Milky Mist Dairy Food Debuts at 18% Premium on NSE and BSE

Shares of Milky Mist Dairy Food made their debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Tuesday. The stock opened at ₹165 per share, marking a 17.8% premium over its initial public offering (IPO) price of ₹140.

Following the positive market opening, trading data showed strong momentum as the stock zoomed to hit the upper circuit. By mid-morning, the stock reached ₹181.50 on the NSE and ₹181.45 on the BSE, translating to listing gains of nearly 30 per cent.

Market-depth data from the BSE indicated robust buying interest shortly after the listing. Buy orders totalled 2,516,006 shares, with no sell quantity displayed. The highest buy quantity recorded was 17,35,357 shares at ₹181.45.

The strong market entry coincides with a broader market dip. Around the same trading window, the benchmark Sensex fell 350.79 points, or 0.45 per cent, to 77,377.37, while the Nifty 50 declined 78.65 points, or 0.32 per cent, to 24,209.

Prior to its public listing, Milky Mist saw backing from institutional investors. Temasek-backed Jongsong Investments invested ₹482 crore in a pre-IPO round at ₹139.76 per share, securing approximately a 5.2 per cent stake in the company.

Market analysts note that the company's valuation reflects its financial metrics, including a reported 33.6 per cent revenue CAGR, expanding margins, and an approximately 32 per cent Return on Equity (RoE), alongside its market position in the value-added dairy segment. However, analysts also point out that trading at around 85 times FY26 earnings, the valuation stands above the dairy sector average of approximately 52.5x P/E, prompting caution for investors looking to enter at current levels.

"Milky Mist's strong market debut highlights investor appetite for companies with solid fundamentals in the value-added dairy sector. Backing from institutional investors like Temasek prior to the IPO provided strong validation for the company's growth trajectory. While the premium listing and upper circuit reflect positive market sentiment, investors must carefully weigh valuations against sector averages rather than chasing short-term momentum." — Dr. Shishir Gupta, Founder & CEO, StartupLanes