Milky Mist Dairy Foods is an Indian food and dairy brand known for selling products like paneer, cheese, butter, curd and yoghurt. The brand has made a strong debut, listing at ₹165 apiece on both NSE and BSE, nearly 18% above its IPO price of ₹140. Here’s what this means!
Milky Mist Dairy Foods Makes A Strong Debut
Before we get into the details, let us briefly explain what an IPO or Initial Public Offering is. It is when a private company sells shares of its business to the general public for the first time. Milky Mist Dairy Foods, a popular dairy brand, had an IPO price of ₹140. According to The Economic Times, the stock debuted at ₹165 apiece on both NSE and BSE, which is nearly 18% above its IPO price.
Reportedly, the ₹1,553 crore IPO at ₹140 per share comprised a fresh issue of ₹1,428 crore and an offer for sale of ₹125 crore. The public issue was open for subscription from August 11 to August 13. It received an overwhelming response from investors and was subscribed 56.12 times.
Also Read: Gujarat Bans Analogue Dairy: Will Pizzas, Sandwiches & Paneer Dishes Now Cost More?
Company Plans To Use IPO Funds For Expansion
Milky Mist Dairy Foods was successful in raising ₹465 crore from anchor investors. The company allotted 3.32 crore equity shares to 19 investors at the upper price of ₹140 per share. According to The Economic Times, the company plans to use the net proceeds from its IPO to strengthen its balance sheet and fund the brand’s expansion.
Of the estimated ₹1,121.41 crore, the brand will use ₹496.86 crore to repay outstanding borrowings. The rest will be used for the expansion and modernisation of its manufacturing facility in Perundurai, Tamil Nadu. Milky Mist Dairy Foods also plans to invest ₹155.31 crore in getting visi coolers, ice cream freezers and chocolate coolers.
This will help strengthen its distribution and market presence. Apart from dairy products, the brand also focuses on ready-to-cook foods, ready-to-eat items, frozen food and chocolates.
Also Read: India’s 1st Cow Culture Museum To Come Up In Mathura With 100+ Cattle & Dairy Parlours
Have you ever tried Milky Mist Dairy Foods’ products?
Cover Image Courtesy: Milky Mist Dairy Foods/Instagram
FAQs
What is Milky Mist Dairy Foods?
Milky Mist Dairy Foods is an Indian food and dairy company known for products like paneer, cheese, butter and yoghurt.
What does Milky Mist Dairy Foods sell?
It sells dairy products along with ready-to-cook, ready-to-eat, frozen food and chocolate products.
