Milky Mist Dairy Food IPO is a mainboard IPO raising ₹1,553 Cr at ₹133 – ₹140 a share. It listed on 18 Aug 2026 at ₹165, +17.9% against its issue price of ₹140, and trades at ₹293 today (+109.1% since issue). It was subscribed 56× in total.
56.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 544-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 314 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
we operate a manufacturing facility located in Perundurai, Erode District, Tamil Nadu ("Perundurai Manufacturing Facility")... Given that we manufacture value-added dairy products at our Perundurai Manufacturing Facility which contribute to the majority of our revenues, we may be unable to shift production to an alternative site in the event of operational disruptions.
In the event there is a decline in the demand for our products... Ice Cream (Kilolitre) 29.40% 19.16% 5.83%... Chocolate (MT) 4.43% 9.52% 3.40%... Sweet and Condensed Milk (MT) 11.76% 4.64% 2.10%
94.51%, 97.68% and 99.62% of the total raw milk procurement in Fiscals 2026, 2025 and 2024, respectively
Our aggregate revenue from the sale of products in South India accounted for 69.23%, 71.00% and 73.68% of our revenue from operations for the Fiscals 2026, 2025 and 2024, respectively
we are a party to a suit by Gujarat Co-operative Milk Marketing Federation Limited and M/s Kaira District Cooperative Milk Producers Union Limited alleging infringement resulting from use of trade-dress for certain ice cream products manufactured and sold by us and freezers deployed by us being similar to that of the plaintiffs seeking inter alia, permanent and mandatory injunction... and damages amounting to ₹ 20.10 million... one of our trademarks has been hypothecated as collateral to secure financing arrangements
the aggregate outstanding export obligation under all active EPCG licences (after cumulating the pending export obligation of all the import duty benefits achieved over the earlier fiscals) was ₹ 10,028.13 million as at March 31, 2026
our Promoters, Sathishkumar T and Anitha S, have also extended personal guarantees aggregating to ₹13,844.53 million as on May 31, 2026, in favour of some of our lenders
we have received government order dated August 20, 2024 with a capital commitment of ₹ 12,770 million, from the Government of Tamil Nadu, for the turnover based subsidy in the form of reimbursement of 1.75% of the eligible annual turnover for a period of 10 years
Total borrowings 16,718.53... Debt to equity ratio 3.61
the Company has received a consolidated GST demand for an amount of ₹ 161.79 million (excluding penalty and interest)... a GST demand for an amount of ₹ 50.41 million... a GST Order for an amount ₹ 42.48 million
The reconciliation in respect of assets representing the balance 3% is still pending as at the year end... The difference is on account of reversal of revenue, Subsequent NRV Valuation and other audit adjustment entries
our Promoters along with members of our Promoter Group collectively held 93.00% of the share capital of our Company on a fully diluted basis. After the completion of the Offer, our Promoters along with members of the Promoter Group will continue to collectively hold majority of the shareholding
We intend to utilize ₹ 4,968.61 million or [●]% of the Net Proceeds towards the repayment, prepayment and/or redemption in full or in part, of certain outstanding borrowings availed by our Company
Given that we do not have prior experience in the manufacturing of whey protein concentrate and lactose, we cannot assure you that our proposed expansion will be successful
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹33 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 8 | 3 | 5 | ₹33 Cr |
| Directors | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Additional Commissioner GST & Central Excise (Salem) vs. Company — SCN dated Sep 21, 2023 for GST audit FY2018-FY2021; order dated Dec 31, 2023 demanding ₹188.32 million; writ petition and stay petition dated Feb 24, 2024 pending before Madras High Court
Joint Commissioner (Tamil Nadu) vs. Company — SCN dated Nov 29, 2024 alleging ₹143.26 million GST short-payment (HSN misclassification, ITC irregularities) for FY2021-22 to FY2022-23; order dated Feb 28, 2025 reduced demand to ₹56.91 million; Appellate Order dated Apr 30, 2026 fixed revised demand of ₹44.05 million (Company appeal) and ₹21.12 million (Department appeal); Company filing further appeal
DGGI Coimbatore vs. Company — SCN dated Dec 6, 2024 seeking ₹22.66 million (parotta GST short-payment) + ₹37.76 million (tofu soya paneer GST short-payment) for FY2020-21 to FY2023-24 due to HSN misclassification; transferred to Additional Commissioner GST & Central Excise, Salem for hearing; pending
Company vs. distributors — 5 complaints filed by Company under Section 138 of the Negotiable Instruments Act, 1881 for recovery of amounts against dishonoured cheques; total claim ₹14.31 million
3 criminal complaints against Company relating to accidents caused by vehicles transporting raw materials/products; Company has not received summons; disclosure based on information available on the E-courts services website
Amounts originally stated in ₹ million; converted to ₹ crore at 1 crore = 10 million. Company bucket combines proceedings against (3 criminal, 3 indirect-tax, 5 statutory/regulatory) and by Company (5 Section 138 NI Act complaints). Aggregate amount includes only quantified items: ₹313.91 million tax + ₹14.31 million NI Act recovery + ₹0.20 million FSSA penalty = ₹328.42 million = ₹32.842 crore. Amounts for the 3 criminal complaints against the Company and 4 of 5 statutory/regulatory actions against the Company are not quantified in the text. No SEBI/stock-exchange disciplinary actions against Promoters in the last five Fiscals.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
