Noida, Aug 18 (APAC Media): Shares of Milky Mist Dairy Food made a strong debut on the stock exchanges on Tuesday, listing at ₹181.50, a 29.61% premium over the issue price of ₹140.
The stock’s debut valued the Tamil Nadu-based dairy company at about ₹13,969 crore, or roughly $1.46 billion, as investor demand remained strong following its ₹1,553-crore initial public offering (IPO).
The company’s IPO was subscribed 2.17 times, with retail investors and high-net-worth individuals driving much of the demand. Before the public issue, Milky Mist had raised ₹465 crore from anchor investors, including Temasek, the International Finance Corporation and HDFC Mutual Fund.
The IPO comprised a fresh issue of ₹1,428 crore and an offer for sale of ₹125 crore. The company plans to use a substantial portion of the proceeds to repay debt and expand its manufacturing capacity at its Perundurai facility in Tamil Nadu.
Milky Mist, backed by Singapore state investor Temasek, manufactures value-added dairy products such as paneer, cheese, yoghurt and ice cream. Unlike traditional dairy companies, it does not operate in the liquid milk segment and has focused on higher-value packaged dairy products.
Chief Executive Officer K Rathnam has said the company expects annual revenue growth of around 30% and is also planning a new manufacturing facility in Maharashtra as it seeks to expand its presence beyond southern India.
The strong listing comes amid renewed activity in India’s primary market, with several companies tapping investors through IPOs in recent weeks.
–ENDS–
Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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