Milky Mist IPO Opens at ₹133-140: Analysts Recommend Subscribe

Milky Mist Dairy Food’s ₹1,553-crore IPO opened for subscription Wednesday at ₹133-140 per share. The issue includes a ₹1,428-crore fresh offer and a ₹125-crore offer-for-sale. It closes Thursday.

Investors can bid for a minimum lot of 107 shares. Eligible employees get a ₹13-per-share discount.

The dairy company, based in Tamil Nadu, focuses on value-added products like cheese, paneer, and yogurt. SBI Securities said Milky Mist earns higher margins from these products compared to peers that rely on low-margin liquid milk. The brokerage said revenue grew 31% annually over FY24-FY26, with EBITDA rising 40% and profit after tax 155%. EBITDA margin reached 13.7% in FY26, up 70 basis points from the prior year.

Anand Rathi also backed the issue, assigning a "Subscribe - Long Term" rating. The brokerage said the company's strong revenue growth and leadership in key value-added categories justify a premium valuation. Still, Anand Rathi said the IPO appears fully priced at the upper end of the band. The IPO is valued at 84.9 times FY26 earnings at the top of the price range.