Milky Mist IPO Subscribed 79% on Day 1; Largest Dairy IPO
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Milky Mist Dairy Food''s Rs 1,553-crore IPO was subscribed 79% on its first day. The issue, set to be India''s largest dairy IPO, closes August 13.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Aug 11 (PTI) The initial public offering of packaged food company Milky Mist Dairy Food Ltd was subscribed 79 per cent on the first day of bidding on Tuesday.
The initial public offering (IPO) received bids for 6,47,53,190 shares against 8,17,98,244 shares on offer, as per NSE data.
The category for retail investors was subscribed 96 per cent, and the quota for non-institutional investors received 92 per cent subscription. Qualified Institutional Buyers (QIBs) portion received 39 per cent subscription.
Milky Mist Dairy Food Ltd on Monday raised Rs 465.30 crore from anchor investors.
The Rs 1,553-crore IPO will close on August 13. The price band has been fixed at Rs 133-140 per share.
The issue comprises a fresh issue of up to Rs 1,428 crore and an Offer-for-Sale (OFS) of up to Rs 125 crore.
The issue is set to be the largest IPO by an Indian dairy company. Listed peers in the sector include Parag Milk Foods Ltd, Hatsun Agro Product Ltd and Dodla Dairy Ltd.
At the upper end of the price band, the company is expected to command a post-issue market valuation of about Rs 10,778 crore.
The IPO comes after Milky Mist raised about Rs 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 Rs 357 crore and a secondary share sale of Rs 125 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.
Founded in Erode, Tamil Nadu, Milky Mist is focused on value-added dairy products such as paneer, cheese, curd, yogurt, butter, ghee and ice cream, among others. The company does not operate in the liquid milk segment.
The equity shares are proposed to be listed on the BSE and NSE on August 18.
JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.
The initial public offering (IPO) received bids for 6,47,53,190 shares against 8,17,98,244 shares on offer, as per NSE data.
The category for retail investors was subscribed 96 per cent, and the quota for non-institutional investors received 92 per cent subscription. Qualified Institutional Buyers (QIBs) portion received 39 per cent subscription.
Milky Mist Dairy Food Ltd on Monday raised Rs 465.30 crore from anchor investors.
The Rs 1,553-crore IPO will close on August 13. The price band has been fixed at Rs 133-140 per share.
The issue comprises a fresh issue of up to Rs 1,428 crore and an Offer-for-Sale (OFS) of up to Rs 125 crore.
The issue is set to be the largest IPO by an Indian dairy company. Listed peers in the sector include Parag Milk Foods Ltd, Hatsun Agro Product Ltd and Dodla Dairy Ltd.
At the upper end of the price band, the company is expected to command a post-issue market valuation of about Rs 10,778 crore.
The IPO comes after Milky Mist raised about Rs 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 Rs 357 crore and a secondary share sale of Rs 125 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.
Founded in Erode, Tamil Nadu, Milky Mist is focused on value-added dairy products such as paneer, cheese, curd, yogurt, butter, ghee and ice cream, among others. The company does not operate in the liquid milk segment.
The equity shares are proposed to be listed on the BSE and NSE on August 18.
JM Financial, Axis Capital and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.
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