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Milky Mist IPO 79% Subscribed on Day 1; Shiprocket Opens Today
Milky Mist Dairy Food's ₹1,553-crore IPO saw 79% Day 1 subscription led by retail at 0.96x. Shiprocket's ₹1,617-crore issue opens Wednesday at ₹92-97. LEAP India and Technocraft IPOs were also heavily bid.
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Packaged food company Milky Mist Dairy Food Ltd's ₹1,553-crore initial public offering was 79% subscribed by the end of Day 1, exchange data showed. The subscription was led by retail investors at 0.96 times and non-institutional investors at 0.92 times, while the qualified institutional buyer portion was 0.39 times. The employee reservation saw 2.07 times demand.
The IPO, which opened Tuesday at a price band of ₹133-140 per share, comprises a fresh issue of up to ₹1,428 crore and an Offer-for-Sale of up to ₹125 crore. The minimum lot size is 107 shares, with 50% reserved for QIBs, 35% for retail investors and at least 15% for non-institutional bidders.
The 79% Day 1 subscription sits below the average for recent mid-sized IPOs, though retail and HNI demand were close to full cover. The QIB portion, typically the last to fill on issues lacking anchor allocation disclosures, was the weakest leg.
Milky Mist's IPO runs through Thursday. The company competes with Gujarat Co-operative Milk Marketing Federation (Amul), Mother Dairy and Hatsun Agro Product Ltd (NSE: HATSUN) in the paneer, curd and cheese segments it dominates in South India.