Milky Mist IPO Day 2 Subscription Status: 2.17x Subscribed; GMP at ₹24
Milky Mist Dairy Food’s IPO was subscribed 2.17 times on Day 2, as of early evening (5:00 p.m. to 6:29 p.m. IST) on 12 August 2026. Non-Institutional Investors (NIIs) led demand at 3.56x, followed by retail investors at 2.44x, while Qualified Institutional Buyers (QIBs) were at 0.65x. The Grey Market Premium (GMP) was around ₹24, and bidding remains open until 13 August.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | Early evening (5:00 p.m. to 6:29 p.m. IST) on 12 August 2026 |
| Overall subscription | 2.17x |
| QIB subscription | 0.65x |
| NII subscription | 3.56x |
| Retail subscription | 2.44x |
| Employee subscription | 4.86x |
| Current GMP | ₹24 |
| GMP percentage | 17.1% |
| Indicative price | ₹164 |
| Closing date | 13 August 2026 |
Milky Mist IPO Day 2 Subscription Status
The ₹1,553 crore issue received bids for about 17.78 crore shares against 8.18 crore shares on offer, taking overall demand to 2.17 times by the latest verified Day 2 reading.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers | 0.65x | 0.39x | +0.26x |
| Non-Institutional Investors | 3.56x | 0.92x | +2.64x |
| Retail Individual Investors | 2.44x | 0.96x | +1.48x |
| Employees | 4.86x | Not separately used for comparison | N/A |
| Overall | 2.17x | 0.79x | +1.38x |
The clearest acceleration came from NIIs. Retail demand also moved comfortably above the one-time mark. QIB participation increased but remained below full subscription at this stage.
Subscription multiples measure the quantity of shares bid for relative to shares reserved in each category. They should not be interpreted as the number of unique applicants.
How Subscription Changed From Day 1
Milky Mist IPO moved from 0.79x at the Day 1 close to 2.17x on Day 2, an increase of 1.38 times.
The NII category was the main driver, rising from 0.92x to 3.56x. Retail subscription also strengthened from 0.96x to 2.44x. This makes the demand broader than it was at the end of Day 1, although institutional participation remains the key area to watch on the closing day.
QIB bids often build later in an IPO, but the current data alone does not establish how much additional institutional demand will arrive on Day 3.
Milky Mist IPO GMP Today and Estimated Listing Price
Milky Mist IPO’s latest available Grey Market Premium (GMP) was around ₹24 per share on 12 August 2026, compared with a lower reading around the opening day. The latest indication therefore points to firmer grey-market sentiment.
At the upper price band of ₹140:
Indicative price = ₹140 + ₹24 = ₹164
GMP percentage = ₹24 ÷ ₹140 × 100 = 17.1%
This means the unofficial grey market is indicating a price roughly 17.1% above the upper issue price.
GMP is an unofficial and unregulated market indicator. It can change quickly before listing and does not guarantee that Milky Mist shares will list at ₹164 or deliver a listing gain.
What Stands Out in Today’s Bidding
Two signals are notable on Day 2. First, overall subscription more than doubled the shares available, with NIIs providing the strongest incremental demand. Second, retail participation also strengthened substantially, suggesting demand is not limited to one investor category.
There are important limitations. QIB subscription was still only 0.65x in the latest reading, so the final institutional picture remains unresolved ahead of Closing Day. Also, neither a 2.17x overall subscription nor a positive GMP proves that the IPO is fairly valued, that the underlying business quality justifies the issue price, or that the shares will generate future returns.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹133 to ₹140 per share |
| Lot size | 107 shares |
| Minimum retail investment | ₹14,980 at ₹140 |
| Issue size | ₹1,553 crore |
| Fresh issue | ₹1,428 crore |
| Offer for Sale (OFS) | ₹125 crore |
| Issue type | Mainboard book-built IPO |
| Closing date | 13 August 2026 |
| Expected listing date | 18 August 2026 |
| Exchange | BSE and NSE |
The minimum investment shown above is calculated using one lot of 107 shares at the upper price band of ₹140.
Brief Company and Financial Context
Milky Mist Dairy Food focuses on value-added dairy and packaged foods, including paneer, cheese, curd, butter, ghee, yogurt, ice cream, and related products. Revenue from operations increased to about ₹3,138.36 crore in FY26 from ₹2,349 crore in FY25, while profit after tax rose to about ₹127.01 crore from ₹46.07 crore.
Fresh issue proceeds are mainly planned for debt repayment, expansion and modernisation of the Perundurai facility, and additional cooling equipment. A key consideration is the company’s significant South India revenue concentration and dependence on its Perundurai manufacturing operations.
What Happens Next
Milky Mist IPO enters its Closing Day on 13 August 2026. Investors tracking demand should watch whether QIB participation catches up, whether NII and retail subscription continues to rise, and whether the ₹24 GMP holds, increases, or weakens. Final subscription figures may differ materially from the Day 2 numbers.
Frequently Asked Questions (FAQs)
Q: How many times was the Milky Mist IPO subscribed on Day 2?
A: Milky Mist Dairy Food IPO was subscribed 2.17 times overall as of early evening on 12 August 2026. NIIs led at 3.56x, retail investors were at 2.44x, and QIBs were at 0.65x.
Q: What is the Milky Mist IPO GMP today?
A: The latest available Milky Mist IPO GMP was around ₹24 per share on 12 August 2026. GMP is unofficial, can change before listing, and is not a guarantee of listing performance.
Q: What listing price does the current Milky Mist IPO GMP indicate?
A: With an upper issue price of ₹140 and GMP of ₹24, the indicative price works out to about ₹164 per share. That represents an unofficial premium indication of roughly 17.1%.
Q: Does high subscription in Milky Mist IPO guarantee a premium listing?
A: No. Subscription shows demand for shares during bidding, while GMP is an unofficial sentiment indicator. Neither guarantees the listing price, establishes fair valuation, or predicts the company’s long-term share-price performance.
Disclaimer
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