Investors were drawn to Milky Mist's strong brand and its presence in fast-growing value-added dairy categories such as yogurt and high-protein products.

Published on: Aug 18, 2026, 14:36:07 IST

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Temasek-backed Milky Mist Dairy Food rose roughly 30% in its Indian trading debut on Tuesday as investors bet on growing demand for value-added dairy products and the company's expansion beyond its southern India stronghold.

Shares traded at 181.5 rupees, valuing Milky Mist at 139.69 billion rupees ($1.46 billion), after listing at a 29.61% premium to their issue price of 140 rupees. The company raised $163 million in its initial public offering.

Investors were drawn to Milky Mist's strong brand and its presence in fast-growing value-added dairy categories such as yogurt and high-protein products, said Kranthi Bathini, director of equity strategy at WealthMills Securities.

The IPO was attractively priced and benefited from growing consumer interest in premium dairy products, Bathini said.

Milky Mist, whose products include cottage cheese, butter, cheese, ice cream and Greek yogurt, is one of India's largest makers of value-added dairy products.

The listing comes as India's primary market revives, with several IPOs drawing strong demand from retail and wealthy investors in recent weeks.

India has seen 26 IPOs launched or announced in less than two months since July, nearly matching the 28 recorded in the first half of 2026.

"The IPO market has revived, retail participation is increasing and there is strong liquidity in the market. At the same time, investors are becoming more selective, focusing on valuations and the sustainability of revenue models," Bathini added.

Milky Mist's 15.53-billion-rupee IPO last week was subscribed 2.17 times, underpinned by retail and high-net-worth investors.

The company raised 4.65 billion rupees from anchor investors, including Singapore state investor Temasek, the International Finance Corporation and HDFC Mutual Fund ahead of the offering.

Milky Mist expects annual revenue growth of about 30% and plans to use the IPO proceeds to repay debt and expand and upgrade its flagship manufacturing facility in Perundurai, Tamil Nadu.

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