Milky Mist Shares Drop 4% After IPO Rally Fades
By ThePip Desk
Milky Mist Food shares fell over 4% on Thursday, ending a post-IPO rally. The dairy company’s IPO saw massive oversubscription.
Milky Mist Food Ltd. shares plunged over 4% on Thursday, August 20, 2026, reversing an intraday gain of up to 6% and ending a two-day rally since its market debut.
Key Market Figures
- Shares were down 2% to Rs 195.65 apiece on the NSE by 12 p.m.
- Despite the day’s fall, shares have gained over 27% since their issue price of Rs 140.
- The company listed at Rs 165 on NSE and BSE, a 17.86% premium to its issue price.
The dairy products company made a strong market debut on Tuesday, marking a two-day winning streak before Thursday’s decline.
IPO Performance Breakdown
- Milky Mist Dairy Food Ltd.’s IPO was oversubscribed 56.12 times by the final day of bidding on August 13.
- Qualified Institutional Buyers (QIBs) booked the issue 155.83 times.
- Non-Institutional Investors (NIIs) subscribed 34.91 times.
- Retail investors booked their quota 8.41 times.
The initial public offering comprised a fresh issue of 10.2 crore equity shares valued at Rs 1,428 crore.
Additionally, an Offer for Sale (OFS) of 89.28 lakh equity shares contributed Rs 125 crore to the IPO structure.
Analyst Outlook
DAM Capital initiated coverage on Milky Mist with an ‘outperform’ rating prior to its market debut.
The brokerage set a price target of Rs 175, implying a 25% upside, driven by Milky Mist’s 100% value-added dairy portfolio (VADP) across over 20 product categories, excluding liquid milk.