agro and Dodla Dairy.
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