Milky Mist Dairy Food’s ₹1,553-crore IPO was fully subscribed by 10.36 am on Day 2 of the issue.The retail portion was subscribed 1.26 times, while the non-institutional investors’ (NIIs) quota was booked 1.33 times. The employee portion was subscribed 2.61 times, while the Qualified Institutional Buyers’ (QIBs) portion was subscribed 0.39 times.IPO detailsThe IPO will close on August 13, with the price band fixed at ₹133-140 per share. The issue comprises a fresh issue of up to ₹1,428 crore and an offer-for-sale (OFS) of up to ₹125 crore.The company raised ₹465.30 crore from anchor investors.On day 1, the IPO fetched 79 per cent subscription.The issue is set to be the largest IPO by an Indian dairy company. At the upper end of the price band, the company is expected to command a post-issue market valuation of about ₹10,778 crore.Proceeds from the fresh issue will be used for repayment or prepayment of borrowings, expansion and modernisation of the company’s manufacturing facility at Perundurai in Tamil Nadu, and strengthening its cold-chain infrastructure.The company plans to deploy funds towards setting up whey protein concentrate, yogurt and cream cheese plants, besides installing ice cream freezers and chocolate coolers. A portion of the proceeds will also be used for general corporate purposes.Milky Mist raised about ₹482 crore in a pre-IPO round in May from Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings. The transaction comprised a primary capital infusion of ₹357 crore and a secondary share sale of ₹125 crore.JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.The shares are proposed to be listed on the BSE and NSE on August 18.Published on August 12, 2026