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Milky Mist IPO fully subscribed on Day 2 at 1.26x retail
India's biggest dairy IPO crosses full subscription threshold midday Tuesday. Retail investors led demand on the second day of the ₹1,553-crore offer.
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Milky Mist Dairy Food's ₹1,553-crore initial public offering was fully subscribed by 10.36 am on Day 2, with the retail portion booked 1.26 times. The non-institutional investors' quota filled 1.33 times, while the employee portion hit 2.61 times. Qualified institutional buyers covered 0.39 times of their allocation, data from the exchanges showed.
The issue closes August 13 at a price band of ₹133-140 per share. The offering includes a fresh issue of up to ₹1,428 crore and an offer-for-sale of up to ₹125 crore. The company had already raised ₹465.30 crore from anchor investors. Day 1 saw 79% subscription.
At the upper end of the price band, Milky Mist will command a post-issue market valuation of roughly ₹10,778 crore, making this the largest IPO by an Indian dairy company.